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<SEC-DOCUMENT>0000004457-05-000023.txt : 20051116
<SEC-HEADER>0000004457-05-000023.hdr.sgml : 20051116
<ACCEPTANCE-DATETIME>20051116151438
ACCESSION NUMBER:		0000004457-05-000023
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20051109
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20051116
DATE AS OF CHANGE:		20051116

FILER:

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

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11255
		FILM NUMBER:		051209668

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERCO
		DATE OF NAME CHANGE:	19770926

FILER:

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

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	002-38498
		FILM NUMBER:		051209669

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

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ADVANCED MANAGEMENT ENGINEERING & RESEAR
		DATE OF NAME CHANGE:	19730830
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>conferencecall.htm
<DESCRIPTION>NOVEMBER 9TH 2ND QUARTER FISCAL 2006 AMERCO CONFERENCE CALL
<TEXT>
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  <head>
    <title>
      November 9th 2nd Quarter Fiscal 2006 AMERCO Conference Call
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  <body bgcolor="#ffffff"><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">UNITED
      STATES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WASHINGTON,
      D.C. 20549</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FORM
      8-K</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      REPORT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to Section 13 or 15(d) of the</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Securities
      Exchange Act of 1934</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
      of
      Report (Date of earliest event reported): November 9, 2005</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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                Number</font></div>
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                Employer</font></div>
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      Airmotive Way, Ste. 100, Reno, Nevada 89502-3239</u></font></div>
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      688-6300</u></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 31pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 31pt">&#160;</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Former
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      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions:</font></div>
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                communications pursuant to Rule 425 under the Securities Act (17
                CFR
                230.425)</font></div>
            </td>
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          <tr valign="top" style="LINE-HEIGHT: 1.25">
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</font></div>
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                material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
                240.14a-12)</font></div>
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          <tr valign="top" style="LINE-HEIGHT: 1.25">
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</font></div>
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                CFR
                240.14d-2(b))</font></div>
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                communications pursuant to Rule 13e-4(c) under the Exchange Act (17
                CFR
                240.13e-4(c))</font></div>
            </td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      2.02.</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 13pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Results
      of Operations and Financial Condition.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 40pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      November 9, 2005</font><a name="001"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      AMERCO
      held its investor call for the second quarter and six months&#160;of fiscal
      year
      2006. During this conference call, information regarding our results of
      operations and financial condition for the completed quarterly period and six
      months ended September 30, 2005 was discussed. A copy of the transcript of
      this
      conference call is attached as Exhibit 99.1. To hear a replay of the call visit
      www.amerco.com.</font></a></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 30pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      information in this Current Report on Form 8-K is being furnished and shall
      not
      be deemed &#8220;filed&#8221; for the purposes of Section 18 of the Securities Exchange Act
      of 1934, as amended (the &#8220;Exchange Act&#8221;), or otherwise subject to the
      liabilities of that Section. The information in this Current Report shall not
      be
      incorporated by reference into any registration statement or other document
      pursuant to the Securities Act of 1933, as amended, except as shall be expressly
      set forth by specific reference in such a filing.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 30pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
      99.2 contains certain &#8220;non-GAAP financial measures&#8221; as defined in Item 10(e) of
      Regulation S-K of the Exchange Act. We describe these non-GAAP financial
      measures as &#8220;EBITDA plus Lease Expense&#8221; (which represents pretax earnings before
      interest expense, depreciation and amortization and lease expense). While EBITDA
      plus Lease Expense&#160;is not intended to represent cash flow from operations
      as defined by generally accepted accounting principles and should not be
      considered as an indicator of operating performance or an alternative to cash
      flow as a measure of liquidity, it is intended to provide additional information
      with respect to our ability to meet our future debt service, capital
      expenditures and working capital requirements. &#8220;EBITDA&#8221; (which represents pretax
      earnings before interest expense, depreciation and amortization). While EBITDA
      is not intended to represent cash flow from operations as defined by generally
      accepted accounting principles and should not be considered as an indicator
      of
      operating performance or an alternative to cash flow as a measure of liquidity,
      it is intended to provide additional information with respect to our ability
      to
      meet our future debt service, capital expenditures and working capital
      requirements. Exhibit 99.2 reconciles each of these non-GAAP financial measures
      to the most directly comparable financial measure calculated and presented
      in
      accordance with accounting principles generally accepted in the United States
      of
      America (&#8220;GAAP&#8221;). Investors should note that these non-GAAP financial measures
      involve judgments by management. We use EBITDA plus Lease Expense&#160;and
      EBITDA to measure our performance internally in reports for
      management.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      9.01.</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 40.8pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Financial
      Statements and Exhibits.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 40pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)
      Exhibits </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 31pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Transcript
      of AMERCO&#8217;s Second Quarter of Fiscal Year 2006 Investor Call and GAAP
      reconciliation.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.2</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 31pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Information
      about non-GAAP financial measures.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 30pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to the requirements of the Securities Exchange Act of 1934, the registrant
      has
      duly caused this report to be signed on its behalf by the undersigned hereunto
      duly authorized.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dated:
      November 16, 2005</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 255pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">AMERCO</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 255pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 255pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 255pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>/s/
      Jason A. Berg</u></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 31pt">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 255pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Jason
      A.
      Berg</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 255pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chief
      Accounting Officer of AMERCO</font></div>
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<SEQUENCE>2
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<DESCRIPTION>TRANSCRIPT OF AMERCO'S SECOND QUARTER FISCAL YEAR 2006 INVESTOR'S CALL
<TEXT>
<html>
  <head>
    <title>
      Transcript of AMERCO's Second Quarter Fiscal Year 2006 Investor's Call
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><strong>Exhibit
      99.1</strong></div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">U-HAUL</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Moderator:
      Jennifer Flachman</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11-09-05/2:00
      pm CT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Confirmation
      #2283563</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page
      1</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 90pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>U-HAUL</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 90pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Moderator:
      Jennifer Flachman</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 90pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>November
      9, 2005</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 90pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2:00
      pm CT</strong></font></div>
    <div align="left">
      <table border="1" bordercolor="#ffffff" cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operator:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Good
                afternoon. My name is (Jodi) and I will be your conference facilitator
                today. At this time I would like to welcome everyone to the AMERCO
                Second
                Quarter Fiscal 2006 Investor call. All lines have been placed on
                mute to
                prevent any background noise. </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">After
                the speakers&#8217; remarks there will be a question and answer session. If you
                would like to ask a question during this time simply press star then
                the
                number 1 on your telephone keypad. If you would like to withdraw
                your
                question press star then the number 2 on your telephone keypad. Thank
                you.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I
                would now like to turn the conference over to Ms. Jennifer Flachman,
                Director of Investor Relations. Please go ahead, ma&#8217;am.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Jennifer
                Flachman:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Thank
                you for joining us today and welcome to the AMERCO Second Quarter
                Fiscal
                2006 Investor Call. Before we begin I would like to remind everyone
                that
                certain of the statements during this call regarding general revenues,
                income and general growth of our business constitute forward-looking
                statements contemplated under the Private Securities Litigation Reform
                Act
                of 1995 and certain factors could cause actual results to differ
                materially from those projected. </font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
          </tr>

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    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 90pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">U-HAUL</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Moderator:
      Jennifer Flachman</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11-09-05/2:00
      pm CT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Confirmation
      #2283563</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page
      2</font></div>
    <div align="left">
      <table border="1" bordercolor="#ffffff" cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For
                a brief discussion of the risks and uncertainties that may affect
                AMERCO's
                business and future operating results please refer to Form 10-Q for
                the
                quarter ended September 30th, 2005, which is on file with the U.
                S.
                Securities and Exchange Commission.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Participating
                in the call today will be Joe Shoen, Chairman of AMERCO. I will now
                turn
                the call over to Joe Shoen.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joe
                Shoen:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Hello.
                This is Joe Shoen. I&#8217;m speaking to you today from Phoenix, Arizona. I will
                make the entire presentation for the AMERCO fiscal year 2006, second
                quarter investor conference call. Gary Horton, AMERCO's Treasurer
                and
                Jason Berg, AMERCO's Chief Accounting Officer, will be available
                during
                the question and answer session. </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For
                the six months earnings per share came in at $4.69 compared to $4.38
                per
                share for the same period last year. As you know, results include
                a
                non-recurring pretax charge of $35.6 million from the first quarter.
                Our
                two insurance companies performed on plan. Republic Western&#8217;s premium
                continues to decline as it exits non-U-Haul related risks, Oxford
                Life
                Insurance turned in good results and received a ratings upgrade to
                B+ from
                the AM Best Organization. </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">U-Haul
                performed well in the quarter. Self-moving equipment rental revenue
                grew
                about $17.5 million for the quarter. Hurricane Rita disrupted Florida
                more
                than the media has been reporting. We are still assessing this disruption
                to our U-Haul moving business. If there is an impact it&#8217;ll be in the third
                quarter.</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 90pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 90pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">U-HAUL</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Moderator:
      Jennifer Flachman</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11-09-05/2:00
      pm CT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Confirmation
      #2283563</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page
      3</font></div>
    <div align="left">
      <table border="1" bordercolor="#ffffff" cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
                we discussed last call, in late August we began adding medium-sized
                trucks
                to the U-Haul fleet and anticipate adding about 7,000 of these units
                by
                our fiscal year-end. These trucks are acquired via TRAC lease financing.
                We continue to have positive interest from TRAC leasing and find
                the lease
                finance market to be strong. With the truck additions I just discussed
                we
                finished the quarter with one-way rental truck inventory slightly
                above
                the same period last year. </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
                is as we planned. Looking ahead to the third quarter rental truck
                inventory will further increase over the prior year and fuel growth
                compared to that prior period. </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Sales
                of moving-related items were solid in the second quarter. Box sales
                grew
                faster than truck rental revenue, towing accessories continue to
                outperform the same period last year due to improved merchandising.
                I look
                for these trends to continue.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Self-storage
                revenue and occupancy growth are proceeding on plan. The Company
                is
                methodically pursuing additional self-storage opportunities both
                owned and
                managed. Depending upon the opportunities we will make a modest capital
                commitment yet this year to increasing owned
                self-storage.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
                continued to complete TRAC lease financings during the quarter and
                we are
                in the process of finalizing a $150 million credit facility that
                will
                enable the Company to acquire new trucks directly onto our balance
                sheet
                and thus gain the advantage of depreciation.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                Company continues to explore initiatives directed at cost containment
                and
                reduction. For the six months, revenue increases outpaced cost increases.
                Overall AMERCO had a good first half and is on plan. </font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
          </tr>

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    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">U-HAUL</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Moderator:
      Jennifer Flachman</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11-09-05/2:00
      pm CT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Confirmation
      #2283563</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page
      4</font></div>
    <div align="left">
      <table border="1" bordercolor="#ffffff" cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="18%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="65%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I&#8217;ll
                now turn the call back to the moderator and we will go to the question
                and
                answer session.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="18%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operator:</font></div>
            </td>
            <td align="left" valign="top" width="65%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">At
                this time I would like to remind everyone in order to ask a question
                please press star then the number 1 on your telephone keypad. We&#8217;ll pause
                for just a moment to compile the Q&amp;A roster.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="18%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="65%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Your
                first question comes from (Jim Barrett).</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="18%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Jim
                Barrett):</font></div>
            </td>
            <td align="left" valign="top" width="65%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Hi,
                Joe. Hi, Gary. Hi, Jason. </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="18%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="65%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I
                had a question for you in terms of the real estate loan and to what
                degree
                can you draw upon that loan to finance your growth?</font></div>
            </td>
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            <td align="left" valign="top" width="18%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gary
                Horton:</font></div>
            </td>
            <td align="left" valign="top" width="65%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Jim),
                this is Gary and you&#8217;re talking now about the Merrill Lynch loan that we
                paid down by a considerable amount?</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="18%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Jim
                Barrett):</font></div>
            </td>
            <td align="left" valign="top" width="65%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Yes.</font></div>
            </td>
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          <tr>
            <td align="left" valign="top" width="18%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gary
                Horton:</font></div>
            </td>
            <td align="left" valign="top" width="65%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
                actually have the ability to borrow back all the way up to the original
                amount of $465 million; however, for each of the years there&#8217;s going to be
                somewhere close to a $30 million amortization that will permanently
                reduce
                that. So by the end of the year you could borrow back, if we were
                at the
                end of the year we could borrow back to $435 million.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="18%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Jim
                Barrett):</font></div>
            </td>
            <td align="left" valign="top" width="65%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Okay,
                that&#8217;s certainly fairly clear. Could you talk a little bit about in your
                Q
                you mentioned to maintain the current fleet you needed to in some
                shape or
                form invest $325 million per year over the next three years. Do you
                have a
                forecast as to what degree that number is offset by your projections
                in
                terms of first of all, used truck sales?</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
          </tr>

      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">U-HAUL</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Moderator:
      Jennifer Flachman</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11-09-05/2:00
      pm CT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Confirmation
      #2283563</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page
      5</font></div>
    <div align="left">
      <table border="1" bordercolor="#ffffff" cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gary
                Horton:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">What
                you have in components of the truck sales is you will have used pickups
                and vans which basically fuel its own transaction. Those will be
                in the
                $50 million to $70 million over the next few years depending on how
                many
                trucks we have. </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">And
                I would say that you would have approximately $35 million of sales
                of what
                we&#8217;ll call box trucks and then included in there you will have some
                leasing activity which will further bring that down to where your
                net
                CAPEX is probably going to be in the $150 million to $175 million
                or I
                should say to the $200 million range and that will depend a lot on
                how
                many trailers we add, how much real estate as Joe just
                mentioned.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There
                will be some modest amount of dollars spent on storage.
</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Jim
                Barrett):</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Okay.
                I noticed your building and improvements were up $35 million in the
                first
                half. Did that reflect addition to storage already?</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gary
                Horton:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There
                was a movement over into and I believe from RepWest into the books
                and I
                think if you look at the total amount you probably have about, I&#8217;m going
                to guess around $38 million. There&#8217;s a little bit of what I would say
                would be construction of properties that have been in process but
                it&#8217;s the
                smallest amount. The biggest amount was basically the Amerco Real
                Estate
                and U-Haul Co-op Canada buying back the properties that were in Republic
                Western.</font></div>
            </td>
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          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Jim
                Barrett):</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Yeah,
                I saw that. Okay, thank you very much.</font></div>
            </td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operator:</font></div>
            </td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Again
                I would like to remind everyone in order to ask a question please
                press
                star then the number 1 on your telephone keypad. </font></div>
            </td>
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          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Your
                next question comes from (Ian Gilson).</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">U-HAUL</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Moderator:
      Jennifer Flachman</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11-09-05/2:00
      pm CT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Confirmation
      #2283563</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page
      6</font></div>
    <div align="left">
      <table border="1" bordercolor="#ffffff" cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Ian
                Gilson):</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Good
                afternoon, gentlemen. Joe, could you give us the truck count at the
                end of
                the quarter in total?</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joe
                Shoen:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Ian),
                I - first of all, do we have a number that we printed in the
                Q?</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Okay,
                I&#8217;m going to have to take a guess at it. I&#8217;m going to say probably 93,700
                up say from 93,000. Relatively I know just what it is. I&#8217;m just not sure
                what the absolute number is because the number I&#8217;m quoting and the number
                we usually quote is the amount that are out being rented. It eliminates
                anything that&#8217;s in our for sale inventory, okay?</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Ian
                Gilson):</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Okay.
                </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joe
                Shoen:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">So
                I&#8217;d say we gained around 700 units over the prior period which also
                would
                be about 700 units over the summer period so our fleet was actually
                static
                or slightly declining most of the prior 12 months and it started
                to stop
                losing and then gain inventory in the month of August and maybe by
                the end
                of September we were 700 units ahead. That&#8217;s a guess. We&#8217;re going to see
                it go up probably a couple of thousand units between now and year-end.
                </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Ian
                Gilson):</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Okay.
                You had discussed in earlier conference calls about adding to the
                large
                truck fleet. What is the progress on that?</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joe
                Shoen:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
                completed 6,750 large trucks in the middle or end of August and we
                began
                adding medium trucks in August and we will continue to add them through
                about mid-March and that&#8217;ll be a little north of 7,000 units probably will
                get added by mid-March. And then in mid-March we&#8217;ll undoubtedly switch
                truck size again and continue adding at pretty much a similar rate,
                you
                know, 300 to 375 a week. </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Ian
                Gilson):</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Okay.
                Are these General Motors?</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
          </tr>

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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">U-HAUL</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Moderator:
      Jennifer Flachman</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11-09-05/2:00
      pm CT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Confirmation
      #2283563</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page
      7</font></div>
    <div align="left">
      <table border="1" bordercolor="#ffffff" cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joe
                Shoen:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">These
                right now we&#8217;re building Fords right now. Ford has a real nice truck in
                the mid size that we&#8217;ve had excellent results with. On maintenance we know
                this truck pretty well. This truck&#8217;s a home run. We&#8217;re very confident in
                it.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Ian
                Gilson):</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Okay.
                How about your square feet under managed on
                self-storage?</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joe
                Shoen:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Okay,
                good question. I&#8217;m going to - take 33 million and subtract what it shows
                as owned and then you&#8217;ll have managed. You&#8217;ll be real close. So it&#8217;s going
                to something like 23 million, 24 million. Well, here he&#8217;s showing me -
                let&#8217;s just see here. </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Let&#8217;s
                say 24 million is going to be pretty close, (Ian), 24
                million.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Ian
                Gilson):</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Utilization
                rate on that at the moment?</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joe
                Shoen:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
                of the end of the quarter the entire portfolio was about 88.13%.
                You know,
                at a point in time utilization gets - I don&#8217;t have average utilization; I
                just have like utilization at a given day in my mind, okay? So on
                the end
                of September we were about 88.13%. Ordinarily there&#8217;s a little seasonality
                to storage so it&#8217;s going to probably sink a little bit below that through
                the winter and then probably in February start trending
                up.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I&#8217;m
                also at the same time monitoring what we really drive to as far as
                a
                metric inside the Company is rooms rented compared to the same day
                last
                year, okay. In other words holding inventory constant, how much did
                you
                penetrate into that inventory compared to the same time last year.
                And
                that takes seasonality out of it and we actually finished October
                a slight
                bit up over August so we actually widened our gap in rooms rented
                going
                into the slower season. </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        </div>
      </div>
      <div id="HDR">
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        </div>
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    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">U-HAUL</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Moderator:
      Jennifer Flachman</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11-09-05/2:00
      pm CT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Confirmation
      #2283563</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page
      8</font></div>
    <div align="left">
      <table border="1" bordercolor="#ffffff" cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Now
                I&#8217;m not sure I can maintain that all winter but if I can drive on that
                all
                winter that&#8217;s my intent is to do it. In other words, open up the spread
                over the same time last year. So let&#8217;s say I&#8217;m up 19,000 rooms today. If I
                can be up 19,500 end of December well then I know I&#8217;ve got a real, real
                strong spring looking me straight in the face. </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Ian
                Gilson):</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Okay.
                Do you have many storage areas down on the Gulf and in Florida, south
                Florida?</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joe
                Shoen:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
                have three places that were very hard hit, I mean like in lost the
                roof
                and lost the walls and maybe -- no, four that actually got water
                maybe
                either chest high or lost the roof in New Orleans, New Orleans Metro.
                Outside of New Orleans Metro we mainly, you know, had minor damage
                - you
                know, a wall split or you lost 10 rooms but nothing of a catastrophic
                nature. </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
                have at least three quarters of our damaged stuff in New Orleans
                heading
                back online and we&#8217;ll be online before this month is out. We&#8217;re back in
                business with a vengeance down there so I think we&#8217;re actually opening -
                our New Orleans repair shop is opening this week. It&#8217;s been down now for
                two months, so it&#8217;s opening back up. It had eight feet of water in it but
                it&#8217;s restaffed, we&#8217;re reopening and it&#8217;ll start slow but it&#8217;ll go.
                </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
                have had more trouble, believe it or not, with the storms in Florida
                right
                now. And to give you an idea that really impacts more the real estate
                and
                the storage because we&#8217;re very, we have very high occupancy in Florida,
                you know, high 90&#8217;s. So nobody moves out and nobody moves in. It&#8217;s, you
                know, you&#8217;re still going to get paid. So occupancy is good in
                Florida.</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
          </tr>

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    </div><br>
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          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
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        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">U-HAUL</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Moderator:
      Jennifer Flachman</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11-09-05/2:00
      pm CT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Confirmation
      #2283563</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page
      9</font></div>
    <div align="left">
      <table border="1" bordercolor="#ffffff" cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">But
                where our disruption has been in is that so many of our dealers,
                our
                U-Haul dealers, have been without power in Central Florida. On Monday
                of
                this week in one area that normally would have 90 dealers reporting
                in, we
                had 30 dealers reporting in. In other words they weren&#8217;t able to turn on
                their computer. </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Now
                whether they had no electricity or they were home because their home
                had
                no electricity; I don&#8217;t have an objective way to measure that but I know I
                didn&#8217;t do any business out of them, okay? And any inventory I had parked
                there was dead inventory. So Florida&#8217;s been under-reported in the media.
                </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There&#8217;s
                a lot more power outages - it&#8217;s not dramatic destruction, it&#8217;s just
                nothing&#8217;s happening. So the storage other than the four that were real
                hard hit in New Orleans, the hurricane probably helped occupancy
                because
                some people, you know, they were dislocated so they brought some
                stuff to
                our place and stored it for a while because our place was dry and
                their
                house wasn&#8217;t, you know? </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
                probably picked up a few customers if you could actually sort it
                out but
                the four stores that were real hard hit were, you know, we&#8217;ll start from
                scratch because they&#8217;re nearly empty stores at this point; all the
                people&#8217;s goods and it was destroyed. </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Ian
                Gilson):</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Okay.
                And how is (Unintelligible) doing? </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joe
                Shoen:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EMove
                is making good progress. We&#8217;re somewhere north of 2,000 affiliates. We&#8217;re
                working on adding more content. Moving help, component eMove remains
                strong and it&#8217;s running, you know, up in the 80% to 100% over same period
                last year, in that kind of a range. And that&#8217;s the range that we&#8217;ve set
                our target that.</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
          </tr>

      </table>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
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          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">U-HAUL</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Moderator:
      Jennifer Flachman</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11-09-05/2:00
      pm CT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Confirmation
      #2283563</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page
      10</font></div>
    <div align="left">
      <table border="1" bordercolor="#ffffff" cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We&#8217;ve
                set our target at 100%. We don&#8217;t make 100% every month but in the 80% to
                100% range we&#8217;re making those kind of increases there but since it&#8217;s a new
                program it should operate there for a while so we&#8217;re basically pleased
                with the progress.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Ian
                Gilson):</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Great.
                Thanks very much.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joe
                Shoen:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Thank
                you too.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operator:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Your
                next question comes from (Robert Bruce).</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Robert
                Bruce):</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Hi.
                Could you tell us, give us any details on what you&#8217;re going to do with the
                $289 million of cash you have on the balance sheet?</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joe
                Shoen:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
                is Joe speaking. I&#8217;ll speak for a moment and then I&#8217;ll let either Gary,
                probably Gary. </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We&#8217;re
                either - you know, the first thing Gary did was he paid down balances
                a
                little bit because trying to rejuggle this facility. We&#8217;ve got more
                availability than we&#8217;ve had in recent years and we&#8217;re maintaining that
                ability still a little while longer.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
                we see a good opportunity in the self-storage business we want to
                be
                prepared to act. We may in the third and fourth quarter use some
                of that
                availability to directly purchase trucks rather than TRAC lease them
                and
                you could burn up $75 million, $100 million just very
                quick.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">And
                then as we&#8217;ve talked in prior calls, if we don&#8217;t determine here pretty
                soon a way to utilize the money we&#8217;ll bring the preferred back in and
                that&#8217;d burn up $150 million of it. So we have a couple of places to spend
                it. We&#8217;re not breaking a leg to do it. </font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        </div>
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        </div>
      </div>
      <div id="HDR">
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    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">U-HAUL</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Moderator:
      Jennifer Flachman</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11-09-05/2:00
      pm CT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Confirmation
      #2283563</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page
      11</font></div>
    <div align="left">
      <table border="1" bordercolor="#ffffff" cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
                continue to push both for new and better financings that bring our
                average
                rate and bring our maturities out and this most recent one I alluded
                to
                for $150 million on trucks is going to do a variety of those things.
                It&#8217;ll
                hold our rate down and give us a maturity that matches real well
                to the
                assets.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">So
                we&#8217;ll continue to try to tune up the general financial profile and even
                though Gary&#8217;s made a lot of progress there it&#8217;s still a little bit of work
                in process. And so we don&#8217;t have someplace we&#8217;re going to spend it
                tomorrow I guess is the short answer. If we do spend it, the biggest
                call
                on it would be the preferred at $150 million because that&#8217;s the biggest
                single number our there. </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Robert
                Bruce):</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Thank
                you. Is there any thought of maybe possibly paying a cash dividend
                on the
                common stock?</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joe
                Shoen:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There
                hasn&#8217;t been a lot of discussion about that. I&#8217;m a big shareholder myself
                and my wife brought it up actually. She doesn&#8217;t get a big vote so I don&#8217;t
                think that we&#8217;re there. I think we&#8217;ve got, it&#8217;s all borrowed money. I
                don&#8217;t know how to look at it. I mean I guess when you&#8217;re in business it&#8217;s
                always on the margin borrowed money but it&#8217;s all borrowed money and I
                would be very surprised. </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I
                haven&#8217;t got much sentiment from my board of directors on that and we don&#8217;t
                have a recommendation in to do that although we&#8217;ve put it on a, you know,
                when we make a list that&#8217;s one of the things that goes on the list but I
                didn&#8217;t repeat it because I didn&#8217;t want to create an expectation. But you&#8217;d
                have to logically consider it but that I think is a very low
                likelihood.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Robert
                Bruce):</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Thank
                you. </font></div>
            </td>
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          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operator:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Again
                I would like to remind everyone in order to ask a question please
                press
                star then the number 1 on your telephone keypad. We&#8217;ll pause again to
                compile the Q&amp;A roster. </font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
          </tr>

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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">U-HAUL</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Moderator:
      Jennifer Flachman</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11-09-05/2:00
      pm CT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Confirmation
      #2283563</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page
      12</font></div>
    <div align="left">
      <table border="1" bordercolor="#ffffff" cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Your
                next question comes from (Jim Barrett).</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Jim
                Barrett):</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Hi
                again. Joe or Gary, the RepWest transaction of $50 million; was that
                A)
                for cash and does that strengthen RepWest&#8217;s rating within A.M. Best, would
                you expect? What are the ramifications of RepWest having liquidated
                its
                self-storage units up in Canada?</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gary
                Horton:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Jim),
                this is Gary. The real thing that we were trying to do was clean
                up the
                balance sheet of RepWest and move it over. It won&#8217;t have any near-term I
                think effect on the A.M. Best rating. It gives them what I would
                call more
                liquidity, more cash to invest which again raises the question, is
                there
                investments out there that will give them a good return? When you&#8217;re not
                doing any business so you&#8217;re going to be investing in high-grade
                corporates and governments at this time. </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Jim
                Barrett):</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I
                see. </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joe
                Shoen:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Jim),
                let me add a little bit to that because one of the things we&#8217;ve been
                methodically doing is trying to develop lots of options for our board
                so
                that when we go to the board they say well, can we do this, we want
                to be
                able to say you bet you can, now should you? And so doing this just
                cleaned up the relationship between the two companies to where if
                somebody
                says what are your options; well, our options are we already know
                all the
                cards are already out on the table. There&#8217;s no reshuffling of the deck
                that would have to occur.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">And
                this was the last component of any major size that related us, the
                U-Haul
                business, with the property/casualty company so that now if any decision&#8217;s
                made to say, well, what&#8217;s the impact. Well, the impact will be an impact
                on Republic Western and an impact on the parent, not an impact on
                a sister
                company, does that make sense?</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">U-HAUL</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Moderator:
      Jennifer Flachman</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11-09-05/2:00
      pm CT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Confirmation
      #2283563</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page
      13</font></div>
    <div align="left">
      <table border="1" bordercolor="#ffffff" cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Jim
                Barrett):</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Correct.
                Yeah, it does, yeah.</font></div>
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            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joe
                Shoen:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">That&#8217;s
                really what it did and I think it also makes the regulators; it takes
                away
                one final thing. You know, Republic Western had a bad run with the
                regulators here in Arizona.</font></div>
            </td>
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          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Jim
                Barrett):</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Right,
                yep. </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joe
                Shoen:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">And
                this takes away, they don&#8217;t have anything to bellyache about. Now that
                doesn&#8217;t mean they will stop bellyaching but they don&#8217;t have a logical
                reason to complain about anything. And if you ran the numbers on
                Republic
                Western, the actual financial numbers, it&#8217;s a very strong although very
                small company so it&#8217;s financially a very, very strong company and it ought
                to be. It ought to be treated as such by people. </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I
                don&#8217;t expect that either Best or the Arizona Department of Insurance
                is
                going to do that because they&#8217;re going to try to lag reality by one or two
                years if they can. And okay, that&#8217;s what they do for a living but I think
                it makes for a very simple analysis of RepWest. There&#8217;s going to be no
                doubt in anybody&#8217;s mind, is there any crossover or any, you know,
                intercompany pricing that&#8217;s clouding the financial picture or anything.
                No, there is none. </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
                some of those sites we were paying them some rent so that rent went
                away.
                We got an interest bill at U-Haul instead and for U-Haul it actually
                averaged down a little bit because it did because we got good financing.
                But we&#8217;re attempting to continue to have clear alternatives that we can
                present to the board of directors so they can make the best decision
                they
                know how. </font></div>
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            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Jim
                Barrett):</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Okay.
                </font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
          </tr>

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    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">U-HAUL</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Moderator:
      Jennifer Flachman</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11-09-05/2:00
      pm CT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Confirmation
      #2283563</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page
      14</font></div>
    <div align="left">
      <table border="1" bordercolor="#ffffff" cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gary
                Horton:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Just
                as a final one to that, (Jim), as a follow on financing because we
                had
                talked before about doing one in our third quarter with Oxford. We
                did a
                similar financing for the similar reasons in October and it was probably
                totally in the $40 million range I believe is what the total that
                we took
                out of Oxford Life.</font></div>
            </td>
          </tr>
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            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Jim
                Barrett):</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">When
                you say a follow up financing, Gary, you mean the parent company
                took $40
                million of cash that was not necessary for RepWest to run its business
                and
                brought it back to the parent?</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gary
                Horton:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joe
                Shoen:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No,
                just the opposite.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gary
                Horton:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
                actually did a CMBS financing on both RepWest and on Oxford that
                basically
                allowed us to keep virtually all of the cash that we had on hand
                before
                the financing to give us the greatest amount of flexibility to use
                that
                money when we have actually gone through and determined a use for
                it.
                </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Jim
                Barrett):</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Okay.
                I see. That&#8217;s interesting. And then finally moving back to the truck
                rental business just for a moment, with all the new fleet additions
                -
                well, first of all, Joe, the Q talks about maintaining your fleet
                over the
                next three years and we already went through the numbers on that
                but is
                that your plan or is your plan to grow the fleet and therefore spend
                more
                than the $150 million to $200 million net?</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joe
                Shoen:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">You
                know, the plan - we work on that pretty actively except for the four
                hard
                months of summer where we just kind of run. But for instance right
                now
                we&#8217;re meeting and going through it, meeting and going through it. It&#8217;s
                gets extremely specific if we can identify 200-truck market where
                we can
                incrementally dump in 200 trucks, we&#8217;re going for it. I mean okay, we&#8217;re
                going for it. </font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
          </tr>

      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">U-HAUL</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Moderator:
      Jennifer Flachman</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11-09-05/2:00
      pm CT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Confirmation
      #2283563</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page
      15</font></div>
    <div align="left">
      <table border="1" bordercolor="#ffffff" cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Now
                at the same time I find markets that we&#8217;re lagging in, I suck trucks out
                of them or I don&#8217;t, my guys do, okay?</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Jim
                Barrett):</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Right.
                </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joe
                Shoen:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">So
                I mean, this is a constant process. The highest I&#8217;ve ever run the fleet is
                about 100,000, 102,000, okay? And we&#8217;re running say, you know, 93,000,
                94,000 right today. So may we expand into that? We very well may.
                If we
                do, ordinarily when we expand the fleet we do it by deferring sales
                more
                than accelerating purchases if that makes sense. </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Jim
                Barrett):</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Okay.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joe
                Shoen:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">So
                if we did you&#8217;d probably see us slow down sales a little bit. We&#8217;re doing
                right now, we&#8217;re accelerating some purchases because we have a real nice
                tradeoff of maintenance against depreciation and interest. So in
                other
                words it&#8217;s just a money deal. </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Jim
                Barrett):</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Right.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joe
                Shoen:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There&#8217;s
                no expansion of the fleet. It&#8217;s just a pure money deal. I know that I can
                buy the new truck and between my depreciation, interest and maintenance
                have a lower net number than against the truck I&#8217;m getting rid of. And I
                know for pretty certain what price I can get rid of it, you know,
                I&#8217;ve got
                a lot of those uncertainties worked out. </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">So
                we&#8217;re going to continue to do that and I think the biggest thing that&#8217;s
                going to make a difference on the financial statement presentation
                is if
                we switch from TRAC leasing everything and we bring some on our books.
                It&#8217;s immediately going to what I&#8217;ll call artificially inflate our CAPEX.
                Our CAPEX doesn&#8217;t change but the minds that it goes into change, (Jim).
                </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Jim
                Barrett):</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Yep.</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
          </tr>

      </table>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">U-HAUL</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Moderator:
      Jennifer Flachman</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11-09-05/2:00
      pm CT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Confirmation
      #2283563</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page
      16</font></div>
    <div align="left">
      <table border="1" bordercolor="#ffffff" cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joe
                Shoen:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">And
                so that&#8217;ll - I&#8217;ve been trying to kind of give people plenty of lead on
                this so nobody goes oh, my gosh, oh, my gosh. You know, they&#8217;re spending
                $50 million they didn&#8217;t plan to. Oh, no, no, no, no. We planned to spend
                the money. The question was whether we off-balance sheeted it with
                a TRAC
                or on-balance sheeted it with a purchase. And the calculation is,
                is we&#8217;re
                a taxpayer, we can use the depreciation and how much the combination
                of
                what the TRAC lessor will pay us for the depreciation and their implicit
                cost of funds against our cost of funds and how we value the depreciation
                moves our decision. </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">So
                long as we have good availability and, you know, as (Robert) pointed
                out
                earlier, we have availability so we ought to optimize profits to
                the
                corporation and if we do make those things and I think it&#8217;s pretty certain
                we&#8217;re going to bring some trucks on-balance sheet, the only question
                is
                what day we do it. As we do that it&#8217;s going to - the way the accountants
                book it it&#8217;ll make CAPEX grow but it&#8217;s really not growing. It&#8217;s just
                reclassing. </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Jim
                Barrett):</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Right.
                </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gary
                Horton:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Yeah,
                the two things for everyone on the phone to always look at and that
                is why
                I&#8217;ve said it a lot is always look at EBITDA plus the lease expense
                because
                even though because it&#8217;ll cause the EBITDA to go up but again it&#8217;s an
                artificial movement and so if you look at the two of them it&#8217;ll give you
                more of a straight line. </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                other thing that&#8217;s out there that we don&#8217;t know as Cendant breaks up, we
                don&#8217;t know what they&#8217;re going to do with Budget and that&#8217;s just another
                one of those items that you have to look at. Whether you do anything
                with
                it or not, it&#8217;s something out there that could effect and say they decide
                just to get out of the truck market. I think that you would see the
                board
                and the marketing people look at adding more trucks to fill that
                void.
                </font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">U-HAUL</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Moderator:
      Jennifer Flachman</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11-09-05/2:00
      pm CT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Confirmation
      #2283563</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page
      17</font></div>
    <div align="left">
      <table border="1" bordercolor="#ffffff" cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Jim
                Barrett):</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Hmm,
                yeah. And then do your plans suggest that the newer trucks will net
                - I
                understand what it would do to your stated cash flow statements or
                to
                CAPEX. What would, broadly speaking, be the ramifications to your
                earnings
                because I assume for starters your maintenance goes down,
                correct?</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joe
                Shoen:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Yes.
                Gary will try to answer that.</font></div>
            </td>
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            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Jim
                Barrett): </font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Okay.
                </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gary
                Horton:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">What
                I&#8217;ve looked and one of the things that we probably should take, you
                should
                really take a hard look at is as we do this, what you&#8217;re doing is trading
                lease expense for depreciation and interest with as you add a new
                truck
                you reduce the maintenance and repair part. </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">What
                I think you should see is a continuation of what we&#8217;ve shown so far
                through the six months where we&#8217;ve had about a 17% improvement in margin.
                So as Joe also mentioned you see that our revenue is going up faster
                than
                our overall expenses which is the one that drives that
                margin.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Jim
                Barrett):</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Right.
                And then finally, if the truck fleet&#8217;s a little bigger over the
                wintertime, does that increase your fixed costs over the
                wintertime?</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joe
                Shoen:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Yeah,
                I think it would. I mean how exactly it hits the income statement,
                the
                timing of that and beyond, but sure it does and what we would be
                looking
                to do of course is you want to be in the starting block when the
                race
                starts and so it&#8217;s part of your opportunity. </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Jim
                Barrett):</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Sure.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joe
                Shoen:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
                you could add them all on Memorial Day it would be a wonderful thing
                but
                it just doesn&#8217;t work that way.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Jim
                Barrett):</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I
                understand you.</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
          </tr>

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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">U-HAUL</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Moderator:
      Jennifer Flachman</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11-09-05/2:00
      pm CT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Confirmation
      #2283563</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page
      18</font></div>
    <div align="left">
      <table border="1" bordercolor="#ffffff" cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gary
                Horton:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">And
                the other thing too, (Jim), that happens when you make that decision
                and
                you start building inventory and building up you truck fleet and
                building
                up you new CAPEX, what you are doing is with a great deal of potential
                -
                I&#8217;m not going to say it&#8217;s there all the time - you will reduce your
                repairs through the winter. </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Jim
                Barrett):</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Well,
                I could see that, sure. Okay.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Well,
                thank you both. I appreciate it. </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joe
                Shoen:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Thank
                you, (Jim).</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operator:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Your
                next question comes from (John Curtis).</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(John
                Curtis):</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Good
                afternoon. I have three questions. I notice that the earnings from
                SAC II
                Holding were down a little bit even though revenues were up. I was
                wondering if you explain that, first off.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joe
                Shoen:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Say,
                why don&#8217;t you give us all three and then we&#8217;ll&#8230;</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(John
                Curtis):</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Okay.
                The second question relates to Oxford. Now with getting the ratings
                upgrade what does that portend for possible expansion of the
                business.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joe
                Shoen:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Okay.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(John
                Curtis):</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">And
                then third, in looking at maybe potential acquisitions in the rental
                storage area, what are you seeing in terms of opportunities of larger
                portfolios versus just kind of smaller one-offs or just smaller groups
                of
                properties.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joe
                Shoen:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Okay.
                I&#8217;m going to handle them in reverse order. I&#8217;ll take the storage
                acquisition, I&#8217;ll give Jason Oxford and possible expansion and we&#8217;ll see,
                either Jason and Gary will fight over SAC-II, okay?</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(John
                Curtis):</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Okay,
                that&#8217;s fine.</font></div>
            </td>
          </tr>

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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">U-HAUL</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Moderator:
      Jennifer Flachman</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11-09-05/2:00
      pm CT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Confirmation
      #2283563</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page
      19</font></div>
    <div align="left">
      <table border="1" bordercolor="#ffffff" cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joe
                Shoen:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Okay,
                so on potential storage acquisition of course the big news out there
                is
                that Citibank and Bank of America are shopping the Shurgard portfolio.
                That&#8217;s a real nice portfolio property with a national presence and good
                locations but of course like anything that&#8217;s a good candidate it&#8217;ll go for
                good money. So over the coming days and week as that situation kind
                of
                fleshes out, we of course will look at that and that&#8217;s a big deal. After
                that it falls way, way, way, way, way back at least as far as it&#8217;s on my
                radar screen. </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There
                are routinely a lot of let&#8217;s say 10 to 15 portfolios being shopped right
                now and they&#8217;re shopping them at I think unrealistically high cap rates.
                In other words they perceive this a seller&#8217;s market and they want to go in
                and reap multiples for a privately held storage. </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Well,
                I don&#8217;t think that the REITs are going to break a leg to do that and I
                don&#8217;t think we will either so that particular group you&#8217;re dealing with
                pretty aware ownership and they&#8217;ve kind of set themselves a mark on
                something like a 16 multiple of NOI 12 months going forward. Well,
                that&#8217;s
                a pretty strong statement and I&#8217;m not so sure we&#8217;re going to run in on any
                of that. We haven&#8217;t so far. </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Now
                on one-offs there still is a decent marketplace for those and the
                reason
                is, is that the universe - it&#8217;s an imperfect marketplace I guess like some
                things are so once in a while you can find something that&#8217;s attractive but
                even at that it would be a 10-cap on NOI is today considered a low
                rate.
                </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">So,
                you know, I bought lots of stuff at 6- and 8-cap so, you know, paying
                10
                times is a lot in my - it&#8217;s a lot of a multiple, 6 and 8 multiples. And
                here, you know, 10 is considered a very low multiple in this market
                but
                it&#8217;s multiples closer to that that we&#8217;re an interested buyer just because
                we have to have some margin to reward our team too. </font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
          </tr>

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    </div><br>
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        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">U-HAUL</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Moderator:
      Jennifer Flachman</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11-09-05/2:00
      pm CT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Confirmation
      #2283563</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page
      20</font></div>
    <div align="left">
      <table border="1" bordercolor="#ffffff" cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">So
                we will continue to do that. We continue to look at some building
                and some
                conversions. We&#8217;re the preeminent people in the United States at least on
                converting other use facilities into storage. That&#8217;s a vast marketplace
                and we&#8217;re kind of slowly building up our focus on that or our complement
                of personnel on that and just more stuff&#8217;s coming on our horizon.
                </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">And
                I think when I said in my original remarks, we may spend some money
                yet
                this year - my guess is if it&#8217;s anything over $10 million or $15 million
                it will be in some conversions rather than outright purchases although
                again if the opportunity presents itself we&#8217;ll hit on it but I don&#8217;t
                expect to see us pick up a 10 or 15 store portfolio in the next say
                5
                months. </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">But
                we&#8217;re actively looking at them and my experience even when it was more
                a
                buyer&#8217;s market was we had to look at 100 to find 1 that met our criteria
                and I would say it&#8217;ll probably be worse than that now once you run the
                statistics. But until you&#8217;ve gone through say 1,000 potentials or
                something you really haven&#8217;t ginned up the machine and we&#8217;re going through
                them and I have a staff that&#8217;s very capable of doing this. And we&#8217;re going
                through them and we&#8217;re picky. </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">So
                I guess that&#8217;s what I could tell you for the next 5 months and maybe,
                Jason, you can deal with Oxford on the rating and it&#8217;s possible
                implications for growth or expansion?</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Jason
                Berg:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Sure.
                (John), this is (Jason). The ratings upgrade to B+ puts Oxford back
                into
                the secure rating range for A.M. Best. Before all the restructuring
                Oxford
                had a B++. The ultimate goal is to get back to a B++, which would
                put them
                back in the place where they were before and kind of open up the
                same
                markets.</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
          </tr>

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    <div style="DISPLAY: block; MARGIN-LEFT: 90pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">U-HAUL</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 90pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Moderator:
      Jennifer Flachman</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11-09-05/2:00
      pm CT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Confirmation
      #2283563</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page
      21</font></div>
    <div align="left">
      <table border="1" bordercolor="#ffffff" cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">What
                this does though, it should be able to start turning the trend. As
                Oxford
                revenues have been decreasing now over the last year or so because
                of the
                ratings, it&#8217;s going to be a slow turnaround but this does allow them to
                get back out, get some of the agents back and start to turn it around
                in
                the primary markets that it focuses on. </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">So
                I wouldn&#8217;t expect it to be an immediate turnaround in revenues but
                hopefully it&#8217;s going to start to slow down the decline in revenue and then
                eventually turn it back around with the hope of getting back to a
                B++ at
                which point we&#8217;d see some growth like we saw in the past.
                </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(John
                Curtis):</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
                terms of how long it might take to get back to that former rating,
                would
                that be like an 18-month or 2-year process?</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Jason
                Berg:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No,
                we typically meet with A.M. Best at least once a year. The last time
                we
                spoke with them, you know, we said we needed at least to get to a
                B+ to
                start the process and I would say anywhere from 6 months to a year
                we
                could be back there to present the case and see what we could
                do.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(John
                Curtis):</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Okay.
                </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gary
                Horton:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">One
                of the things - this is Gary - that it does also is it opens up all
                the
                opportunities associated with Oxford because of that higher rating.
                And it
                doesn&#8217;t move it one way or another; it just enhances the whole thing. Then
                that makes it much better from a lot of different standpoints.
                </font></div>
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          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(John
                Curtis):</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Okay.
                How about on the SAC II? What&#8217;s happening with the numbers
                there?</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gary
                Horton:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I
                actually have shown and again - does it actually show down or is
                it
                slightly up for the six months? </font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
          </tr>

      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 90pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">U-HAUL</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Moderator:
      Jennifer Flachman</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11-09-05/2:00
      pm CT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Confirmation
      #2283563</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page
      22</font></div>
    <div align="left">
      <table border="1" bordercolor="#ffffff" cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(John
                Curtis):</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I
                was looking at the quarter, just at the quarter. For the six months
                it&#8217;s
                just down barely a couple of hundred thousand in earnings before
                elimination.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gary
                Horton:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Okay,
                I was looking at it on an operating income basis. I think there has
                been
                changes in cost of sales which has actually increased and again it
                is for
                the quarter. For the year-to-date it&#8217;s pretty well stabilized at where it
                should be at - Jason, at about what level on the
                year-to-date?</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Jason
                Berg:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Oh,
                on the year-to-date we&#8217;re at - looking at those numbers before income tax
                or after income tax - </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gary
                Horton:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Just
                on the cost of sales.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Jason
                Berg:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Oh,
                on the cost of sales I don&#8217;t have that in front of me. I&#8217;ll have to get
                that.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gary
                Horton:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Okay.
                </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joe
                Shoen:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I
                can speak to it. There&#8217;s nothing systemic going south there.
                </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(John
                Curtis):</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Okay.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joe
                Shoen:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">So
                it&#8217;s going to be something; I&#8217;m not quite sure what they&#8217;re saying in
                change in the cost of sales here but obviously some - maybe the way
                they&#8217;re accruing the cost of sales. So their accounting is a little
                separate from ours. They changed a little bit how they accrue cost
                of
                sales and so they&#8217;re more aggressively deducting sales. But the underlying
                rental profile of the properties is doing great. </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(John
                Curtis):</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Okay.
                All right, thank you. </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operator:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Thank
                you. At this time there are no further questions. Mr. Shoen, are
                there any
                closing remarks?</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
          </tr>

      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 90pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">U-HAUL</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Moderator:
      Jennifer Flachman</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11-09-05/2:00
      pm CT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Confirmation
      #2283563</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page
      23</font></div>
    <div align="left">
      <table border="1" bordercolor="#ffffff" cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joe
                Shoen:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Well,
                I want to thank all of you for your participation in the call and
                encourage you, if you know anybody who needs to move or store send
                them to
                U-Haul. God knows we&#8217;d like the business. </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">So
                thank you again; look forward to seeing you for the third quarter
                call.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operator:</font></div>
            </td>
            <td align="left" valign="top" width="66%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Thank
                you. This concludes today&#8217;s AMERCO's Second Quarter Fiscal 2006 Investor
                call. You may now disconnect.</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 90pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">END</font></div>
  </body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>gaapinformation.htm
<DESCRIPTION>INFORMATION ABOUT NON-GAAP FINANCIAL MEASURES
<TEXT>
<html>
  <head>
    <title>
      Information About non-GAAP Financial Measures
</title><!-- Licensed to: trav3edg-->
<!-- Document Created using EDGARIZER HTML 3.0.0.39895 -->
<!-- Copyright 2005 EDGARfilings, Ltd., an IEC company.-->
<!-- All rights reserved EDGARfilings.com -->
</head>
  <body bgcolor="#ffffff">
    <div>&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><strong>Exhibit
      99.2</strong><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>EBITDA
      and EBITDA plus Lease Expense</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="bottom" width="43%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td width="2%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td colspan="5" valign="bottom" width="26%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Quarter
                Ended September 30,</strong></font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td colspan="5" valign="bottom" width="25%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Six
                Months Ended September 30,</strong></font></div>
            </td>
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          <tr>
            <td valign="bottom" width="43%" style="BORDER-BOTTOM: #ffffff solid">&#160;</td>
            <td width="2%" style="BORDER-BOTTOM: #ffffff thin solid">&#160;</td>
            <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black thin solid">
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            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff thin solid">&#160;</td>
            <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black thin solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2004</strong></font></div>
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            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff thin solid">&#160;</td>
            <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black thin solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2005</strong></font></div>
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            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff thin solid">&#160;</td>
            <td colspan="2" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2004</strong></font></div>
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            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff thin solid">&#160;</td>
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          <tr>
            <td valign="bottom" width="43%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td width="2%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td colspan="5" valign="bottom" width="26%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(In
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            </td>
            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td colspan="5" valign="bottom" width="25%" style="BORDER-BOTTOM: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(In
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            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: medium none">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" width="43%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td width="2%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="11%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: medium none">&#160;</td>
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          <tr bgcolor="#e2eef6">
            <td valign="bottom" width="43%" style="BORDER-BOTTOM: #e2eef6">
              <div style="DISPLAY: block; MARGIN-LEFT: 5pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pretax
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            <td width="2%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #e2eef6">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #e2eef6">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">112,993</font></div>
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            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #e2eef6">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #e2eef6">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">86,133</font></div>
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            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #e2eef6">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #e2eef6">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">170,290</font></div>
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            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #e2eef6">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #e2eef6">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">158,317</font></div>
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            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
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          <tr bgcolor="#ffffff">
            <td valign="bottom" width="43%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td width="2%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
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          <tr bgcolor="#e2eef6">
            <td valign="bottom" width="43%" style="BORDER-BOTTOM: #e2eef6">
              <div style="DISPLAY: block; MARGIN-LEFT: 5pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Interest
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            <td width="2%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #e2eef6">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15,245</font></div>
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            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #e2eef6">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18,060</font></div>
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            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #e2eef6">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">34,881</font></div>
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            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #e2eef6">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">37,064</font></div>
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            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
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          <tr bgcolor="#ffffff">
            <td valign="bottom" width="43%" style="BORDER-BOTTOM: #ffffff">
              <div style="DISPLAY: block; MARGIN-LEFT: 5pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Non
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            <td width="2%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-</font></div>
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            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-</font></div>
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            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">35,627</font></div>
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            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
          </tr>
          <tr bgcolor="#e2eef6">
            <td valign="bottom" width="43%" style="BORDER-BOTTOM: #e2eef6 solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 5pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Depreciation
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            </td>
            <td width="2%" style="BORDER-BOTTOM: #e2eef6 solid">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 thin solid">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 thin solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">40,176</font></div>
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            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #e2eef6 solid">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 thin solid">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 thin solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">37,681</font></div>
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            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #e2eef6 solid">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 thin solid">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 thin solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">80,611</font></div>
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            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #e2eef6 solid">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 thin solid">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 thin solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">75,668</font></div>
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            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #e2eef6 solid">&#160;</td>
          </tr>
          <tr bgcolor="#ffffff">
            <td valign="bottom" width="43%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td width="2%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: medium none">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: medium none">&#160;</td>
          </tr>
          <tr bgcolor="#e2eef6">
            <td valign="bottom" width="43%" style="BORDER-BOTTOM: #e2eef6 solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 5pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EBITDA</font></div>
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            <td width="2%" style="BORDER-BOTTOM: #e2eef6 solid">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 thin solid">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 thin solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">168,414</font></div>
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            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #e2eef6 solid">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 thin solid">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 thin solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">141,874</font></div>
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            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #e2eef6 solid">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 thin solid">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 thin solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">321,409</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #e2eef6 solid">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 thin solid">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 thin solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">271,049</font></div>
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            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #e2eef6 solid">&#160;</td>
          </tr>
          <tr bgcolor="#ffffff">
            <td valign="bottom" width="43%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td width="2%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
          </tr>
          <tr bgcolor="#e2eef6">
            <td valign="bottom" width="43%" style="BORDER-BOTTOM: #e2eef6 solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 5pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Lease
                Expense</font></div>
            </td>
            <td width="2%" style="BORDER-BOTTOM: #e2eef6 thin solid">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
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            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
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            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #e2eef6 thin solid">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
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            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #e2eef6 thin solid">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
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            <td valign="bottom" width="43%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td width="2%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 5pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EBITDA
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            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
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            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
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            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #e2eef6 thin solid">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
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            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #e2eef6 thin solid">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">347,932</font></div>
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            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #e2eef6 thin solid">&#160;</td>
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            <td valign="bottom" width="43%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td width="2%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
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          <tr bgcolor="#e2eef6">
            <td valign="bottom" width="43%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td width="2%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
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          <tr bgcolor="#ffffff">
            <td valign="bottom" width="43%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td width="2%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
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          <tr bgcolor="#e2eef6">
            <td valign="bottom" width="43%" style="BORDER-BOTTOM: #e2eef6">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)</font></div>
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            <td width="2%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
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          <tr bgcolor="#ffffff">
            <td valign="bottom" width="43%" style="BORDER-BOTTOM: #ffffff">
              <div style="DISPLAY: block; MARGIN-LEFT: 5pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Depreciation</font></div>
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            <td width="2%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">31,693</font></div>
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            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">28,072</font></div>
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            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">62,618</font></div>
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            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">56,455</font></div>
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            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff">&#160;</td>
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          <tr bgcolor="#e2eef6">
            <td valign="bottom" width="43%" style="BORDER-BOTTOM: #e2eef6">
              <div style="DISPLAY: block; MARGIN-LEFT: 5pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Loss
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            <td width="2%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #e2eef6">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,629</font></div>
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            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #e2eef6">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,831</font></div>
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            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #e2eef6">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,941</font></div>
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            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #e2eef6">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,477</font></div>
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            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #e2eef6">&#160;</td>
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          <tr bgcolor="#ffffff">
            <td valign="bottom" width="43%" style="BORDER-BOTTOM: #ffffff solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 5pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amortization
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            <td width="2%" style="BORDER-BOTTOM: #ffffff thin solid">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,854</font></div>
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            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff thin solid">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7,778</font></div>
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            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff thin solid">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12,052</font></div>
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            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff thin solid">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">17,736</font></div>
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            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff thin solid">&#160;</td>
          </tr>
          <tr bgcolor="#e2eef6">
            <td valign="bottom" width="43%" style="BORDER-BOTTOM: #e2eef6 solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 5pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 10pt"></font><font id="TAB1" style="MARGIN-LEFT: 15pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total</font></div>
            </td>
            <td width="2%" style="BORDER-BOTTOM: #e2eef6 solid">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 thin solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 thin solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">40,176</font></div>
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            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #e2eef6 solid">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 thin solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 thin solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">37,681</font></div>
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            <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #e2eef6 solid">&#160;</td>
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