<SEC-DOCUMENT>0000004457-14-000019.txt : 20140117
<SEC-HEADER>0000004457-14-000019.hdr.sgml : 20140117
<ACCEPTANCE-DATETIME>20140117172235
ACCESSION NUMBER:		0000004457-14-000019
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20140117
DATE AS OF CHANGE:		20140117

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:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-193427
		FILM NUMBER:		14535943

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERCO
		DATE OF NAME CHANGE:	19770926
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>424b5.htm
<DESCRIPTION>SERIES UIC-01B AND 02B
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            <p style="margin:0pt; text-align:right; background-color:#ffffff"><a name="EDGAR_PAGE_START1"></a><font style="font-family:Arial; font-size:10pt; font-weight:bold">Filed Pursuant to Rule 424(b)(5)</font><font style="font-family:Arial; font-size:10pt"> </font></p>
            <p style="margin:0pt; text-align:right; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Registration Statement No. 333-193427</font><font style="font-family:Arial; font-size:10pt"> </font></p>
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                            <p style="margin:0pt 0pt 6pt; text-align:center"><br /><font style="font-family:Arial; font-size:10pt; font-weight:bold">CALCULATION OF REGISTRATION FEE</font></p>
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                        <p style="margin:3pt 0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Title of Each Class of </font></p>
                        <p style="margin:3pt 0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Securities to be </font></p>
                        <p style="margin:0pt 0pt 6pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Registered</font></p>
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                        <p style="margin:0pt 0pt 6pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Amount to be Registered </font></p>
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                        <p style="margin:0pt 0pt 6pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Proposed Maximum Offering Price Per Security </font></p>
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                        <p style="margin:0pt 0pt 6pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Proposed Maximum </font><font style="font-family:Arial; font-size:10pt; font-weight:bold">Aggregate Offering Price</font></p>
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                        <p style="margin:0pt 0pt 6pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Amount of Registration Fee </font><font style="font-family:Arial; font-size:10pt; font-weight:bold">(1)</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">(2)</font></p>
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                        <p style="margin:0pt 0pt 6pt"><font style="font-family:Arial; font-size:10pt">Fixed Rate Secured Notes Series UIC-01B</font></p>
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                        <p style="margin:0pt 0pt 6pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font><font style="font-family:Arial; font-size:10pt">1,199,800</font></p>
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                        <p style="margin:0pt 0pt 6pt; text-align:center"><font style="font-family:Arial; font-size:10pt">100%</font></p>
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                        <p style="margin:0pt 0pt 6pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font><font style="font-family:Arial; font-size:10pt">1,199,800</font></p>
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                        <p style="margin:0pt 0pt 6pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$0</font></p>
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                        <p style="margin:0pt 0pt 6pt"><font style="font-family:Arial; font-size:10pt">Fixed Rate Secured Notes Series UIC-02B</font></p>
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                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.5pt; border-left-color:#000000; border-left-style:solid; border-left-width:0.5pt; border-right-color:#000000; border-right-style:solid; border-right-width:0.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:top">
                        <p style="margin:0pt 0pt 6pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$234,100</font></p>
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                        <p style="margin:0pt 0pt 6pt; text-align:center"><font style="font-family:Arial; font-size:10pt">100%</font></p>
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                        <p style="margin:0pt 0pt 6pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$234,100</font></p>
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                        <p style="margin:0pt 0pt 6pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$0</font></p>
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                        <p style="margin:0pt 0pt 6pt 17.1pt"><font style="font-family:Arial; font-size:10pt">Total</font></p>
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                        <p style="margin:0pt 0pt 6pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$1,433,900</font></p>
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                        <p style="margin:0pt 0pt 6pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$1,433,900</font></p>
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                        <p style="margin:0pt 0pt 6pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$0</font></p>
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            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">(1) </font><font style="font-family:Arial; font-size:10pt">Calculated in </font><font style="font-family:Arial; font-size:10pt">accordance with Rule 457(r) of the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;)</font><font style="font-family:Arial; font-size:10pt">.</font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">(2) </font><font style="font-family:Arial; font-size:10pt">Pursuant to Rule 415(a)(6) under the Securities Act, the registrant carried forward $248,068,500 of unsold securities that had been previously registered on </font><font style="font-family:Arial; font-size:10pt">its registration statement on Form S-3 (file no. 333-169832), and $17,687 in associated filing fees previously paid by the registrant in connection therewith, to its registration statement on Form S-3 (file no. 333-193427), and used $12,852,900 of such unsold sec</font><font style="font-family:Arial; font-size:10pt">urities and $1,655 of such previously paid filing fees in connection with an offering of Fixed Rate Secured Notes Series UIC-08B, 09B, 10B and 11B pursuant to a prospectus supplement dated the date hereof.&#160; Therefore, pursuant to Rule 415(a)(6), no additio</font><font style="font-family:Arial; font-size:10pt">nal fee is paid hereby with respect to the securities offered hereunder.&#160; After giving effect to this offering, $233,781,700 of unsold securities and $15,847 of associated filing fees previously paid by the registrant remain available under the registratio</font><font style="font-family:Arial; font-size:10pt">n statement on Form S-3 (file no. 333-193427) before any filing fee is required to be paid. </font></p>
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            <p style="margin:0pt"><a name="EDGAR_PAGE_START2"></a><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Prospectus Supplement to Prospectus dated January 17, 2014</font></p>
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            <p style="margin:0pt; text-align:center; background-color:#ffffff"><font style="font-family:Arial; font-size:16pt; font-weight:bold">Up to $1,433,900</font></p>
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                <img src="image1.gif" width="294" height="35" alt="amerco logo" >
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            <p style="margin:0pt; text-align:center; background-color:#ffffff"><font style="font-family:Arial; font-size:16pt; font-weight:bold">Fixed </font><font style="font-family:Arial; font-size:16pt; font-weight:bold">Rate</font><font style="font-family:Arial; font-size:16pt; font-weight:bold"> Secured Notes Series </font><font style="font-family:Arial; font-size:16pt; font-weight:bold">UIC-01B and 02B </font></p>
            <p style="margin:0pt; text-align:center; background-color:#ffffff"><font style="font-family:Arial; font-size:16pt; font-weight:bold">___________</font></p>
            <p style="margin:0pt; text-align:center; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">AMERCO is offering up to $1,433,900 aggregate principal amount of its Fixed Rate Secured Notes Series UIC-01B and 02B (the &#8220;notes&#8221;).&#160; The notes will be issued over a period of time and from time to </font><font style="font-family:Arial; font-size:10pt">time, in up to two separate series, with each series having one or more separate sub-series, bearing a unique interest rate and term as provided herein.&#160; As notes are offered, prospective investors shall have the opportunity to select the series and sub-se</font><font style="font-family:Arial; font-size:10pt">ries of notes for which such prospective investor is subscribing.&#160;&#160; The notes are fully amortizing.&#160; Principal and interest on the notes will be credited to each holder&#8217;s U-Haul Investors Club&#174;&#160; account in arrears every three months, as provided herein.</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">N</font><font style="font-family:Arial; font-size:10pt">otes issued under Series UIC-01B shall be for a term of three years, shall bear interest at 3.75% per annum, and shall be limited in aggregate principal amount to $1,199,800. Notes issued under Series UIC-02B shall be for a term of two years, shall bear in</font><font style="font-family:Arial; font-size:10pt">terest at 3.0% per annum, and shall be limited in aggregate principal amount to $234,100.&#160; </font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">In all cases subject to collateral substitutions as provided herein, the notes issued under Series UIC-01B are secured by a first-priority lien on a pool of U-Haul</font><font style="font-family:Arial; font-size:10pt"> appliance dollies (the &#8220;Appliance Dollies&#8221;) and the notes issued under Series UIC-02B are secured by a first priority lien on a pool of U-Haul utility dollies (the &#8220;Utility Dollies&#8221; and together with the Appliance Dollies, the &#8220;Initial Collateral&#8221;)</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">For e</font><font style="font-family:Arial; font-size:10pt">ach $100 invested with us in the notes under Series UIC-01B, we will pledge to the trustee, for the benefit of the noteholders, one Appliance Dolly.&#160; For each $45 invested with us in the notes under Series UIC-02B, we will pledge to the trustee, for the be</font><font style="font-family:Arial; font-size:10pt">nefit of the noteholders, one Utility Dolly. </font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">No underwriter or other third-party has been engaged to facilitate the sale of the notes in this offering.</font></p>
            <p style="margin:0pt; text-align:center; background-color:#ffffff"><font style="font-family:Arial; font-size:16pt; font-weight:bold">___________</font></p>
            <p style="margin:0pt; text-indent:18.35pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18.35pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-style:italic">The </font><font style="font-family:Arial; font-size:10pt; font-style:italic">n</font><font style="font-family:Arial; font-size:10pt; font-style:italic">otes are not savings accounts, deposit accounts or money market funds.&#160; The </font><font style="font-family:Arial; font-size:10pt; font-style:italic">n</font><font style="font-family:Arial; font-size:10pt; font-style:italic">otes</font><font style="font-family:Arial; font-size:10pt; font-style:italic"> are not guaranteed or insured by the Federal Deposit Insurance Corporation, the Federal Reserve or any other governmental agency</font><font style="font-family:Arial; font-size:10pt; font-style:italic">.</font></p>
            <p style="margin:0pt; text-indent:18.35pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18.35pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">See &#8220;Risk Factors&#8221; beginning on page </font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">S-7 </font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">of this prospectus supplement to read about important facts you should consider bef</font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">ore buying the notes.</font></p>
            <p style="margin:0pt; text-indent:18.35pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18.35pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus supplement or the accompanying prospectus.&#160; Any r</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">epresentation to the contrary is a criminal offense.</font></p>
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            <p style="margin:0pt; line-height:10pt"><a name="EDGAR_HF_F_START_1"></a><a name="EDGAR_HF_F_END_2"></a><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
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            <p style="margin:0pt; text-indent:18.35pt; text-align:justify; background-color:#ffffff"><a name="EDGAR_PAGE_START3"></a><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
            <p style="margin:0pt; text-align:center; background-color:#ffffff"><font style="font-family:Arial; font-size:16pt; font-weight:bold">___________</font></p>
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                            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">Per Note</font></p>
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                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top">
                            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">Total</font></p>
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                            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Offering Price</font></p>
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                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top">
                            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">100%</font></p>
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                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top">
                            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$1,433,900</font></p>
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                            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Proceeds to AMERCO (before expenses)</font></p>
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                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top">
                            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">100%</font></p>
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                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top">
                            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$1,433,900</font></p>
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            <p style="margin:0pt; text-align:center; background-color:#ffffff"><font style="font-family:Arial; font-size:16pt; font-weight:bold">___________</font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">The notes are being issued in uncertificated book-entry form only, and </font><font style="font-family:Arial; font-size:10pt">will not be listed on any</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">securities exchange.</font></p>
            <p style="margin:0pt; text-align:center; background-color:#ffffff"><font style="font-family:Arial; font-size:16pt; font-weight:bold">___________</font></p>
            <p style="margin:0pt; text-indent:18.35pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18.35pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">Prospectus Supplement dated </font><font style="font-family:Arial; font-size:10pt">January 17, 2014</font><font style="font-family:Arial; font-size:10pt">.</font></p>
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                        <p style="margin:0pt; text-align:center"><a name="EDGAR_PAGE_START4"></a><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Prospectus Supplement</font></p>
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                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:11.68%">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM1"></a><font style="font-family:Arial; font-size:10pt; font-weight:bold">Page</font><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
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                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:11.68%">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM2"></a><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-indent:-12.5pt; padding-left:12.5pt"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">About </font><font style="font-family:Arial; font-size:10pt; text-decoration:underline">T</font><font style="font-family:Arial; font-size:10pt; text-decoration:underline">his Prospectus Supplement</font></p>
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                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:11.68%">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">S-i</font></p>
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                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:88.32%">
                        <p style="margin:0pt; text-indent:-12.5pt; padding-left:12.5pt"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">Where You Can Find More Information</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">S-i</font></p>
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                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:88.32%">
                        <p style="margin:0pt; text-indent:-12.5pt; padding-left:12.5pt"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">Note Regarding </font><font style="font-family:Arial; font-size:10pt; text-decoration:underline">Forward-Looking Statements</font></p>
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                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:11.68%">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">S-ii</font></p>
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                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:88.32%">
                        <p style="margin:0pt; text-indent:-12.5pt; padding-left:12.5pt"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">Prospectus Supplement Summary</font></p>
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                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:11.68%">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">S-1</font></p>
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                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:88.32%">
                        <p style="margin:0pt; text-indent:-12.5pt; padding-left:12.5pt"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">Summary Selected Consolidated Financial Information</font></p>
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                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:11.68%">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">S-</font><font style="font-family:Arial; font-size:10pt">5</font></p>
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                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:88.32%">
                        <p style="margin:0pt; text-indent:-12.5pt; padding-left:12.5pt"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">Risk Factors</font></p>
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                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:11.68%">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">S-7</font></p>
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                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:88.32%">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">Use of Proceeds</font></p>
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                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:11.68%">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">S-1</font><font style="font-family:Arial; font-size:10pt">7</font></p>
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                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:88.32%">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">Ratio of Earnings to Fixed Charges</font></p>
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                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:11.68%">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">S-1</font><font style="font-family:Arial; font-size:10pt">7</font></p>
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                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:88.32%">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">Description of Notes</font></p>
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                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:11.68%">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">S-1</font><font style="font-family:Arial; font-size:10pt">7</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">U-Haul Investors Club</font></p>
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                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:11.68%">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">S-</font><font style="font-family:Arial; font-size:10pt">28</font></p>
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                <tr style="height:14.4pt">
                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:88.32%">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">Material</font><font style="font-family:Arial; font-size:10pt; text-decoration:underline"> </font><font style="font-family:Arial; font-size:10pt; text-decoration:underline">U.</font><font style="font-family:Arial; font-size:10pt; text-decoration:underline"> S. Federal Income Tax Consequences</font></p>
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                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:11.68%">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">S-</font><font style="font-family:Arial; font-size:10pt">30</font></p>
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                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:88.32%">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">Plan of Distribution</font></p>
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                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:11.68%">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">S-3</font><font style="font-family:Arial; font-size:10pt">2</font></p>
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                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:88.32%">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">Legal Matters</font></p>
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                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:11.68%">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">S-3</font><font style="font-family:Arial; font-size:10pt">2</font></p>
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                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:88.32%">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">Experts</font></p>
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                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:11.68%">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">S-3</font><font style="font-family:Arial; font-size:10pt">2</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:11.68%">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
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                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:88.32%">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Prospectus</font></p>
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                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:11.68%">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
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                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:88.32%">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">About This Prospectus</font></p>
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                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:11.68%">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1</font></p>
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                <tr style="height:14.4pt">
                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:88.32%">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">About AMERCO</font></p>
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                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:11.68%">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">3</font></p>
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                <tr style="height:14.4pt">
                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:88.32%">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">Risk Factors</font></p>
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                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:11.68%">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">4</font></p>
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                <tr style="height:14.4pt">
                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:88.32%">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">Note Regarding Forward-Looking Statements</font></p>
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                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:11.68%">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">4</font></p>
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                <tr style="height:14.4pt">
                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:88.32%">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">Description of </font><font style="font-family:Arial; font-size:10pt; text-decoration:underline">Securities</font></p>
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                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:11.68%">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">5</font></p>
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                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:88.32%">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">Use of Proceeds</font></p>
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                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:11.68%">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">5</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">Ratio of Earnings to Fixed Charges</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">Legal Matters</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">7</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">Experts</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">Incorporation of Certain Information by Reference</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">Where You Can Find More Information</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">8</font></p>
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            <p style="margin:0pt; text-align:center"><a name="EDGAR_PAGE_START5"></a><font style="font-family:Arial; font-size:10pt; font-weight:bold">ABOUT THIS PROSPECTUS </font><font style="font-family:Arial; font-size:10pt; font-weight:bold">SUPPLEMENT</font></p>
            <p style="margin:0pt; text-align:center; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">This document is in two parts.</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt"> The first part is the </font><font style="font-family:Arial; font-size:10pt">p</font><font style="font-family:Arial; font-size:10pt">rospectus </font><font style="font-family:Arial; font-size:10pt">s</font><font style="font-family:Arial; font-size:10pt">upplement, which contains the terms of this </font><font style="font-family:Arial; font-size:10pt">offering</font><font style="font-family:Arial; font-size:10pt"> of </font><font style="font-family:Arial; font-size:10pt">n</font><font style="font-family:Arial; font-size:10pt">otes. </font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">The second part, the</font><font style="font-family:Arial; font-size:10pt"> accompanying prospectus dated January 17, 2014</font><font style="font-family:Arial; font-size:10pt">, gives more general information, some of which may not apply to this offering. </font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">We have n</font><font style="font-family:Arial; font-size:10pt">ot authorized any</font><font style="font-family:Arial; font-size:10pt">one to provide any information or to make any representations other than those contained or incorporated by reference in this </font><font style="font-family:Arial; font-size:10pt">p</font><font style="font-family:Arial; font-size:10pt">rospectus </font><font style="font-family:Arial; font-size:10pt">s</font><font style="font-family:Arial; font-size:10pt">upplement</font><font style="font-family:Arial; font-size:10pt">, the accompanying </font><font style="font-family:Arial; font-size:10pt">p</font><font style="font-family:Arial; font-size:10pt">rospectus or in any free writing prospectuses</font><font style="font-family:Arial; font-size:10pt"> that AMERCO may prep</font><font style="font-family:Arial; font-size:10pt">are. </font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">We take no responsibility for, and can provide no </font><font style="font-family:Arial; font-size:10pt">assurance</font><font style="font-family:Arial; font-size:10pt"> as to the reliability of, any other information that others may give you. </font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">This </font><font style="font-family:Arial; font-size:10pt">p</font><font style="font-family:Arial; font-size:10pt">rospectus </font><font style="font-family:Arial; font-size:10pt">s</font><font style="font-family:Arial; font-size:10pt">upplement an</font><font style="font-family:Arial; font-size:10pt">d the accompanying </font><font style="font-family:Arial; font-size:10pt">p</font><font style="font-family:Arial; font-size:10pt">rospectus is an offer to </font><font style="font-family:Arial; font-size:10pt">invite subscriptions to purchase n</font><font style="font-family:Arial; font-size:10pt">otes, but only under circumstances and in jurisdictions where it is lawful to do so. </font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">The information contained in this </font><font style="font-family:Arial; font-size:10pt">p</font><font style="font-family:Arial; font-size:10pt">rospectus </font><font style="font-family:Arial; font-size:10pt">s</font><font style="font-family:Arial; font-size:10pt">upplement and the accompanying </font><font style="font-family:Arial; font-size:10pt">p</font><font style="font-family:Arial; font-size:10pt">rospectus is </font><font style="font-family:Arial; font-size:10pt">current only as of the respective dates of such documents. </font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">If there is any inconsistency between the information in this </font><font style="font-family:Arial; font-size:10pt">prospectus s</font><font style="font-family:Arial; font-size:10pt">upplement and the accompanying </font><font style="font-family:Arial; font-size:10pt">p</font><font style="font-family:Arial; font-size:10pt">rospectus, you should r</font><font style="font-family:Arial; font-size:10pt">ely on the information in this p</font><font style="font-family:Arial; font-size:10pt">rospectus </font><font style="font-family:Arial; font-size:10pt">s</font><font style="font-family:Arial; font-size:10pt">upplement. </font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">WHERE YOU</font><font style="font-family:Arial; font-size:10pt; font-weight:bold"> CAN FIND MORE INFORMATION</font></p>
            <p style="margin:0pt; text-align:center; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">AMERCO is</font><font style="font-family:Arial; font-size:10pt"> subject to the informational requirements of the </font><font style="font-family:Arial; font-size:10pt">Securities and Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), </font><font style="font-family:Arial; font-size:10pt">and in accordance therewith file</font><font style="font-family:Arial; font-size:10pt">s</font><font style="font-family:Arial; font-size:10pt"> reports, proxy statements and other information with the Securiti</font><font style="font-family:Arial; font-size:10pt">es and Exchange Commission</font><font style="font-family:Arial; font-size:10pt"> (the &#8220;SEC&#8221;)</font><font style="font-family:Arial; font-size:10pt">.&#160; </font><font style="font-family:Arial; font-size:10pt">AMERCO&#8217;s</font><font style="font-family:Arial; font-size:10pt"> filings are available to the public over the Internet at </font><font style="font-family:Arial; font-size:10pt">the SEC&#8217;s</font><font style="font-family:Arial; font-size:10pt"> website at </font><font style="font-family:Arial; font-size:10pt">http://www.sec.gov</font><font style="font-family:Arial; font-size:10pt">, as well as at </font><font style="font-family:Arial; font-size:10pt">AMERCO&#8217;s </font><font style="font-family:Arial; font-size:10pt">website</font><font style="font-family:Arial; font-size:10pt">,</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">http://www.amerco.com</font><font style="font-family:Arial; font-size:10pt">. You may also read and copy, at prescribed rates, any </font><font style="font-family:Arial; font-size:10pt">document </font><font style="font-family:Arial; font-size:10pt">AMERCO</font><font style="font-family:Arial; font-size:10pt"> file</font><font style="font-family:Arial; font-size:10pt">s</font><font style="font-family:Arial; font-size:10pt"> with the </font><font style="font-family:Arial; font-size:10pt">SEC</font><font style="font-family:Arial; font-size:10pt"> at the Public Reference Room of the Securities and Exchange Commission located at </font><font style="font-family:Arial; font-size:10pt">100 F Street, N.E.</font><font style="font-family:Arial; font-size:10pt">, </font><font style="font-family:Arial; font-size:10pt">Washington</font><font style="font-family:Arial; font-size:10pt">, </font><font style="font-family:Arial; font-size:10pt">D.C.</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">20549</font><font style="font-family:Arial; font-size:10pt">.&#160; Please call the </font><font style="font-family:Arial; font-size:10pt">SEC at 1-800-732</font><font style="font-family:Arial; font-size:10pt">-0330 for further information on the </font><font style="font-family:Arial; font-size:10pt">SEC&#8217;s</font><font style="font-family:Arial; font-size:10pt"> Public Reference Room.</font><font style="font-family:Arial; font-size:10pt"> </font></p>
            <p style="margin:0pt; text-indent:30.6pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">In this </font><font style="font-family:Arial; font-size:10pt">prospectus</font><font style="font-family:Arial; font-size:10pt"> supplement, as permitted by law, we &#8220;incorporate by reference&#8221; information from other documents that AMERCO files with the SEC. This means that we can disclose important information to you by referring you to th</font><font style="font-family:Arial; font-size:10pt">ose documents. The information incorporated by reference is considered to be a part of this prospectus supplement and should be read with the same care. When AMERCO updates the information contained in documents that have been incorporated by reference by </font><font style="font-family:Arial; font-size:10pt">making future filings with the SEC, the information incorporated by reference in this prospectus supplement is considered to be automatically updated and superseded. In other words, in case of a conflict or inconsistency between information contained in th</font><font style="font-family:Arial; font-size:10pt">is prospectus supplement and information incorporated by reference into this prospectus supplement, you should rely on the information contained in the document that was filed later. </font></p>
            <p style="margin:0pt; text-indent:30.6pt; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">We incorporate by reference in this prospectus</font><font style="font-family:Arial; font-size:10pt"> supplement</font><font style="font-family:Arial; font-size:10pt"> the documents</font><font style="font-family:Arial; font-size:10pt"> listed below:</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 0pt 54pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">our Annual Report on Form 10-K for the fiscal year ended March 31, 2013</font><font style="font-family:Arial; font-size:10pt">;</font></p>
            <p style="margin:0pt 0pt 0pt 54pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 0pt 54pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">our Quarterly Reports on Form 10-Q for the fiscal quarters ended June 30, 2013 and September 30, 2013;</font></p>
            <p style="margin:0pt 0pt 0pt 36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 0pt 54pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">those portions of our definitive proxy statement on Schedule </font><font style="font-family:Arial; font-size:10pt">14A dated July 17, 2013, incorporated by reference in our Annual Report on Form 10-K for the year ended March 31, 2013;</font><font style="font-family:Arial; font-size:10pt"> </font></p>
            <p style="margin:0pt 0pt 0pt 54pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 0pt 54pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">our current reports on Form 8-K filed on May 30, 2013, September 3, 2013, September 5, 2013, October 4, 2013, November 26, 2013 </font><font style="font-family:Arial; font-size:10pt">and De</font><font style="font-family:Arial; font-size:10pt">cember 6, 2013; and</font></p>
            <p style="margin:0pt 0pt 0pt 54pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 0pt 54pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">all documents filed by us under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act </font><font style="font-family:Arial; font-size:10pt">until this offering is completed</font><font style="font-family:Arial; font-size:10pt">.</font><a name="EDGAR_PAGE_END5"></a></p>
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            <p style="margin:0pt; text-align:center; line-height:10pt"><a name="EDGAR_HF_F_START_5"></a><font style="font-family:Arial; font-size:10pt">S</font><font style="font-family:Arial; font-size:10pt">-</font><font style="font-family:Arial; font-size:10pt">i</font></p>
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            <p style="margin:0pt"><a name="EDGAR_PAGE_START6"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Unless expressly incorporated by reference, nothing in this prospectus shall be deemed to incorporate by </font><font style="font-family:Arial; font-size:10pt">reference information furnished, but not filed, with the SEC.</font><font style="font-family:Arial; font-size:10pt"> </font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">Other than any documents expressly incorporated by reference, the information on our website and any other website that is referred to in this prospectus supplement is not part of this prospec</font><font style="font-family:Arial; font-size:10pt">tus supplement. </font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">You may obtain any of the documents incorporated by reference in this prospectus</font><font style="font-family:Arial; font-size:10pt"> supplement</font><font style="font-family:Arial; font-size:10pt"> from the SEC through the SEC&#8217;s website at the address provided above.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">You also may request a copy of any document incorporated by reference in th</font><font style="font-family:Arial; font-size:10pt">is prospectus </font><font style="font-family:Arial; font-size:10pt">supplement </font><font style="font-family:Arial; font-size:10pt">(excluding any exhibits to those documents, unless the exhibit is specifically</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">incorporated by reference in this document), at no cost.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">Requests should be directed to AMERCO, </font><font style="font-family:Arial; font-size:10pt">Corporate Secretary, </font><font style="font-family:Arial; font-size:10pt">c/o U-Haul International, Inc., </font><font style="font-family:Arial; font-size:10pt">27</font><font style="font-family:Arial; font-size:10pt">27 N. Central Avenue</font><font style="font-family:Arial; font-size:10pt">, </font><font style="font-family:Arial; font-size:10pt">Phoenix</font><font style="font-family:Arial; font-size:10pt">, </font><font style="font-family:Arial; font-size:10pt">AZ</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">85004</font><font style="font-family:Arial; font-size:10pt">, telephone (602) 263-</font><font style="font-family:Arial; font-size:10pt">6788.</font></p>
            <p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">We </font><font style="font-family:Arial; font-size:10pt">own the registered trademarks or service marks &#8220;U-Haul&#174;&#8221;, &#8220;AMERCO&#174;&#8221;, &#8220;In-Town&#174;&#8221;, &#8220;eMove&#174;&#8221;, &#8220;C.A.R.D.&#174;&#8221;, &#8220;Safemove&#174;&#8221;, &#8220;WebSelfStorage&#174;&#8221;, &#8220;webselfstorage.com(SM)&#8221;, &#8220;uhaul.com&#174;&#8221;, &#8220;Lowest</font><font style="font-family:Arial; font-size:10pt"> Decks(SM)&#8221;, &#8220;Gentle Ride Suspension(SM)&#8221;, &#8220;Mom&#8217;s Attic&#174;&#8221;,&#160; &#8220;U-Box&#174;&#8221;,&#160; &#8220;Moving Help&#174;&#8221;, &#8220;Safestor&#174;&#8221;, &#8220;U-Haul Investors Club&#8482;&#8221;, &#8220;uhaulinvestorsclub.com(SM)&#8221;, &#8220;U-Note&#8482;&#8221;, among others, for use in connection with the moving and storage business.&#160; This prospectu</font><font style="font-family:Arial; font-size:10pt">s supplement also includes product name and other trade names and service marks owned by AMERCO or its affiliates.</font><font style="font-family:Arial; font-size:10pt">&#160; </font></p>
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            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">NOTE REGARDING FORWARD</font><font style="font-family:Arial; font-size:10pt; font-weight:bold; text-transform:uppercase">-</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">LOOKING STATEMENTS</font></p>
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            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">This prospectus</font><font style="font-family:Arial; font-size:10pt"> supplement</font><font style="font-family:Arial; font-size:10pt"> contains &#8220;forward-looking statements&#8221; regarding future events and our future results of operations. </font><font style="font-family:Arial; font-size:10pt"> AMERCO </font><font style="font-family:Arial; font-size:10pt">may make additional written or oral forward-looking statements from time to time in filings with the SEC or otherwise. We believe such forward-look</font><font style="font-family:Arial; font-size:10pt">ing statements are within the meaning of the </font><font style="font-family:Arial; font-size:10pt">safe</font><font style="font-family:Arial; font-size:10pt">-harbor provisions of Section 27A of the Securities Act</font><font style="font-family:Arial; font-size:10pt"> of 1933, as amended (the &#8220;Securities Act&#8221;)</font><font style="font-family:Arial; font-size:10pt">, and Section 21E of </font><font style="font-family:Arial; font-size:10pt">the</font><font style="font-family:Arial; font-size:10pt"> Exchange Act. </font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">Such statements may include, but are not limited to, projections of r</font><font style="font-family:Arial; font-size:10pt">evenues, earnings or loss, estimates of capital expenditures, plans for future operations, products or services, financing needs and plans; our perceptions of our legal positions and anticipated outcomes of government investigations and pending litigation </font><font style="font-family:Arial; font-size:10pt">against us, liquidity, goals and strategies, plans for new business, storage occupancy, growth rate assumptions, pricing, costs, and access to capital and leasing markets as well as assumptions relating to the foregoing. The words &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;ant</font><font style="font-family:Arial; font-size:10pt">icipate,&#8221; &#8220;estimate,&#8221; &#8220;project&#8221; and similar expressions identify forward-looking statements, which speak only as of the date the statement was made.</font></p>
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            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be pre</font><font style="font-family:Arial; font-size:10pt">dicted or quantified. Factors that could significantly affect resu</font><font style="font-family:Arial; font-size:10pt">lts include, without limitation: the risks enumerated in the </font><font style="font-family:Arial; font-size:10pt">&#8220;Risk Factors&#8221; </font><font style="font-family:Arial; font-size:10pt">section </font><font style="font-family:Arial; font-size:10pt">beginning on page </font><font style="font-family:Arial; font-size:10pt">S-7 </font><font style="font-family:Arial; font-size:10pt">of this prospectus supplement</font><font style="font-family:Arial; font-size:10pt">, as well as the following: </font><font style="font-family:Arial; font-size:10pt">our</font><font style="font-family:Arial; font-size:10pt"> ability to operate pursuant to the terms of</font><font style="font-family:Arial; font-size:10pt"> our</font><font style="font-family:Arial; font-size:10pt"> credit facilities; </font><font style="font-family:Arial; font-size:10pt">our</font><font style="font-family:Arial; font-size:10pt"> ability to maintain contracts that are critical to </font><font style="font-family:Arial; font-size:10pt">our</font><font style="font-family:Arial; font-size:10pt"> operations; the costs and availability of financing; </font><font style="font-family:Arial; font-size:10pt">our ability to execute our</font><font style="font-family:Arial; font-size:10pt"> business plan</font><font style="font-family:Arial; font-size:10pt">; our </font><font style="font-family:Arial; font-size:10pt">ability to attract, motivate a</font><font style="font-family:Arial; font-size:10pt">nd retain key employees; general economic conditions; fluctuations in our costs to maintain and update our fleet and facilities; our ability to refinance our debt; changes in government regulations, particularly environmental regulations; our credit rating</font><font style="font-family:Arial; font-size:10pt">s; the availability of credit; changes in demand for our products; changes in the general domestic economy; the degree and nature of our competition; the resolution of pending litigation against </font><font style="font-family:Arial; font-size:10pt">us</font><font style="font-family:Arial; font-size:10pt">; changes in accounting standards and other factors describ</font><font style="font-family:Arial; font-size:10pt">ed in our most recent Annual Report on Form 10-K or the other documents we file with the SEC.</font><font style="font-family:Arial; font-size:10pt"> The above factors, as well as other statements in</font><font style="font-family:Arial; font-size:10pt"> this</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">prospectus supplement or in the incorporated documents</font><font style="font-family:Arial; font-size:10pt">, could contribute to or cause such risks or uncertai</font><font style="font-family:Arial; font-size:10pt">nties, or could cause our </font><font style="font-family:Arial; font-size:10pt">performance</font><font style="font-family:Arial; font-size:10pt"> to fluctuate dramatically. Consequently, forward-looking statements should not be regarded as representations or warranties by </font><font style="font-family:Arial; font-size:10pt">us</font><font style="font-family:Arial; font-size:10pt"> that such matters will be realized</font><font style="font-family:Arial; font-size:10pt"> and readers are </font><font style="font-family:Arial; font-size:10pt">cautioned not to place undue reliance</font><font style="font-family:Arial; font-size:10pt"> on</font><font style="font-family:Arial; font-size:10pt"> them</font><font style="font-family:Arial; font-size:10pt">. </font><font style="font-family:Arial; font-size:10pt"> We assume</font><font style="font-family:Arial; font-size:10pt"> no obliga</font><font style="font-family:Arial; font-size:10pt">tion to update or revise any </font><font style="font-family:Arial; font-size:10pt">forward-looking statements, whether in response to new information, unforeseen events, changed circumstances or otherwise. </font><a name="EDGAR_PAGE_END6"></a></p>
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            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">You should carefully consider the trends, risks and </font><font style="font-family:Arial; font-size:10pt">uncertainties descr</font><font style="font-family:Arial; font-size:10pt">ibed in the </font><font style="font-family:Arial; font-size:10pt">&#8220;Risk Factors&#8221;</font><font style="font-family:Arial; font-size:10pt"> section</font><font style="font-family:Arial; font-size:10pt"> beginning on page </font><font style="font-family:Arial; font-size:10pt">S-7</font><font style="font-family:Arial; font-size:10pt"> of this prospectus supplement</font><font style="font-family:Arial; font-size:10pt"> and other information in this prospectus </font><font style="font-family:Arial; font-size:10pt">supplement </font><font style="font-family:Arial; font-size:10pt">and reports filed with the SEC before making any investmen</font><font style="font-family:Arial; font-size:10pt">t decision with respect to the n</font><font style="font-family:Arial; font-size:10pt">otes. </font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">If any of the</font><font style="font-family:Arial; font-size:10pt">se</font><font style="font-family:Arial; font-size:10pt"> tren</font><font style="font-family:Arial; font-size:10pt">ds, risks or uncertainties actually occurs or continues, our business, financial condition or operating results could be materially adversely affected. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualifie</font><font style="font-family:Arial; font-size:10pt">d in their entirety by this cautionary statement.</font></p>
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            <p style="margin:12pt 0pt 3pt; text-align:center"><a name="EDGAR_PAGE_START8"></a><font style="font-family:Arial; font-size:10pt; font-weight:bold">PROSPECTUS SUPPLEMENT SUMMARY</font></p>
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            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-style:italic">This summary highlights selected information contained elsewhere or incorporated by reference in this prospectus supplement and may not contain </font><font style="font-family:Arial; font-size:10pt; font-style:italic">all the information that you need to consider in making your investment decision with respect to the notes.&#160; You should carefully read this entire prospectus supplement, and the accompanying prospectus, as well as the information incorporated by reference </font><font style="font-family:Arial; font-size:10pt; font-style:italic">herein, before deciding whether to invest.&#160; You should pay special attention to the &#8220;Risk Factors&#8221; section beginning on page S-7 of this prospectus supplement to determine whether an investment in the notes is appropriate for you.</font></p>
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            <p style="margin:0pt; text-align:center; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold">About </font><font style="font-family:Arial; font-size:10pt; font-weight:bold">AMERCO and U-Haul</font></p>
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            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">AMERCO, a Nevada corporation (&#8220;AMERCO&#8221;), is the holding company for U-Haul International, Inc. (&#8220;U-Haul&#8221;), Amerco Real Estate Company (&#8220;Real Estate&#8221;), Repwest Insurance Company (&#8220;Repwest&#8221;) and Oxford Life Insurance Company (&#8220;Oxford&#8221;). Unless otherwise ind</font><font style="font-family:Arial; font-size:10pt">icated or unless the context requires otherwise, all references in this prospectus supplement to &#8220;we&#8221;, &#8220;us&#8221;, &#8220;our&#8221; or the &#8220;Company&#8221; mean AMERCO and its subsidiaries; and all references in this prospectus supplement to &#8220;AMERCO&#8221; mean AMERCO only, excluding i</font><font style="font-family:Arial; font-size:10pt">ts subsidiaries. </font></p>
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            <p style="margin:0pt; text-indent:17.3pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Through U-Haul, we believe that we are North America&#8217;s largest and most comprehensive &#8220;do-it-yourself&#8221; moving and storage operator. Our primary focus is to provide our customers with a wide selection of moving rental equipment, convenien</font><font style="font-family:Arial; font-size:10pt">t self-storage rental facilities and related moving and self-storage products and services. We are able to expand our distribution and improve customer service by increasing the amount of moving equipment and storage rooms and portable storage boxes availa</font><font style="font-family:Arial; font-size:10pt">ble for rent, expanding the number of independent dealers in our network and expanding and taking advantage of our growing eMove&#174; capabilities, an online marketplace that connects consumers to independent Moving Help&#8482; service providers and independent self</font><font style="font-family:Arial; font-size:10pt">-storage facilities.</font></p>
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            <p style="margin:0pt; text-indent:17.3pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">As of March 31, 2013, the U-Haul system included approximately 1,490 owned and managed retail moving centers and approximately 16,400 independent dealer locations. U-Haul is a leader in supplying products and services to help people move and store their ho</font><font style="font-family:Arial; font-size:10pt">usehold and commercial goods. </font></p>
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            <p style="margin:0pt; text-indent:17.3pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Each of the owned and managed retail moving centers and the independent dealer locations rent distinctive orange and white U-Haul trucks and trailers. The owned and managed retail moving centers typically also offer self-sto</font><font style="font-family:Arial; font-size:10pt">rage rooms to customers, and U-Haul has thousands of independent storage affiliates. Many of the locations also sell U-Haul brand boxes, tape and other moving and self-storage products and services to moving and storage customers, and U-Haul sells similar </font><font style="font-family:Arial; font-size:10pt">products and services to such customers through its website, </font><font style="font-family:Arial; font-size:10pt">http:</font><font style="font-family:Arial; font-size:10pt">//</font><font style="font-family:Arial; font-size:10pt">www.</font><font style="font-family:Arial; font-size:10pt">uhaul.com</font><font style="font-family:Arial; font-size:10pt">. </font></p>
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            <p style="margin:0pt; text-indent:17.3pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">In addition, customers are offered moving and storage protection packages such as SafeMove&#8482; and SafeTow&#8482;, providing moving and towing customers with a collision damage wai</font><font style="font-family:Arial; font-size:10pt">ver, cargo protection and medical and life coverage. For customers who desire additional coverage over and above the standard SafeMove&#8482; protection, U-Haul also offers its SafeMove Plus&#8482; product. This package provides the rental customer with a layer of pri</font><font style="font-family:Arial; font-size:10pt">mary liability protection. The current provider of SafeMove&#8482; and SafeMove Plus&#8482; coverage is Repwest. </font></p>
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            <p style="margin:0pt; text-indent:17.3pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">We believe that U-Haul is the most convenient supplier of products and services addressing the needs of the United States and Canadian &#8220;do-it-yourself&#8221; m</font><font style="font-family:Arial; font-size:10pt">oving and storage market. The U-Haul system&#8217;s broad geographic coverage throughout the United States and Canada and the extensive selection of U-Haul brand moving equipment rentals, self-storage rooms and portable storage boxes and related moving and stora</font><font style="font-family:Arial; font-size:10pt">ge products and services provide U-Haul customers with convenient &#8220;one-stop&#8221; shopping. As of March 31, 2013, the U-Haul rental fleet consisted of approximately 112,000 trucks and vans, 90,000 trailers and 34,000 tow devices.</font></p>
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            <p style="margin:0pt; text-indent:17.3pt; text-align:justify"><a name="EDGAR_PAGE_START9"></a><font style="font-family:Arial; font-size:10pt">Prior and subsequent to this o</font><font style="font-family:Arial; font-size:10pt">ffering of notes, AMERCO is issuing additional series of collateralized notes through the U-Haul Investors Club. Additionally, AMERCO intends to offer further series of notes, in the future, through the U-Haul Investors Club. </font></p>
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            <p style="margin:0pt; text-indent:17.3pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">AMERCO is a publicly traded Nevada corporation. AMERCO&#8217;s common stock is listed on the NASDAQ Global Select Market under the symbol &#8220;UHAL&#8221;. AMERCO&#8217;s principal executive offices are located at 1325 Airmotive Way, Suite 100, Reno, Nevada 89502-3239. Its webs</font><font style="font-family:Arial; font-size:10pt">ite address is </font><font style="font-family:Arial; font-size:10pt">http://www.</font><font style="font-family:Arial; font-size:10pt">amerco.com</font><font style="font-family:Arial; font-size:10pt; font-style:italic">.</font></p>
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            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">You can get more information regarding our business by reading our Annual Report on Form 10-K for the fiscal year ended March 31, 2013 and the other reports and information that AMERCO files with the SEC. See &#8220;Where Y</font><font style="font-family:Arial; font-size:10pt">ou Can Find More Information&#8221; on page S-i of this prospectus supplement.</font></p>
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            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">The Offering</font></p>
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            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The following summary describes the principal terms of the notes and the U-Haul Investors Club. Certain of the terms and conditions below are subject to important </font><font style="font-family:Arial; font-size:10pt">limitations and exceptions.&#160; For a more detailed description of the terms and conditions of the notes and the U-Haul Investors Club, see &#8220;</font><font style="font-family:Arial; font-size:10pt">Description of the Notes</font><font style="font-family:Arial; font-size:10pt">&#8221; beginning on page S-17 of this prospectus supplement and &#8220;U-Haul Investors Club&#8221; beginning o</font><font style="font-family:Arial; font-size:10pt">n page S-28 of this prospectus supplement.</font></p>
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                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">AMERCO.</font></p>
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                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Up to $</font><font style="font-family:Arial; font-size:10pt">1,433,900 </font><font style="font-family:Arial; font-size:10pt">aggregate principal amount of Fixed Rate Secured Notes </font><font style="font-family:Arial; font-size:10pt">Series UIC-</font><font style="font-family:Arial; font-size:10pt">01B and</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">02B</font><font style="font-family:Arial; font-size:10pt"> (the &#8220;notes&#8221;).&#160; The notes will be issued from time to time in up to </font><font style="font-family:Arial; font-size:10pt">two</font><font style="font-family:Arial; font-size:10pt"> separate series, with each series having one or more separate sub-series</font><font style="font-family:Arial; font-size:10pt">,</font><font style="font-family:Arial; font-size:10pt"> bearing a unique interest rate and term as provided herein.&#160; As notes are offered, prospective investors shal</font><font style="font-family:Arial; font-size:10pt">l have the opportunity to select the series and sub-series of notes for which such prospective investor is subscribing.&#160; </font></p>
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                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Notes issued under Series UIC-</font><font style="font-family:Arial; font-size:10pt">01B</font><font style="font-family:Arial; font-size:10pt"> shall be limited in aggregate principal amount to $</font><font style="font-family:Arial; font-size:10pt">1,199,800</font><font style="font-family:Arial; font-size:10pt">.&#160; Notes issued under Series UIC-</font><font style="font-family:Arial; font-size:10pt">02B</font><font style="font-family:Arial; font-size:10pt"> sh</font><font style="font-family:Arial; font-size:10pt">all be limited in aggregate principal amount to $</font><font style="font-family:Arial; font-size:10pt">234,100</font><font style="font-family:Arial; font-size:10pt">.&#160; </font></p>
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                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Issue Date </font></p>
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                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Notes will be issued within five business day</font><font style="font-family:Arial; font-size:10pt">s</font><font style="font-family:Arial; font-size:10pt"> following our receipt and acceptance of investor subscriptions with respect to any sub-series of the notes in the aggregate principal</font><font style="font-family:Arial; font-size:10pt"> amount of up to $</font><font style="font-family:Arial; font-size:10pt">1</font><font style="font-family:Arial; font-size:10pt">,000 for such sub-series, </font><font style="font-family:Arial; font-size:10pt">or at such other time as AMERCO determines in its sole discretion.&#160; Interest on issued notes shall commence to accrue on the issue date. </font></p>
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                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Interest Rate and term</font></p>
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                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The interest rate and term</font><font style="font-family:Arial; font-size:10pt"> for the notes are as follows:</font><font style="font-family:Arial; font-size:10pt">&#160;&#160; </font></p>
                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
                            <p style="margin:0pt 0pt 0pt 36pt; text-indent:-18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">-</font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">Series UIC-01B, 3.75%, 3-year term</font></p>
                            <p style="margin:0pt 0pt 0pt 36pt; text-indent:-18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">-</font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">Series UIC-02B, 3.0%, 2-year term</font></p>
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                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Minimum Investment</font></p>
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                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">$100.</font></p>
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                            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Principal and Interest Payment Date;&#160; Credited to Holders&#8217; U-Haul Investors Club Account</font></p>
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                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The notes are fully amortizing.&#160; Principal and interest on the notes will be credited to each holder&#8217;s U-Haul Investors Club account in arrears on </font><font style="font-family:Arial; font-size:10pt">each</font><font style="font-family:Arial; font-size:10pt"> payment date, which is every three months</font><font style="font-family:Arial; font-size:10pt">, through the maturity date.&#160; With respect to notes issued </font><font style="font-family:Arial; font-size:10pt">under Series UIC-1B and UIC-2B,</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">principal and interest payments shall be credited to each holder thereof commencing </font><font style="font-family:Arial; font-size:10pt">three months from the issue date </font><font style="font-family:Arial; font-size:10pt">of the applicable subseries.&#160; </font><font style="font-family:Arial; font-size:10pt">Principal and interest will be credited to the U-Haul Investors Club accounts</font><font style="font-family:Arial; font-size:10pt"> of the holders who own the notes as of each applicable record date.</font><font style="font-family:Arial; font-size:10pt"> </font></p>
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                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Record Date</font></p>
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                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The record date is the </font><font style="font-family:Arial; font-size:10pt">first day of the month preceding the related due date for the crediting of principal and interest on the notes.</font></p>
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                            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Initial Collateral</font></p>
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                            <p style="margin:0pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">The notes </font><font style="font-family:Arial; font-size:10pt">issued under Series UIC-</font><font style="font-family:Arial; font-size:10pt">01B</font><font style="font-family:Arial; font-size:10pt"> are secured by a first-priority lien on a pool of U-Haul </font><font style="font-family:Arial; font-size:10pt">appliance dollies</font><font style="font-family:Arial; font-size:10pt"> (the &#8220;</font><font style="font-family:Arial; font-size:10pt">Appliance Dollies</font><font style="font-family:Arial; font-size:10pt">&#8221;).&#160; For each </font><font style="font-family:Arial; font-size:10pt">$100 </font><font style="font-family:Arial; font-size:10pt">invested with us in the notes under Series UIC-</font><font style="font-family:Arial; font-size:10pt">01B</font><font style="font-family:Arial; font-size:10pt">, we will pledge to the trustee, for the benefit of the noteh</font><font style="font-family:Arial; font-size:10pt">olders, one </font><font style="font-family:Arial; font-size:10pt">Appliance Dolly</font><font style="font-family:Arial; font-size:10pt">.&#160;&#160; </font></p>
                            <p style="margin:0pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
                            <p style="margin:0pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">The notes issued under Series UIC-</font><font style="font-family:Arial; font-size:10pt">02B</font><font style="font-family:Arial; font-size:10pt"> are secured by a first priority lien on a pool of U-Haul </font><font style="font-family:Arial; font-size:10pt">utility dollies</font><font style="font-family:Arial; font-size:10pt"> (the &#8220;</font><font style="font-family:Arial; font-size:10pt">Utility Dollies</font><font style="font-family:Arial; font-size:10pt">&#8221;). For each </font><font style="font-family:Arial; font-size:10pt">$45 </font><font style="font-family:Arial; font-size:10pt">invested with us in the notes under Series UIC-</font><font style="font-family:Arial; font-size:10pt">02B</font><font style="font-family:Arial; font-size:10pt">, we will pledge to the trustee, for the benefit of the noteholders, one </font><font style="font-family:Arial; font-size:10pt">Utility Dolly</font><font style="font-family:Arial; font-size:10pt">.</font></p>
                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The </font><font style="font-family:Arial; font-size:10pt">Appliance Dollies and Utility Dollies </font><font style="font-family:Arial; font-size:10pt">are legally owned by U-Haul </font><font style="font-family:Arial; font-size:10pt">Leasing &amp; Sales co., a </font><font style="font-family:Arial; font-size:10pt">Nevada</font><font style="font-family:Arial; font-size:10pt"> corporation and indirect subsidiary of AMERCO.&#160; </font><font style="font-family:Arial; font-size:10pt">The Initial Collate</font><font style="font-family:Arial; font-size:10pt">ral is utilized in the operations of</font><font style="font-family:Arial; font-size:10pt"> the U-Haul system, in which U-Haul rental equipment and self-storage units are rented to customers in the ordinary course of business.</font><font style="font-family:Arial; font-size:10pt">&#160; No appraisal of the Initial Collateral has been or will be prepared by us or on our</font><font style="font-family:Arial; font-size:10pt"> behalf in connection with this offering.&#160; </font></p>
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                            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Substitution of Collateral</font></p>
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                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">AMERCO has the right, in its sole discretion, to substitute or to cause any third party or affiliate to substitute any assets (the &#8220;Replacement Collateral&#8221;) for all or part of the </font><font style="font-family:Arial; font-size:10pt">Collateral that from time to time secures the notes or any sub-series thereof, including the Initial Collateral and any Replacement Collateral (the &#8220;Collateral&#8221;), provided that the value of the Replacement Collateral is at least 100% of the value of the Co</font><font style="font-family:Arial; font-size:10pt">llateral that is released at the time of substitution (the &#8220;Released Collateral&#8221;).&#160; In connection with any substitution of Collateral, the value of the Replacement Collateral and the Released Collateral is determinable by AMERCO in its sole discretion, and</font><font style="font-family:Arial; font-size:10pt"> no appraisal will be prepared by us or on our behalf in this regard.&#160; AMERCO is permitted to make an unlimited number Collateral substitutions.</font></p>
                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The value of the Collateral at any time will depend on market and other economic conditions, including the ava</font><font style="font-family:Arial; font-size:10pt">ilability of suitable buyers for the Collateral. </font><font style="font-family:Arial; font-size:10pt"> </font></p>
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                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The notes are secured in the Collateral and will rank equally among themselves.&#160;&#160;&#160;&#160; </font></p>
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                            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; font-weight:bold">No Subsidiary Guarantees</font></p>
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                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The notes are not guaranteed by any subsidiary of AMERCO, and therefore will be</font><font style="font-family:Arial; font-size:10pt"> effectively structurally subordinated to all of the existing and future claims of creditors of each of AMERCO&#8217;s subsidiaries, including U-Haul.</font></p>
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                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
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                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Covenants</font></p>
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                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The notes are being issued under a base indenture (&#8220;base indenture&#8221;) between AMERCO</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">and U.S. Bank National Association, as trustee (the &#8220;trustee&#8221;), an indenture supplement (&#8220;indenture supplement&#8221;) between AMERCO and the trustee, and a pledge and security agreement (&#8220;security agreement&#8221;, and together with the base indenture, the indenture </font><font style="font-family:Arial; font-size:10pt">supplement, and </font><font style="font-family:Arial; font-size:10pt">any other instruments and documents executed and delivered pursuant to the foregoing documents, as the same may be amended, supplemented or otherwise modified from time to time, </font><font style="font-family:Arial; font-size:10pt">the &#8220;financing documents&#8221;) among AMERCO, the trustee and Owner</font><font style="font-family:Arial; font-size:10pt">. The financing documents contain certain covenants for the benefit of the holders.&#160; These covenants consist of:</font></p>
                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
                            <p style="margin:0pt 0pt 0pt 36pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">maintenance of a first-priority lien on the Collateral; and</font></p>
                            <p style="margin:0pt 0pt 0pt 36pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">prohibition of additional liens on the Collateral.</font></p>
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            <p style="margin:0pt"><a name="EDGAR_PAGE_START11"></a><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
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                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top">
                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Optional Redemption</font></p>
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                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top">
                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Under the</font><font style="font-family:Arial; font-size:10pt"> terms of the financing documents, the notes or any sub-series thereof may be redeemed by AMERCO in its sole discretion at any time, in whole or in part on a pro rata basis, without penalty, premium or fee, at a price equal to 100% of the principal amount </font><font style="font-family:Arial; font-size:10pt">then outstanding, plus accrued and unpaid interest, if any, through the date of redemption.&#160; </font></p>
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                            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
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                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Use of Proceeds</font></p>
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                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top">
                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">AMERCO intends to use the net proceeds from this offering to reimburse its subsidiaries and affiliates for the cost of production </font><font style="font-family:Arial; font-size:10pt">and operation </font><font style="font-family:Arial; font-size:10pt">of the Collateral and for other general corporate purposes.</font></p>
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                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
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                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Listing</font></p>
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                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top">
                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The notes will not be listed on any national securities exchange.</font></p>
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                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
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                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
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                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Rating</font></p>
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                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top">
                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The notes will not be rated by any statistical rating organization.</font></p>
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                            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
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                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
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                            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; font-weight:bold">U-Haul Investors Club</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top">
                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Through this offering, AMERCO is extending to investors the opportunity to subscribe to purchase notes.</font><font style="font-family:Arial; font-size:10pt">&#160; In order to subscribe to purchase notes, prospective investors must become a member of the U-Haul Investors Club and comply with the instructions available on our website at </font><font style="font-family:Arial; font-size:10pt">http://www.uhaulinvestorsclub.com/</font><font style="font-family:Arial; font-size:10pt">.&#160; Among other things, this will require the&#160; </font><font style="font-family:Arial; font-size:10pt">prospective investor to:</font></p>
                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
                            <p style="margin:0pt 0pt 0pt 36pt; text-indent:-17.4pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">complete a membership application;</font></p>
                            <p style="margin:0pt 0pt 0pt 0.6pt; text-indent:-17.4pt; text-align:justify; padding-left:17.4pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
                            <p style="margin:0pt 0pt 0pt 36pt; text-indent:-17.4pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">complete a note subscription offer;</font></p>
                            <p style="margin:0pt 0pt 0pt 0.6pt; text-indent:-17.4pt; text-align:justify; padding-left:17.4pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
                            <p style="margin:0pt 0pt 0pt 36pt; text-indent:-17.4pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">set up a U-Haul Investors Club online account through which investors will be able to transfer funds from their linked U.S. bank account to pay for the notes</font><font style="font-family:Arial; font-size:10pt">;</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">and</font></p>
                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
                            <p style="margin:0pt 0pt 0pt 36pt; text-indent:-17.4pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">receive and deliver in electronic format any and all documents, statements and communications related to the offering, the notes and the U-Haul Investors Club. </font></p>
                            <p style="margin:0pt 0pt 0pt 18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">AMERCO reserves the right to reject, in whole or in part, in its sole discretion, any s</font><font style="font-family:Arial; font-size:10pt">ubscription to purchase notes.&#160; Before AMERCO closes the offering, investors may withdraw their subscription to purchase notes. </font></p>
                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">AMERCO intends to offer additional securities through the U-Haul Investors Club simultaneously with this offering and in the f</font><font style="font-family:Arial; font-size:10pt">uture.</font></p>
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                            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
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                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
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                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Form of Notes</font></p>
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                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The notes are being issued in uncertificated book-entry form only, through the U-Haul Investors Club website.</font></p>
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                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
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                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
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                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Transferability</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top">
                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The notes are not transferable except between members of the U-Haul Investors Club through privately negotiated transactions.&#160; The notes will not be listed on any securities exchange, and there is no anticipated public market for the notes.&#160; Therefore, inv</font><font style="font-family:Arial; font-size:10pt">estors must be prepared to hold their notes until the maturity date.&#160; </font></p>
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                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
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                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
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                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Servicer</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top">
                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The notes will be serviced exclusively by U-Haul International, Inc., a subsidiary of AMERCO, or its designee.&#160; </font></p>
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                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top">
                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
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                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top">
                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Risk Factors</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top">
                            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">An investment in the notes involves </font><font style="font-family:Arial; font-size:10pt">substantial risk. See &#8220;Risk Factors&#8221; beginning on page S-</font><font style="font-family:Arial; font-size:10pt">7</font><font style="font-family:Arial; font-size:10pt"> for a description of certain risks you should consider before investing in the notes.</font></p>
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            <p style="margin:0pt; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
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            <br>
            <p style="margin:0pt; text-align:center; line-height:10pt"><a name="EDGAR_HF_F_START_7"></a><font style="font-family:Arial; font-size:10pt">S</font><font style="font-family:Arial; font-size:10pt">-</font><font style="font-family:Arial; font-size:10pt">4</font><a name="EDGAR_HF_F_END_8"></a></p>
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            <br>
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            <p style="margin:0pt; text-align:center"><a name="EDGAR_PAGE_START12"></a><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt; font-weight:bold">SUMMARY SELECTED CONSOLIDATED FINANCIAL INFORMATION</font></p>
            <p style="margin:0pt; text-align:center; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The following table sets forth summary historical </font><font style="font-family:Arial; font-size:10pt">consolidated financial information for AMERCO and its consolidated subsidiaries as of and for the years ended March 31, 2013, 2012, 2011, 2010 and 2009 and for the six-months ended September 30, 2013 and 2012. You should read this summary of selected conso</font><font style="font-family:Arial; font-size:10pt">lidated financial information together with Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations and the consolidated financial statements and related notes in our Annual Report on Form 10-K for the fiscal year ended March </font><font style="font-family:Arial; font-size:10pt">31, 2013 and our Quarterly Reports on Form 10-Q for the fiscal quarters ended June 30, 2013 and September 30, 2013, which are incorporated by reference herein.</font></p>
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                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:middle">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
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                    <td colspan="9" style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Years Ended March 31,</font></p>
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                        <p style="margin:0pt; text-align:center; line-height:9pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:9pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
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                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:9pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt; font-weight:bold">2013</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:9pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
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                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:9pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt; font-weight:bold">2012</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:9pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
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                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:9pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt; font-weight:bold">2011</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:9pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
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                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:9pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt; font-weight:bold">2010</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:9pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p>
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                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:9pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt; font-weight:bold">2009</font></p>
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                <tr style="height:12.75pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:39.34%">
                        <p style="margin:0pt; text-align:center; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
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                    <td colspan="9" style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">(In thousands, except </font><font style="font-family:Arial; font-size:8pt">share and per share data)</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:39.34%">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt; font-weight:bold; font-style:italic">Summary of Operations:</font></p>
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                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:39.34%">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Self-moving equipment rentals</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">1,767,520 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">1,678,256 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">1,547,015 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">1,419,726 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">$ </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">1,423,022 </font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:39.34%">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Self-storage revenues</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">152,660 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">134,376 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> 120,698 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">110,369 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">110,548 </font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:39.34%">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Self-moving and self-storage products and service sales</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">221,117 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">213,854 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">205,570 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> 198,785 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> 199,394 </font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:39.34%">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Property management fees</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">24,378 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">23,266 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> 22,132 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> 21,632 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> 23,192 </font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:39.34%">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Life insurance premiums</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">178,115 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">277,562 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">206,992 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> 134,345 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> 109,572 </font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:39.34%">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Property and casualty insurance premiums</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">34,342 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">32,631 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">30,704 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">27,625 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">28,337 </font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:39.34%">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Net investment and interest income</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">82,903 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">73,552 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> 62,745 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">60,989 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> 69,845 </font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:39.34%">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Other revenue</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">97,552 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">78,530 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">55,503 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">39,534 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> 40,180 </font></p>
                    </td>
                </tr>
                <tr style="height:6.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:39.34%">
                        <p style="margin:0pt; text-indent:12pt; line-height:8pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Total revenues</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:8pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:8pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">2,558,587 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:8pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:8pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">2,512,027 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:8pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:8pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">2,251,359 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:8pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:8pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">2,013,005 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:8pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:8pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">2,004,090 </font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:39.34%">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:39.34%">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Operating expenses</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">1,170,568 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">1,093,190 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> 1,026,577 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">1,022,061 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> 1,057,880 </font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:39.34%">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Commission expenses</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">228,124 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">212,190 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">190,981 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">169,104 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">171,303 </font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:39.34%">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Cost of sales</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">107,216 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">116,542 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> 106,024 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> 104,049 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">114,387 </font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:39.34%">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Benefits and losses</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">180,676 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">320,191 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> 200,513 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">132,105 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> 109,441 </font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:39.34%">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Amortization of deferred policy acquisition costs</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">17,376 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">13,791 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">9,494 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">7,569 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> 12,394 </font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:39.34%">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Lease expense</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">117,448 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">131,215 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> 150,809 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">156,951 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> 152,424 </font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:39.34%">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Depreciation, net of (gains) losses on disposals (b)</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">237,996 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">208,901 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> 189,266 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">227,629 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> 265,213 </font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:39.34%">
                        <p style="margin:0pt; text-indent:12pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Total costs and expenses</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">2,059,404 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">2,096,020 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">1,873,664 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">1,819,468 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">1,883,042 </font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:39.34%">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:39.34%">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Earnings from operations</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">499,183 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">416,007 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">377,695 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> 193,537 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">121,048 </font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:39.34%">
                        <p style="margin:0pt; text-indent:12pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Interest expense</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">(90,696)</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">(90,371)</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">(88,381)</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> (93,347)</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> (98,470)</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:39.34%">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Pretax </font><font style="font-family:Arial; font-size:8pt">earnings</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="border-top-color:#000000; border-top-style:solid; border-top-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">408,487 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="border-top-color:#000000; border-top-style:solid; border-top-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">325,636 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="border-top-color:#000000; border-top-style:solid; border-top-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> 289,314 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="border-top-color:#000000; border-top-style:solid; border-top-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">100,190 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="border-top-color:#000000; border-top-style:solid; border-top-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">22,578 </font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:39.34%">
                        <p style="margin:0pt; text-indent:12pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Income tax expense</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">(143,779)</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">(120,269)</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">(105,739)</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> (34,567)</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> (9,168)</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:39.34%">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Net earnings</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">264,708 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="border-top-color:#000000; border-top-style:solid; border-top-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">205,367 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="border-top-color:#000000; border-top-style:solid; border-top-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> 183,575 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="border-top-color:#000000; border-top-style:solid; border-top-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">65,623 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="border-top-color:#000000; border-top-style:solid; border-top-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">13,410 </font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:39.34%">
                        <p style="margin:0pt; text-indent:12pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Less: Excess redemption value over </font><font style="font-family:Arial; font-size:8pt">carrying value of preferred shares redeemed</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-indent:12pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">-</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">(5,908)</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">(178)</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">388 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">- </font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:39.34%">
                        <p style="margin:0pt; text-indent:12pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Less:</font><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> Preferred stock dividends (a)</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">-</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">(2,913)</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">(12,412)</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">(12,856)</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">(12,963)</font></p>
                    </td>
                </tr>
                <tr style="height:12pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:39.34%">
                        <p style="margin:0pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Earnings available to common shareholders</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">$</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:2.25pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">264,708 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">$</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:2.25pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">196,546 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">$</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:2.25pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> 170,985 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">$</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:2.25pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> 53,155 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">$ </font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:2.25pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">447 </font></p>
                    </td>
                </tr>
                <tr style="height:12pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:39.34%">
                        <p style="margin:0pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Basic and diluted earnings per common share</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">13.56 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">10.09 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">8.80 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">2.74 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">0.02 </font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:39.34%">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Weighted average common shares outstanding: Basic and diluted</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">19,518,779 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">19,476,187 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">19,432,781</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">19,386,791</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">19,350,041 </font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:39.34%">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Cash dividends declared and </font><font style="font-family:Arial; font-size:8pt">accrued Preferred stock</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">- </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">2,913 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> 12,412 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> 12,856 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">$ </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> 12,963 </font></p>
                    </td>
                </tr>
                <tr style="height:6.75pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:39.34%">
                        <p style="margin:0pt; line-height:8pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:8pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:8pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:8pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:8pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:8pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:8pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:8pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:8pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:8pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:8pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:10.5pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:39.34%">
                        <p style="margin:0pt; line-height:10.5pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt; font-weight:bold; font-style:italic">Balance Sheet Data:</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:10.5pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:10.5pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:10.5pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:10.5pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:10.5pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:10.5pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:10.5pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:10.5pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:10.5pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:10.5pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:39.34%">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Property, plant and equipment, net</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">2,755,054 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">2,372,365 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">2,094,573 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> 1,948,388 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> 2,013,928 </font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:39.34%">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Total </font><font style="font-family:Arial; font-size:8pt">assets</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">5,306,601 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">4,654,051 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">4,191,433 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">3,762,454 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">3,825,073 </font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:39.34%">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Notes, loans and leases payable</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">1,661,845 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">1,486,211 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> 1,397,842 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> 1,347,635 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> 1,546,490 </font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:39.34%">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Stockholders' equity </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">1,229,259 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">1,035,820 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">993,020 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">812,911 </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> 717,629 </font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:39.34%">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td colspan="11" style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">(a) Fiscal 2012, 2011 and 2010 reflect eliminations of $0.3 million, $0.6 million and $0.1 million, respectively paid to affiliates.</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td colspan="11" style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">(b) (Gains) losses were ($22.5) million, ($20.9) million, ($23.1) million, ($2.0) </font><font style="font-family:Arial; font-size:8pt">million and $16.6 million for fiscal 2013, 2012, 2011, 2010 and 2009, respectively.</font></p>
                    </td>























</table>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><a name="EDGAR_PAGE_END12"></a><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
        <div class="footer" style="clear:both">
            <br>
            <p style="margin:0pt; text-align:center; line-height:10pt"><a name="EDGAR_HF_F_START_7"></a><font style="font-family:Arial; font-size:10pt">S</font><font style="font-family:Arial; font-size:10pt">-</font><font style="font-family:Arial; font-size:10pt">5</font><a name="EDGAR_HF_F_END_8"></a></p>
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        </div>
        </div>
        <div style="page-break-before:always; clear:both;">
        <div class="header" style="clear:both">
            <br>
        </div>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><a name="EDGAR_PAGE_START13"></a><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:100%">
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td colspan="3" style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Six Months Ended September 30,</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt; font-weight:bold">2013</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt; font-weight:bold">2012</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td colspan="3" style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">(Unaudited)</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td colspan="3" style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">(In thousands, except share and per share data)</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt; font-weight:bold; font-style:italic">Summary of Operations:</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Self-moving </font><font style="font-family:Arial; font-size:8pt">equipment rentals</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">1,120,580</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">1,005,355</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Self-storage revenues</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">87,671</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">72,714</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Self-moving and self-storage products and service sales</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">136,070</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">128,908</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Property management fees</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">10,453</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">9,762</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Life insurance premiums</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">80,510</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">94,093</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Property </font><font style="font-family:Arial; font-size:8pt">and casualty insurance premiums</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">18,833</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">16,190</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Net investment and interest income</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">38,949</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">30,370</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Other revenue</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">90,256</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">54,401</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> Total revenues</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">1,583,322</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">1,411,793</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-indent:12pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Operating expenses</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">660,041</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">593,607</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-indent:12pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Commission expenses</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">147,005</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">129,671</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-indent:12pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Cost of sales</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">70,102</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">63,139</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-indent:12pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Benefits and losses</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">80,625</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">96,810</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-indent:12pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Amortization of deferred policy acquisition costs</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">9,740</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">5,899</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-indent:12pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Lease expense</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">52,825</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">62,387</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-indent:12pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Depreciation, net of (gains) losses on disposals of (($20,876) </font><font style="font-family:Arial; font-size:8pt">and ($13,048), respectively)</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">120,642</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">115,079</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-indent:24pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Total costs and expenses</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">1,140,980</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">1,066,592</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Earnings from operations</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">442,342</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">345,201</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> Interest expense</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">(46,446)</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">(45,604)</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Pretax earnings</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">395,896</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">299,597</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font><font style="font-family:Arial; font-size:8pt"> Income tax expense</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">(144,937)</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.5pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">(109,608)</font></p>
                    </td>
                </tr>
                <tr style="height:12pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Earnings available to common shareholders</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">$</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:2.25pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">250,959</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">$</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:2.25pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">189,989</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Basic and diluted earnings per common share</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">12.84</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">9.74</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Weighted average common shares outstanding: Basic and diluted</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">19,550,128</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">19,507,456</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt; font-weight:bold; font-style:italic">Balance</font><font style="font-family:Arial; font-size:8pt; font-weight:bold; font-style:italic"> Sheet Data:</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Property, plant and equipment, net</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">3,033,204</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">2,571,575</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Total assets</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">5,776,345</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">5,136,964</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Notes, loans and leases payable</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">1,775,119</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">1,556,891</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">Stockholders' equity </font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">1,461,819</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:right; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">1,235,921</font></p>
                    </td>
                </tr>
                <tr style="height:11.25pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; line-height:11.25pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                    </td>











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            <p style="margin:12pt 0pt 3pt; text-align:center"><a name="EDGAR_PAGE_START14"></a><font style="font-family:Arial; font-size:10pt; font-weight:bold">RISK FACTORS</font></p>
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            <p style="margin:0pt; text-indent:18.35pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-style:italic">An investment in the notes involves substantial risk. You should carefully consider the risks described below and the risk factors included in our Annual Report on Form</font><font style="font-family:Arial; font-size:10pt; font-style:italic">&#xa0;</font><font style="font-family:Arial; font-size:10pt; font-style:italic">10-K for the year </font><font style="font-family:Arial; font-size:10pt; font-style:italic">ended March 31, 2013, as well as the other information included or incorporated by reference in this prospectus supplement and the accompanying prospectus, before making an investment decision. Our business, financial condition or results of operations cou</font><font style="font-family:Arial; font-size:10pt; font-style:italic">ld be materially adversely affected by any of these risks. The market value of the notes, if any market develops or exists, could decline due to any of these risks, and you may lose all or part of your investment. This prospectus supplement also contains f</font><font style="font-family:Arial; font-size:10pt; font-style:italic">orward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including the risks faced by us described below and elsewh</font><font style="font-family:Arial; font-size:10pt; font-style:italic">ere in this prospectus supplement and the accompanying prospectus.</font></p>
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            <p style="margin:0pt; text-align:center; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Risk Relating to Our Business</font></p>
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            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">We operate in a highly competitive industry.</font></p>
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            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The truck rental industry is highly competitive and includes a number of significant national, regional and lo</font><font style="font-family:Arial; font-size:10pt">cal competitors. We believe the principal competitive factors in this industry are convenience of rental locations, availability of quality rental moving equipment, breadth of essential services and products and total cost. Financial results for the Compan</font><font style="font-family:Arial; font-size:10pt">y can be adversely impacted by aggressive pricing from our competitors. Some of our competitors may have greater financial resources than we have. We cannot assure you that we will be able to maintain existing rental prices or implement price increases. Mo</font><font style="font-family:Arial; font-size:10pt">reover, if our competitors reduce prices and we are not able or willing to do so as well, we may lose rental volume, which would likely have a materially adverse affect on our results of operations.</font></p>
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            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The self-storage industry is large and highly fragmented</font><font style="font-family:Arial; font-size:10pt">. We believe the principal competitive factors in this industry are convenience of storage rental locations, cleanliness, security and price. Competition in the market areas in which we operate is significant and affects the occupancy levels, rental rates </font><font style="font-family:Arial; font-size:10pt">and operating expenses of our facilities. Competition might cause us to experience a decrease in occupancy levels, limit our ability to raise rental rates or require us to offer discounted rates that would have a material affect on results of operations an</font><font style="font-family:Arial; font-size:10pt">d financial condition. Entry into the self-storage business may be accomplished through the acquisition of existing facilities by persons or institutions with the required initial capital. Development of new self-storage facilities is more difficult howeve</font><font style="font-family:Arial; font-size:10pt">r, due to land use, zoning, environmental and other regulatory requirements. The self-storage industry has in the past experienced overbuilding in response to perceived increases in demand. We cannot assure you that we will be able to successfully compete </font><font style="font-family:Arial; font-size:10pt">in existing markets or expand into new markets.</font></p>
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            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">We are highly leveraged.</font></p>
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            <p style="margin:6pt 0pt 0pt; text-indent:9pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">As of March 31, 2013, we had total debt outstanding of $1,661.8 million and total undiscounted lease commitments of $236.6 million. Although we believe, based on existing informatio</font><font style="font-family:Arial; font-size:10pt">n, that additional leverage can be supported by our operations and revenues, our existing debt could impact us in the following ways among other considerations: </font></p>
            <p style="margin:6pt 0pt 0pt 45pt; text-indent:-18pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">require us to allocate a considerable portion of cash flows from operations to debt service </font><font style="font-family:Arial; font-size:10pt">payments;</font></p>
            <p style="margin:6pt 0pt 0pt 45pt; text-indent:-18pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">limit our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate;</font></p>
            <p style="margin:6pt 0pt 0pt 45pt; text-indent:-18pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">limit our ability to obtain additional financing; and</font></p>
            <p style="margin:6pt 0pt 0pt 45pt; text-indent:-18pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">place us at a disadvantage compared to our competitors who may have less </font><font style="font-family:Arial; font-size:10pt">debt.</font></p>
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            <p style="margin:0pt; ; text-align:justify"><a name="EDGAR_PAGE_START15"></a><font style="font-family:Arial; font-size:10pt">Our ability to make payments on our debt depends upon our ability to maintain and improve our operating performance and generate cash flow. To some extent, this is subject to prevailing economic and competitive conditions and to certain financial, b</font><font style="font-family:Arial; font-size:10pt">usiness and other factors, some of which are beyond our control. If we are unable to generate sufficient cash flow from operations to service our debt and meet our other cash needs, we may be forced to reduce or delay capital expenditures, sell assets, see</font><font style="font-family:Arial; font-size:10pt">k additional capital or restructure or refinance our indebtedness. If we must sell our assets, it may negatively affect our ability to generate revenue. In addition, we may incur additional debt that would exacerbate the risks associated with our indebtedn</font><font style="font-family:Arial; font-size:10pt">ess.</font></p>
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            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">Economic conditions, including those related to the credit markets, may adversely affect our industry, business and results of operations.</font></p>
            <p style="margin:6pt 0pt 0pt; text-indent:9pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">The </font><font style="font-family:Arial; font-size:10pt">United States</font><font style="font-family:Arial; font-size:10pt"> economy has undergone a period of slowdown and unprecedented volatility, which resulted in a</font><font style="font-family:Arial; font-size:10pt"> recession.&#160; It is difficult to gauge the pace of the economic recovery or if such recovery may stall or reverse course in the future.&#160; Consumer and commercial spending is generally affected by the health of the economy, which places some of the factors af</font><font style="font-family:Arial; font-size:10pt">fecting the success of our business beyond our control.&#160; Our industries, although not as traditionally cyclical as some, could experience significant downturns in connection with or in anticipation of, declines, or sustained lack of recovery, in general ec</font><font style="font-family:Arial; font-size:10pt">onomic conditions.&#160; In times of declining consumer spending we may be driven, along with our competitors, to reduce pricing which would have a negative impact on gross profit.&#160; We cannot predict if another downturn, or sustained lack of recovery, in the ec</font><font style="font-family:Arial; font-size:10pt">onomy may occur which could result in reduced revenues and working capital.</font></p>
            <p style="margin:6pt 0pt 0pt; text-indent:9pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">Should credit markets in the </font><font style="font-family:Arial; font-size:10pt">United States</font><font style="font-family:Arial; font-size:10pt"> tighten or if interest rates increase significantly we may not be able to refinance existing debt or find additional financing on favorab</font><font style="font-family:Arial; font-size:10pt">le terms, if at all.&#160; If one or more of the financial institutions that support our existing credit facilities fails, we may not be able to find a replacement, which would negatively impact our ability to borrow under credit facilities.&#160; While we believe t</font><font style="font-family:Arial; font-size:10pt">hat we have adequate sources of liquidity to meet our anticipated requirement for working capital, debt servicing and capital expenditures through fiscal 2014, if our operating results were to worsen significantly and our cash flows or capital resources pr</font><font style="font-family:Arial; font-size:10pt">ove inadequate, or if interest rates increase significantly, we could face liquidity problems that could materially and adversely affect our results of operations and financial condition.</font></p>
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            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">Our fleet rotation program can be adversely affected by financial </font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">market conditions.</font></p>
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            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">To meet the needs of our customers, U-Haul maintains a large fleet of rental equipment. Our rental truck fleet rotation program is funded internally through operations and externally from debt and lease financing. Our ability to fund ou</font><font style="font-family:Arial; font-size:10pt">r routine fleet rotation program could be adversely affected if financial market conditions limit the general availability of external financing. This could lead us to operate trucks longer than initially planned and/or reduce the size of the fleet, either</font><font style="font-family:Arial; font-size:10pt"> of which could materially and negatively affect our results of operations.</font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Another important aspect of our fleet rotation program is the sale of used rental equipment. The sale of used equipment provides us with funds that can be used to purchase new equ</font><font style="font-family:Arial; font-size:10pt">ipment. Conditions may arise that could lead to the decrease in resale values for our used equipment. This could have a material adverse effect on our financial results, which would result in losses on the sale of equipment and decreases in cash flows from</font><font style="font-family:Arial; font-size:10pt"> the sales of equipment.</font></p>
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            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">We obtain our rental trucks from a limited number of manufacturers.</font></p>
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            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Over the last ten years, we purchased the majority of our rental trucks from Ford Motor Company and General Motors Corporation. Our fleet can be negatively affe</font><font style="font-family:Arial; font-size:10pt">cted by issues our manufacturers may face within their own supply chain. Also, it is possible that our suppliers may face financial difficulties or organizational changes which could negatively impact their ability to accept future orders or fulfill existi</font><font style="font-family:Arial; font-size:10pt">ng orders.&#160; The cost of acquiring new rental trucks could increase materially and negatively affect our ability to rotate new equipment into the fleet Although we believe that we could contract with alternative manufacturers for our rental trucks, we canno</font><font style="font-family:Arial; font-size:10pt">t guarantee or predict how long that would take. In addition,</font><a name="EDGAR_PAGE_END15"></a></p>
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            <p style="margin:0pt; ; text-align:justify"><font style="font-family:Arial; font-size:10pt"> </font><a name="EDGAR_PAGE_START16"></a><font style="font-family:Arial; font-size:10pt">termination of our existing relationship with these suppliers could have a material adverse effect on our business, financial condition or results of operations for an indefinite period of time.</font></p>
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            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">We may not be able to effectively hedge against interest rate changes in our variable debt.</font></p>
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            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">In certain instances, the Company seeks to manage its exposure to interest rate risk through the use of hedging instruments including interest rate swap </font><font style="font-family:Arial; font-size:10pt">agreements and forward swaps. We enter into these arrangements with counterparties that are significant financial institutions with whom we generally have other financial arrangements. We are exposed to credit risk should these counterparties not be able t</font><font style="font-family:Arial; font-size:10pt">o perform on their obligations. Additionally, a failure on our part to effectively hedge against interest rate changes may adversely affect our financial condition and results of operations. We are required to record these financial instruments at their fa</font><font style="font-family:Arial; font-size:10pt">ir value. Changes in interest rates can significantly impact the valuation of the instruments resulting in non-cash changes to our financial position</font><font style="font-family:'Times New Roman'; font-size:10pt">.</font></p>
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            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">We are controlled by a small contingent of stockholders.</font></p>
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            <p style="margin:0pt 0pt 6pt; text-indent:14.4pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">As of March 31, 2013, Edward J. Shoen, Presi</font><font style="font-family:Arial; font-size:10pt">dent and Chairman of the Board of AMERCO, James P. Shoen, a director of AMERCO, and Mark V. Shoen collectively were the owners of 9,139,018 shares (approximately 46.6%) of the outstanding common stock of AMERCO. In addition, Edward J. Shoen, James P. Shoen</font><font style="font-family:Arial; font-size:10pt">, Mark V. Shoen, Rosmarie T. Donovan (Trustee of the Shoen Irrevocable Trusts) and David L. Holmes (Successor Trustee of the Irrevocable &#8220;C&#8221; Trusts) (collectively, the &#8220;Reporting Persons&#8221;) are parties to a stockholder agreement dated June 30, 2006 in which</font><font style="font-family:Arial; font-size:10pt"> the Reporting Persons agreed to vote as one as provided in this agreement (the &#8220;Stockholder Agreement&#8221;).</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt"> Pursuant to the Stockholder Agreement, a collective 10,897,741 shares (approximately 55.6%) of the Company&#8217;s common stock are voted at the direction </font><font style="font-family:Arial; font-size:10pt">of a majority in interest of the Reporting Persons.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt"> For additional information, refer to the Schedule 13Ds filed on July 13, 2006, March 9, 2007, June 26, 2009 and on May 1, 2013 with the SEC. In addition, 1,450,205 shares (approximately 7.4%) of the outs</font><font style="font-family:Arial; font-size:10pt">tanding common stock of AMERCO are held by our Employee Savings and Employee Stock Ownership Trust.</font></p>
            <p style="margin:6pt 0pt 0pt; text-indent:9pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">As a result of their stock ownership and the Stockholder Agreement, Edward J. Shoen, Mark V. Shoen and James P. Shoen are in a position to significantly inf</font><font style="font-family:Arial; font-size:10pt">luence our business affairs and policies of the Company, including the approval of significant transactions, the election of the members of our Board of Directors (the &#8220;Board&#8221;) and other matters submitted to our stockholders. There can be no assurance that</font><font style="font-family:Arial; font-size:10pt"> the interests of the Reporting Persons will not conflict with the interests of our other stockholders. Furthermore, as a result of the Reporting Persons&#8217; voting power, the Company is a &#8220;controlled company&#8221; as defined in the Nasdaq Listing Rules and, there</font><font style="font-family:Arial; font-size:10pt">fore, may avail itself of certain exemptions under Nasdaq rules, including exemptions from the rules that require us to have (i) a majority of independent directors on the Board; (ii) independent director oversight of executive officer compensation; and (i</font><font style="font-family:Arial; font-size:10pt">ii) independent director oversight of director nominations.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt"> Of the above available exemptions, we currently avail ourself of the exemption from independent director oversight of executive officer compensation, other than with respect to the compensation o</font><font style="font-family:Arial; font-size:10pt">f the President of AMERCO.</font></p>
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            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">We bear certain risks related to our notes receivable from SAC Holdings.</font></p>
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            <p style="margin:6pt 0pt 0pt; text-indent:9pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">At March 31, 2013, we held approximately $72.4</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">million of notes receivable from SAC Holdings, which consist of junior unsecured notes. SAC Holdings is </font><font style="font-family:Arial; font-size:10pt">highly leveraged with significant indebtedness to others. If SAC Holdings is unable to meet its obligations to its senior lenders, it could trigger a default of its obligations to us. In such an event of default, we could suffer a loss to the extent the va</font><font style="font-family:Arial; font-size:10pt">lue of the underlying collateral of SAC Holdings is inadequate to repay SAC Holdings&#8217; senior lenders and our junior unsecured notes.&#160; We cannot assure you that SAC Holdings will not default on its loans to its senior lenders or that the value of SAC Holdin</font><font style="font-family:Arial; font-size:10pt">gs assets upon liquidation would be sufficient to repay us in full.</font></p>
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            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">Our quarterly results of operations fluctuate due to seasonality and other factors associated with our industry.</font></p>
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            <p style="margin:0pt; text-indent:18pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">Our business is seasonal and our results of operations and cash flows f</font><font style="font-family:Arial; font-size:10pt">luctuate significantly from</font><a name="EDGAR_PAGE_END16"></a></p>
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            <p style="margin:0pt; ; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt"> </font><a name="EDGAR_PAGE_START17"></a><font style="font-family:Arial; font-size:10pt">quarter to quarter. Historically, revenues have been stronger in the first and second fiscal quarters due to the overall increase in moving activity during the spring and summer months. The fourth fiscal quarter is generally wea</font><font style="font-family:Arial; font-size:10pt">kest, due to a greater potential for adverse weather conditions and other factors that are not necessarily seasonal. As a result, our operating results for any given quarterly period are not necessarily indicative of operating results for an entire year.</font></p>
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            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">Our operations subject us to numerous environmental regulations and the possibility that environmental liability in the future could adversely affect our operations.</font></p>
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            <p style="margin:6pt 0pt 0pt; text-indent:9pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">Compliance with environmental requirements of federal, state and local governments significantly affects our business. Among other things, these requirements regulate the discharge of materials into the air, land and water and govern the use and disposal o</font><font style="font-family:Arial; font-size:10pt">f hazardous substances. Under environmental laws or common law principles, we can be held liable for hazardous substances that are found on real property we have owned or operated. We are aware of issues regarding hazardous substances on some of our real e</font><font style="font-family:Arial; font-size:10pt">state and we have put in place a remediation plan at each site where we believe such a plan is necessary. See the &#8220;Contingencies&#8221; footnote to our consolidated financial statements for additional information.&#160; We regularly make capital and operating expendi</font><font style="font-family:Arial; font-size:10pt">tures to stay in compliance with environmental laws. In particular, we have managed a testing and removal program since 1988 for our underground storage tanks.&#160; Despite these compliance efforts, we believe that risk of environmental liability is part of th</font><font style="font-family:Arial; font-size:10pt">e nature of our business. </font></p>
            <p style="margin:6pt 0pt 0pt; text-indent:9pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">Environmental laws and regulations are complex, change frequently and could become more stringent in the future. We cannot assure you that future compliance with these regulations, future environmental liabilities, the cost of de</font><font style="font-family:Arial; font-size:10pt">fending environmental claims, conducting any environmental remediation or generally resolving liabilities caused by us or related third parties will not have a material adverse effect on our business, financial condition or results of operations.</font></p>
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            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">We oper</font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">ate in a highly regulated industry and changes in existing regulations or violations of existing or future regulations could have a material adverse effect on our operations and profitability.</font></p>
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            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Our truck and trailer rental business is subject to regulatio</font><font style="font-family:Arial; font-size:10pt">n by various federal, state and foreign governmental entities. Specifically, the U.S. Department of Transportation and various state and federal agencies exercise broad powers over our motor carrier operations, safety, and the generation, handling, storage</font><font style="font-family:Arial; font-size:10pt">, treatment and disposal of waste materials. In addition, our storage business is also subject to federal, state and local laws and regulations relating to environmental protection and human health and safety. The failure to adhere to these laws and regula</font><font style="font-family:Arial; font-size:10pt">tions may adversely affect our ability to sell or rent such property or to use the property as collateral for future borrowings. Compliance with changing regulations could substantially impair real property and equipment productivity and increase our costs</font><font style="font-family:Arial; font-size:10pt">.</font></p>
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            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">In addition, the Federal government may institute regulations that limit carbon emissions by setting a maximum amount of carbon entities can emit without penalty. This would likely affect everyone who uses fossil fuels and would disproportionately affe</font><font style="font-family:Arial; font-size:10pt">ct users in the highway transportation industries. While there are too many variables at this time to assess the impact of the various proposed federal and state regulations that could affect carbon emissions, many experts believe these proposed rules coul</font><font style="font-family:Arial; font-size:10pt">d significantly affect the way companies operate in their industries.</font></p>
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            <p style="margin:0pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">Our ability to attract and retain qualified employees, and changes in laws or other labor issues could adversely affect our business and our results of operations.</font></p>
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            <p style="margin:0pt; text-indent:18pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Arial; font-size:10pt">The success of our</font><font style="font-family:Arial; font-size:10pt"> business is predicated upon our workforce providing excellent customer service. Our ability to attract and retain this employee base may be inhibited due to prevailing wage rates, benefit costs and the adoption of new or revised employment and labor laws </font><font style="font-family:Arial; font-size:10pt">and regulations. Should this occur we may be unable to provide service in certain areas or we may experience significantly increased costs of labor that could adversely affect our results of operations and financial condition.</font></p>
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            <p style="margin:0pt; text-align:justify"><a name="EDGAR_PAGE_START18"></a><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">We are highly dependent upo</font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">n our automated systems and the Internet for managing our business.</font></p>
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            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Our information systems are largely Internet-based, including our point-of-sale reservation system and telephone systems. While our reliance on this technology lowers our cost of providi</font><font style="font-family:Arial; font-size:10pt">ng service and expands our abilities to serve, it exposes us to various risks including natural and man-made disasters. We have put into place backup systems and alternative procedures to mitigate this risk.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">However, disruptions or breaches in any portion</font><font style="font-family:Arial; font-size:10pt"> of these systems could adversely affect our results of operations and financial condition.</font></p>
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            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">A.M. Best financial strength ratings are crucial to our life insurance business.</font></p>
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            <p style="margin:6pt 0pt 0pt; text-indent:9pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">In May 2013, A.M. Best affirmed the financial strength rating for Oxford, Christian Fidelity Life Insurance Company, North American Insurance Company and Dallas General Life Insurance Company of B++ and the outlook remains positive. Financial strength rati</font><font style="font-family:Arial; font-size:10pt">ngs are important external factors that can affect the success of </font><font style="font-family:Arial; font-size:10pt">Oxford</font><font style="font-family:Arial; font-size:10pt">&#8217;s business plans. Accordingly, if </font><font style="font-family:Arial; font-size:10pt">Oxford</font><font style="font-family:Arial; font-size:10pt">&#8217;s ratings, relative to its competitors, are not maintained or do not continue to improve, </font><font style="font-family:Arial; font-size:10pt">Oxford</font><font style="font-family:Arial; font-size:10pt"> may not be able to retain and attract busines</font><font style="font-family:Arial; font-size:10pt">s as currently planned, which could adversely affect our results of operations and financial condition. </font></p>
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            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">We may incur losses due to our reinsurers&#8217; or counterparties&#8217; failure to perform under existing contracts or we may be unable to secure sufficient </font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">reinsurance or hedging protection in the future.</font></p>
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            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">We use reinsurance and derivative contracts to mitigate our risk of loss in various circumstances; primarily at Repwest and for our Moving and Storage operating segment. These agreements do not release us </font><font style="font-family:Arial; font-size:10pt">from our primary obligations and therefore we remain ultimately responsible for these potential costs. We cannot provide assurance that these reinsurers or counterparties will fulfill their obligations. Their inability or unwillingness to make payments to </font><font style="font-family:Arial; font-size:10pt">us under the terms of the contracts may have a material adverse effect on our financial condition and results of operation.</font></p>
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            <p style="margin:0pt 0pt 6pt; text-indent:14.4pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">At December 31, 2012, Repwest reported $1.7 million of reinsurance recoverables, net of allowances and $176.4 million of reserves a</font><font style="font-family:Arial; font-size:10pt">nd liabilities ceded to reinsurers. Of this, Repwest&#8217;s largest exposure to a single reinsurer was $72.1 million.</font></p>
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            <p style="margin:0pt; text-align:center; page-break-inside:avoid; page-break-after:avoid; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Risks Related to our Indebtedness and an Investment in the Notes</font></p>
            <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">&#xa0;</font></p>
            <p style="margin:0pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">The notes are not transferable except between members of the U-Haul Investor</font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">s Club through privately negotiated transactions.&#160; In addition, t</font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">he notes will not be listed on any securities exchange, and there is no anticipated public market for the notes. Therefore, you must be prepared to hold the notes until the maturity date.</font></p>
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            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">The notes are not transferable except between members of the U-Haul Investors Club through privately negotiated transactions relating exclusively to non-qualified (non-retirement/non IRA) accounts, as to which neither AMERCO, the servicer, the trustee, nor</font><font style="font-family:Arial; font-size:10pt"> any of their respective affiliates will have any involvement.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt"> In addition, the notes will not be listed on any securities exchange, there is no anticipated public market for the notes, and it is unlikely that a secondary &#8220;over-the-counter&#8221; market for the</font><font style="font-family:Arial; font-size:10pt"> notes will develop between bond dealers or bond trading desks at investment houses.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt"> Therefore, you must be prepared to hold your notes until the maturity date.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt"> Transfers of the notes held in qualified accounts are not permissible, other than transfers c</font><font style="font-family:Arial; font-size:10pt">onstituting Required Minimum Distributions (RMD).</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt"> The notes are not a liquid investment.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">If you believe you will need access to the funds you are otherwise planning on investing in notes prior to the stated maturity date of such notes, then you should not</font><font style="font-family:Arial; font-size:10pt"> invest in the notes at this time.</font></p>
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            <p style="margin:0pt; text-align:justify; background-color:#ffffff"><a name="EDGAR_PAGE_START19"></a><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">Even if you are able to privately negotiate the sale of your notes to another U-Haul Investors Club member, you may not be able to find a purchaser for the notes who is willing to pay you an amount equal to the principal</font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic"> amount outstanding on the notes, or at all.</font></p>
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            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">Even if you are able to privately negotiate the sale of your notes to another U-Haul Investors Club member, the price of the notes in such market may be lower than the price you pay to purchase the notes from u</font><font style="font-family:Arial; font-size:10pt">s.&#160; If you purchase notes in this offering, you will pay a price that was independently determined by us, and therefore neither established in a competitive market nor negotiated with any representative acting in your best interest, including the trustee. </font><font style="font-family:Arial; font-size:10pt"> This price may not be indicative of prices that could prevail, if any, after this offering.&#160; The ability to sell your notes to another U-Haul Investors Club member through a privately negotiated transaction does not guarantee that you will be able to find</font><font style="font-family:Arial; font-size:10pt"> a purchaser willing to buy the notes for an amount equal to the principal amount outstanding on the notes, or at all.&#160; In addition, our operating performance, the status and condition of the Collateral, general market and economic conditions and other fac</font><font style="font-family:Arial; font-size:10pt">tors could impair the value of your notes and your ability to sell them in a privately negotiated transaction </font><font style="font-family:Arial; font-size:10pt">to another U-Haul Investors Club member</font><font style="font-family:Arial; font-size:10pt">, if such opportunity were to develop.</font></p>
            <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">&#xa0;</font></p>
            <p style="margin:0pt 0pt 12pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">Our currently outstanding indebtedness, and additional indebtedness</font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic"> that we are permitted to incur, could prevent AMERCO from fulfilling its obligations under the notes.</font></p>
            <p style="margin:0pt 0pt 11pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">In addition to our currently outstanding indebtedness and the indebtedness AMERCO will incur pursuant to the offering of the notes, we are able to incur </font><font style="font-family:Arial; font-size:10pt">substantial additional indebtedness, including secured indebtedness, in the future.&#160; Any additional indebtedness we may incur could have important consequences for the holders of the notes, and could limit AMERCO&#8217;s ability to satisfy its obligations to pay</font><font style="font-family:Arial; font-size:10pt"> principal and interest with respect to the notes.</font></p>
            <p style="margin:0pt 0pt 12pt; text-align:justify; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">The value of the Collateral may not be sufficient to satisfy AMERCO&#8217;s obligations under the notes.</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">AMERCO&#8217;s obligations under the notes are secured by a first-priority lien on the Collateral in favor of th</font><font style="font-family:Arial; font-size:10pt">e trustee (or its agent or nominee), for the benefit of the holders of the notes.&#160; By its nature, some or all of the Collateral may be illiquid, is subject to attrition, including casualty, loss or theft, and, to the extent the Collateral includes real pro</font><font style="font-family:Arial; font-size:10pt">perty, may be subject to condemnation.&#160; The Collateral may have no readily ascertainable market value, and the income generated from the Collateral is not part of the Collateral.&#160; In the event of a foreclosure, liquidation, bankruptcy or similar proceeding</font><font style="font-family:Arial; font-size:10pt">, no assurance can be given that the proceeds from any sale or liquidation of the Collateral will be sufficient to pay AMERCO&#8217;s obligations under the notes, in full or at all. There also can be no assurance that the Collateral will be saleable and, even if</font><font style="font-family:Arial; font-size:10pt"> saleable, the timing of its liquidation would be uncertain. Accordingly, there may not be sufficient Collateral to pay all or any of the amounts due on the notes. Any claim for the difference between the amount, if any, realized by holders of the notes fr</font><font style="font-family:Arial; font-size:10pt">om the sale of the Collateral and the obligations under the notes will rank equally in right of payment with all of AMERCO&#8217;s other unsecured unsubordinated indebtedness and other obligations, including trade payables. The trustee&#8217;s security interest and ab</font><font style="font-family:Arial; font-size:10pt">ility to foreclose could also be limited by the need to meet certain requirements of state and federal law.&#160; If these requirements cannot be met, the security interests may be invalid and the holders of the notes will not be entitled to the Collateral or a</font><font style="font-family:Arial; font-size:10pt">ny recovery with respect thereto. These requirements may limit the number of potential bidders for the Collateral in any foreclosure and may delay any sale, which may have an adverse effect on the sale price of the Collateral. Therefore, the practical valu</font><font style="font-family:Arial; font-size:10pt">e of realizing on the Collateral may be limited. </font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">&#xa0;</font></p>
            <p style="margin:0pt 0pt 11pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">AMERCO has the right, in its sole discretion, to voluntarily make or cause to be made an unlimited number of Collateral substitutions and to determine the value of the Replacement Collateral and the </font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">Released Collateral.</font></p>
            <p style="margin:0pt 0pt 11pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">AMERCO has the right, in its sole discretion, to voluntarily make or cause to be made an unlimited number of Collateral substitutions and to determine the value of the Replacement Collateral and the Released Collateral.&#160; AMERCO is not </font><font style="font-family:Arial; font-size:10pt">required to obtain the consent of the holders of the notes, the trustee or any third party to make a Collateral substitution, and neither the trustee nor any other third</font><a name="EDGAR_PAGE_END19"></a></p>
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            <p style="margin:0pt 0pt 11pt; ; text-align:justify"><font style="font-family:Arial; font-size:10pt"> </font><a name="EDGAR_PAGE_START20"></a><font style="font-family:Arial; font-size:10pt">party will review or evaluate AMERCO&#8217;s determination of the value of the Replacement C</font><font style="font-family:Arial; font-size:10pt">ollateral and the Released Collateral on your behalf. Any such determination by AMERCO will be final and binding on the trustee and the holders.&#160; Therefore, </font><font style="font-family:Arial; font-size:10pt">although it is a condition of each Collateral substitution, there can be no assurance that the valu</font><font style="font-family:Arial; font-size:10pt">e of the Replacement Collateral will in actuality be at least 100% of the value of the Released Collateral, which could diminish the value of the Collateral securing the notes and impair your investment.</font></p>
            <p style="margin:0pt 0pt 11pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">No appraisal of the Collateral, including the Initia</font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">l Collateral, has been or will be prepared by us or on our behalf in connection with this offering or any substitution of Collateral, and to the extent the Collateral constitutes equipment, its value is expected to depreciate.</font></p>
            <p style="margin:0pt 0pt 11pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">No appraisal of the Collatera</font><font style="font-family:Arial; font-size:10pt">l, including the Initial Collateral, has been or will be prepared by us or on our behalf in connection with this offering or any substitution of Collateral, and to the extent the Collateral constitutes equipment, its value is expected to depreciate.&#160; The v</font><font style="font-family:Arial; font-size:10pt">alue of the Collateral will depend upon a number of factors, including market and economic conditions at the time, the availability of appropriate buyers and the extent of attrition, if any, with respect to the Collateral.&#160; For these and other reasons, we </font><font style="font-family:Arial; font-size:10pt">cannot assure the holders of the notes that the proceeds of any sale of the Collateral, in the event of a foreclosure, insolvency proceeding, liquidation or otherwise, would be sufficient to satisfy, or would not be substantially less than, all of AMERCO&#8217;s</font><font style="font-family:Arial; font-size:10pt"> obligations under the notes.&#160; Moreover, to the extent the Collateral includes real property, no lender&#8217;s policy of title insurance, real property survey, zoning report, mortgage enforceability legal opinion, environmental assessment or engineering study h</font><font style="font-family:Arial; font-size:10pt">as been or will be obtained in connection with the offering.&#160; </font></p>
            <p style="margin:0pt 0pt 11pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">Although these notes are secured by the Collateral, they are effectively subordinated to AMERCO&#8217;s other existing or future secured indebtedness.&#160; </font></p>
            <p style="margin:0pt 0pt 11pt; text-indent:18pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">Although these notes are secured by the Collat</font><font style="font-family:Arial; font-size:10pt">eral, they are effectively subordinated to AMERCO&#8217;s other existing and future secured indebtedness, to the extent of the value of the assets securing such other indebtedness.&#160; In the event of a bankruptcy or similar proceeding involving AMERCO, any of AMER</font><font style="font-family:Arial; font-size:10pt">CO&#8217;s assets which serve as collateral for AMERCO&#8217;s existing or future secured indebtedness, other than the Collateral, will be available to satisfy the obligations under such secured indebtedness before any payments are made on the notes or AMERCO&#8217;s other </font><font style="font-family:Arial; font-size:10pt">unsecured indebtedness.&#160; In the event that the value of the Collateral is insufficient to repay all amounts due on the notes, the holders of the notes would have &#8220;undersecured claims&#8221; through which they would only be entitled to participate ratably with al</font><font style="font-family:Arial; font-size:10pt">l holders of AMERCO&#8217;s other unsecured indebtedness, and potentially with all of AMERCO&#8217;s other general creditors, based upon the respective amounts owed to each holder or creditor, in AMERCO&#8217;s remaining assets.&#160; In any of the foregoing events, AMERCO may n</font><font style="font-family:Arial; font-size:10pt">ot have sufficient assets to pay amounts due on the notes.&#160; As a result, if holders of the notes receive any payments, they may receive less, ratably, than holders of any other secured indebtedness that AMERCO may incur.</font></p>
            <p style="margin:0pt 0pt 11pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">The notes are only the obligations </font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">of AMERCO, and will not be guaranteed by any of AMERCO&#8217;s subsidiaries, including U-Haul.</font></p>
            <p style="margin:0pt 0pt 11pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The notes are only the obligations of AMERCO, and are not guaranteed by any of AMERCO&#8217;s subsidiaries, including U-Haul, through which we conduct a substantial amount o</font><font style="font-family:Arial; font-size:10pt">f our operations.&#160; All of the obligations of our subsidiaries, including U-Haul, must be satisfied before any of the assets of such subsidiaries would be available for distribution, upon a liquidation or otherwise, to AMERCO or the holders of the notes.&#160; T</font><font style="font-family:Arial; font-size:10pt">his means that claims of holders of the notes will be structurally subordinated to the claims of existing and future creditors of AMERCO&#8217;s subsidiaries, including U-Haul.</font></p>
            <p style="margin:0pt 0pt 11pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">The Collateral is subject to attrition, including casualty risks, theft (to the exten</font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">t the Collateral includes equipment) and condemnation (to the extent the Collateral includes real property), and we are under no obligation to maintain the condition of the Collateral or to replenish or replace damaged, destroyed, condemned, stolen or take</font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">n Collateral.</font><a name="EDGAR_PAGE_END20"></a></p>
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            <p style="margin:0pt 0pt 11pt; text-indent:18pt; text-align:justify"><a name="EDGAR_PAGE_START21"></a><font style="font-family:Arial; font-size:10pt">We intend to maintain insurance or otherwise insure against hazards in a manner appropriate and customary for our business.&#160; However, we may not maintain casualty insurance on the Collateral and there are certain other losses in our business </font><font style="font-family:Arial; font-size:10pt">that may be either uninsurable or not economically insurable, in whole or in part.&#160; In the normal course of our business, to the extent the Collateral includes equipment, we anticipate that a significant amount of the Collateral will be lost through attrit</font><font style="font-family:Arial; font-size:10pt">ion, including due to casualty and theft, and to the extent the Collateral includes real property, it is subject to condemnation in whole or in part. We are under no obligation to replenish or replace damaged, destroyed, condemned, stolen or taken Collater</font><font style="font-family:Arial; font-size:10pt">al and we are not obligated to repay the notes in whole or in part as a result of such an occurrence.&#160; A reduction in the size of the Collateral pool will reduce the value of the Collateral.&#160; In addition, we are under no obligation to maintain the Collater</font><font style="font-family:Arial; font-size:10pt">al in good condition, repair and working order, which could impair its value.&#160; </font></p>
            <p style="margin:0pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">The value of the Collateral is dependent upon, among other things, its continued integration in the U-Haul system.</font></p>
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            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">Through the U-Haul system, which involves the participation </font><font style="font-family:Arial; font-size:10pt">of numerous independent dealers and affiliates, we rent our moving and storage equipment. If the U-Haul system deteriorates, ceases or fails, and an alternative rental system is not available, or if the Collateral is removed from continuous integration in </font><font style="font-family:Arial; font-size:10pt">the U-Haul system, such as through the repossession and sale of the Collateral following a foreclosure on the Collateral, then we may not be able to rent or use the Collateral in an efficient and cost-effective manner and its value could be impaired.</font></p>
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            <p style="margin:0pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">The </font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">success of the U-Haul system is in part dependent on continued participation by our numerous independent dealers and affiliates.</font></p>
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            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">As a part of the U-Haul system, we work with numerous independent dealers and affiliates that provide retail outlets through w</font><font style="font-family:Arial; font-size:10pt">hich U-Haul rental equipment is rented to our customers.&#160; Our contracts with these independent dealers contain provisions allowing the independent dealer to terminate the contract for any reason upon 30 days&#8217; advance notice.&#160; If a significant number of ind</font><font style="font-family:Arial; font-size:10pt">ependent dealers were to terminate their contracts, it could adversely impact the U-Haul system and decrease our ability to rent equipment, which could impair our ability to repay the notes.&#160; </font></p>
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            <p style="margin:0pt 0pt 11pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">Rights of holders of notes may be adversely affected by the failure to perfect liens in the Collateral. </font></p>
            <p style="margin:0pt; text-indent:22pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Pursuant to the terms of the financing documents, the Owner has granted a first-priority security interest in the Initial Collateral to the trustee for</font><font style="font-family:Arial; font-size:10pt"> the benefit of the holders. The servicer will be responsible for ensuring that perfection with respect to the Collateral has occurred and shall continue.&#160; If, because of a clerical error, fraud, forgery or otherwise, the lien of the trustee is not properl</font><font style="font-family:Arial; font-size:10pt">y reflected and filed, the trustee will not have a perfected security interest in the Collateral and its security interest may be subordinate to the interests of certain third parties.&#160;&#160; No legal opinions are being issued or obtained in connection with the</font><font style="font-family:Arial; font-size:10pt"> enforceability or perfection of the Collateral documentation. Additionally, under federal law and the laws of many states, certain possessory liens, including mechanic&#8217;s liens, and certain tax liens may take priority over a perfected security interest in </font><font style="font-family:Arial; font-size:10pt">the Collateral.&#160;&#160; Such failures may result in the loss of the practical benefits of the trustee&#8217;s first-priority lien on the Collateral.</font></p>
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            <p style="margin:0pt 0pt 11pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">The trustee (or its agent, nominee or nominee mortgagee or titleholder) is the only party with the ability to foreclos</font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">e on the Collateral, and certain laws and regulations may impose restrictions or limitations on foreclosure on the Collateral.</font></p>
            <p style="margin:0pt 0pt 11pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">If AMERCO defaults on the notes, the financing documents provide that the trustee (or its agent, nominee or nominee mortgagee or </font><font style="font-family:Arial; font-size:10pt">titleholder) is the only party with the ability to foreclose on, repossess and sell the Collateral, and no individual holder of notes may do so independently.&#160; The trustee&#8217;s ability to foreclose on the Collateral on behalf of the holders may also be subjec</font><font style="font-family:Arial; font-size:10pt">t to state law requirements and practical problems associated with the realization of the trustee&#8217;s security interest or lien on the Collateral, including locating the Collateral, which will likely be disbursed throughout the U.S. and Canada, as well as</font><a name="EDGAR_PAGE_END21"></a></p>
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            <p style="margin:0pt; text-align:center; line-height:10pt"><a name="EDGAR_HF_F_START_7"></a><font style="font-family:Arial; font-size:10pt">S</font><font style="font-family:Arial; font-size:10pt">-</font><font style="font-family:Arial; font-size:10pt">14</font><a name="EDGAR_HF_F_END_8"></a></p>
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            <p style="margin:0pt 0pt 11pt; ; text-align:justify"><font style="font-family:Arial; font-size:10pt"> </font><a name="EDGAR_PAGE_START22"></a><font style="font-family:Arial; font-size:10pt">cu</font><font style="font-family:Arial; font-size:10pt">re rights, foreclosing on the Collateral within the time periods permitted by third parties or prescribed by laws, obtaining third party consents, making additional filings and obtaining necessary approvals from governmental entities.&#160; Therefore, we cannot</font><font style="font-family:Arial; font-size:10pt"> assure you that foreclosure on the Collateral will be straightforward or expeditious, which may impair the value of the Collateral. Certain provisions of the financing documents may also restrict the trustee&#8217;s, or its agent&#8217;s or nominee&#8217;s ability to forec</font><font style="font-family:Arial; font-size:10pt">lose on the Collateral.&#160; </font></p>
            <p style="margin:0pt 0pt 11pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">The ability to foreclose on the Collateral may be adversely affected by bankruptcy proceedings.</font></p>
            <p style="margin:0pt 0pt 11pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">If AMERCO defaults on the notes, the ability to foreclose on, repossess and sell the Collateral may be significantly impaired by feder</font><font style="font-family:Arial; font-size:10pt">al bankruptcy law if bankruptcy proceedings are commenced by or against AMERCO prior to or possibly even after the trustee has repossessed and disposed of the Collateral.&#160; Under the U.S. Bankruptcy Code, a secured creditor, such as the trustee for the note</font><font style="font-family:Arial; font-size:10pt">s, is prohibited from repossessing its security from a debtor in a bankruptcy case, or from disposing of security repossessed from a debtor, without bankruptcy court approval. Moreover, bankruptcy law would permit AMERCO, as the debtor, to continue to reta</font><font style="font-family:Arial; font-size:10pt">in and use the Collateral, and the proceeds, products, rents, or profits of the Collateral, even though AMERCO could be in default under the financing documents, provided that the trustee were given &#8220;adequate protection&#8221;.&#160; The meaning of the term &#8220;adequate</font><font style="font-family:Arial; font-size:10pt"> protection&#8221; may vary according to circumstances, but it is intended in general to protect the value of a secured creditor's interest in collateral and may include cash payments or the granting of additional security, if and at such time as the court in it</font><font style="font-family:Arial; font-size:10pt">s discretion determines, for any diminution in the value of such collateral as a result of the stay of repossession or disposition or any use of such collateral by the debtor during the pendency of the bankruptcy case.&#160; In view of the broad discretionary p</font><font style="font-family:Arial; font-size:10pt">owers of a bankruptcy court, it is impossible to predict how long payments under the notes could be delayed following commencement of a bankruptcy case, whether or when the trustee would repossess or dispose of the Collateral, or whether or to what extent </font><font style="font-family:Arial; font-size:10pt">holders of the notes would be compensated for any delay in payment of loss of value of the Collateral through the requirements of &#8220;adequate protection.&#8221; Furthermore, in the event the bankruptcy court determines that the value of the Collateral is not suffi</font><font style="font-family:Arial; font-size:10pt">cient to repay all amounts due on the notes, the holders of the notes would have &#8220;undersecured claims&#8221; as to the difference.&#160; Federal bankruptcy laws do not permit the payment or accrual of interest, costs, and attorneys' fees for &#8220;undersecured claims&#8221; dur</font><font style="font-family:Arial; font-size:10pt">ing the debtor's bankruptcy case.</font></p>
            <p style="margin:0pt 0pt 12pt; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">The notes are not insured or guaranteed by the FDIC.</font></p>
            <p style="margin:0pt 0pt 11pt; text-indent:18pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Arial; font-size:10pt">The notes are not savings accounts, deposit accounts or money market funds, and are not guaranteed or insured by the FDIC, the Federal Reserve or any other governmental </font><font style="font-family:Arial; font-size:10pt">agency.</font></p>
            <p style="margin:0pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">AMERCO may redeem the notes at any time without penalty, but AMERCO is under no obligation to do so.</font></p>
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            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">Under the terms of the financing documents, the notes may be redeemed by AMERCO in its sole discretion at any time, in whole or in part, without p</font><font style="font-family:Arial; font-size:10pt">enalty, premium or fee, </font><font style="font-family:TimesNewRomanPSMT-Identity-H; font-size:10pt">at a price equal to 100% of the principal amount then outstanding,</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:TimesNewRomanPSMT-Identity-H; font-size:10pt">plus accrued and unpaid interest, if any, through the date of redemption.&#160; In such event, holders would not receive all of the interest payments that holders originally expected.&#160; </font><font style="font-family:Arial; font-size:10pt">However, AMERCO is under no obligation to redeem the notes in whole or in pa</font><font style="font-family:Arial; font-size:10pt">rt under any circumstances.&#160; Accordingly, investors must be prepared to hold the notes until the maturity date.&#160; </font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><font style="font-family:TimesNewRomanPSMT-Identity-H; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">Our subsidiaries, affiliates, directors, officers, controlling stockholders and employees have the right to purchase an unlimited number of </font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">notes in the offering.</font></p>
            <p style="margin:0pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">Our subsidiaries, affiliates, directors, officers, controlling stockholders and employees have the right to purchase an unlimited number of notes in the offering.&#160; If these parties end up owning a majority of the notes outstanding, </font><font style="font-family:Arial; font-size:10pt">we and they could exert significant influence with respect to a variety of matters affecting the notes under the financing documents, including the ability to waive an event of default, amend the notes or enforce or waive rights related to the notes and th</font><font style="font-family:Arial; font-size:10pt">e Collateral. </font></p>
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            <p style="margin:0pt; text-align:center; line-height:10pt"><a name="EDGAR_HF_F_START_7"></a><font style="font-family:Arial; font-size:10pt">S</font><font style="font-family:Arial; font-size:10pt">-</font><font style="font-family:Arial; font-size:10pt">15</font><a name="EDGAR_HF_F_END_8"></a></p>
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            <p style="margin:0pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; background-color:#ffffff"><a name="EDGAR_PAGE_START23"></a><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">No underwriter or other third-party has been engaged to facilitate the sale of the notes in this offering.</font></p>
            <p style="margin:0pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">In many public offerings, an experienced underwriter or other third party, such as a placement agent, is engaged to facilitate the s</font><font style="font-family:Arial; font-size:10pt">ale of an issuer&#8217;s securities by, among other things, helping develop and negotiate the terms of the offering, the terms of the securities and the documents governing the securities and conducting due diligence with respect to the issuer, its affiliates an</font><font style="font-family:Arial; font-size:10pt">d/or their respective assets. In such circumstances, an underwriter&#8217;s participation can lead to offering and securities terms that are more favorable to the purchasers of the securities.&#160; No underwriter or other third-party has been engaged to facilitate t</font><font style="font-family:Arial; font-size:10pt">he sale of the notes in this offering, the terms of which were developed solely by us and not with the input of any representative acting in your best interest.&#160; It is your responsibility to determine if the terms of this offering and the notes meet your i</font><font style="font-family:Arial; font-size:10pt">nvestment needs.</font></p>
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            <p style="margin:0pt; text-align:center; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Risks Related to the U-Haul Investors Club </font></p>
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            <p style="margin:0pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">The notes are being issued in uncertificated book-entry form only and exclusively serviced by U-Haul, AMERCO&#8217;s subsidiary.</font></p>
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            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">The notes are being issued in uncertificated book-entry form only through the U-Haul Investors Club website and exclusively serviced by U-Haul, AMERCO&#8217;s subsidiary (in such capacity, the &#8220;servicer&#8221;), or its designee.&#160; In this capacity, among other duties, </font><font style="font-family:Arial; font-size:10pt">the servicer will record and file Collateral perfection documents as appropriate, credit principal and interest into the U-Haul Investors Club accounts maintained by each holder, perform recordkeeping and registrar services and electronically receive and d</font><font style="font-family:Arial; font-size:10pt">eliver all </font><font style="font-family:Arial; font-size:10pt">documents, statements and communications related to the offering, the notes and the U-Haul Investors Club.&#160; No assurance can be given that the servicer will be able to adequately fulfill its servicing obligations with respect to the notes.&#160; Addi</font><font style="font-family:Arial; font-size:10pt">tionally, because the notes are being serviced by U-Haul instead of by a neutral third party, this may present a conflict of interest if a dispute regarding the servicing of the notes arises with the holders of the notes.</font></p>
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            <p style="margin:0pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">One or more significant disruptio</font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">ns in service on the U-Haul Investors Club website could significantly inhibit the servicer&#8217;s ability to effectively service the notes and impair the U-Haul Investors Club.</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">The servicer will service the notes through the U-Haul Investors Club website.&#160; Th</font><font style="font-family:Arial; font-size:10pt">erefore, the satisfactory performance, reliability and availability of the U-Haul Investors Club website and our technology and underlying network infrastructure will be critical to the servicer&#8217;s ability to effectively service the notes, and to the viabil</font><font style="font-family:Arial; font-size:10pt">ity of the U-Haul Investors Club.&#160; </font><font style="font-family:Arial; font-size:10pt">One or more significant disruptions in service on the U-Haul Investors Club website, </font><font style="font-family:Arial; font-size:10pt">whether as a result of us, any third party that we retain to perform website hosting or backup functions or events that are outside of o</font><font style="font-family:Arial; font-size:10pt">ur control, such as computer viruses or power or Internet-telecommunications failures,</font><font style="font-family:Arial; font-size:10pt"> could significantly inhibit the servicer&#8217;s ability to effectively service the notes, including</font><font style="font-family:Arial; font-size:10pt"> processing and crediting of principal and interest into the appropriate U-</font><font style="font-family:Arial; font-size:10pt">Haul Investors Club accounts in a timely manner, and impair the viability of the</font><font style="font-family:Arial; font-size:10pt"> U-Haul Investors Club.</font></p>
            <p style="margin:0pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">&#xa0;</font></p>
            <p style="margin:0pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">Through the U-Haul Investors Club, we will rely on a third-party commercial bank to process transactions between U-Haul Investors Club member accounts </font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">and their linked outside bank accounts.</font></p>
            <p style="margin:0pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">Because we are not a bank, we cannot belong to and directly access the Automated Clearing House (&#8220;ACH&#8221;) payment network.&#160; As a result, we will rely on an FDIC-insured depository institution to process U-Haul Investo</font><font style="font-family:Arial; font-size:10pt">rs Club transactions between U-Haul Investors Club member accounts and their linked U.S. bank accounts.&#160; If we fail to obtain such services from such an institution or elsewhere, or if we cannot transition to another processor quickly, our ability to proce</font><font style="font-family:Arial; font-size:10pt">ss payments will suffer and our ability to fund the offering, as well your ability to transfer principal and interest payments on the notes from your U-Haul Investors Club account to your outside bank accounts, may be impaired.</font></p>
            <p style="margin:0pt; text-align:justify; background-color:#ffffff"><a name="EDGAR_PAGE_END23"></a><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">&#xa0;</font></p>
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            <p style="margin:0pt; text-align:center; line-height:10pt"><a name="EDGAR_HF_F_START_7"></a><font style="font-family:Arial; font-size:10pt">S</font><font style="font-family:Arial; font-size:10pt">-</font><font style="font-family:Arial; font-size:10pt">16</font><a name="EDGAR_HF_F_END_8"></a></p>
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            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><a name="EDGAR_PAGE_START24"></a><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:12pt 0pt 3pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">USE OF PROCEEDS</font></p>
            <p style="margin:0pt; text-align:center; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:14.4pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Assuming </font><font style="font-family:Arial; font-size:10pt">the notes in this offering are fully subscribed, AMERCO expects to receive net proceeds from this offering of approximately $1,432,900, after deducting estimated expenses payable by it.&#160; AMERCO intends to use the net proceeds from this offering to </font><font style="font-family:Arial; font-size:10pt">reimburse </font><font style="font-family:Arial; font-size:10pt">its subsidiaries and </font><font style="font-family:Arial; font-size:10pt">affili</font><font style="font-family:Arial; font-size:10pt">ates for the cost of production</font><font style="font-family:Arial; font-size:10pt"> of</font><font style="font-family:Arial; font-size:10pt"> the Collateral,</font><font style="font-family:Arial; font-size:10pt"> and for o</font><font style="font-family:Arial; font-size:10pt">ther general corporate purposes</font><font style="font-family:Arial; font-size:10pt">.</font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:12pt 0pt 3pt 18pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">RATIO OF EARNINGS TO FIXED CHARGES</font></p>
            <p style="margin:0pt; text-align:center; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Set forth below is our ratio of earnings to fixed charges for the six months ended Septem</font><font style="font-family:Arial; font-size:10pt">ber 30, 2013 and for each year in the five year period ended March 31, 2013.&#160; Earnings consist of earnings before interest expense and lease expense.&#160; Fixed charges consist of interest expense and an estimate of the portion of lease expense related to the </font><font style="font-family:Arial; font-size:10pt">interest component. </font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Six Months Ended</font></p>
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                    <td colspan="5" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.25pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Year Ended March 31,</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">September 30, 2013</font></p>
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                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.25pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.25pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:top; width:54pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2013</font></p>
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                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.25pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.25pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:top; width:49.5pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2012</font></p>
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                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.25pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.25pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:top; width:45pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2011</font></p>
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                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.25pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.25pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:top; width:58.5pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2010</font></p>
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                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.25pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.25pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:top; width:58.5pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2009</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">7.1x</font></p>
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                    <td style="background-color:#ceeffe; border-top-color:#000000; border-top-style:solid; border-top-width:0.25pt; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:54pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">4.1x</font></p>
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                    <td style="background-color:#ceeffe; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:49.5pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">3.4x</font></p>
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                    <td style="background-color:#ceeffe; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:45pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">3.1x</font></p>
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                    <td style="background-color:#ceeffe; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:58.5pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">1.7x</font></p>
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                    <td style="background-color:#ceeffe; padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:58.5pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">1.1x</font></p>
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            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Since we had no preferred stock outstanding during any of the periods presented, the ratios of earnings to fixed </font><font style="font-family:Arial; font-size:10pt">charges and the ratios of earnings to combined fixed charges and preferred dividends are the same.</font></p>
            <p style="margin:12pt 0pt 3pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">DESCRIPTION OF NOTES</font></p>
            <p style="margin:0pt; text-align:center; background-color:#ffffff"><a name="_11"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></a></p>
            <p style="margin:0pt 0pt 12pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-style:italic">The following </font><font style="font-family:Arial; font-size:10pt; font-style:italic">description</font><font style="font-family:Arial; font-size:10pt; font-style:italic"> is a summary of the material p</font><font style="font-family:Arial; font-size:10pt; font-style:italic">rovisions of the notes and the financing documents </font><font style="font-family:Arial; font-size:10pt; font-style:italic">under which the notes are</font><font style="font-family:Arial; font-size:10pt; font-style:italic"> be</font><font style="font-family:Arial; font-size:10pt; font-style:italic">ing</font><font style="font-family:Arial; font-size:10pt; font-style:italic"> issued</font><font style="font-family:Arial; font-size:10pt; font-style:italic">.&#160; Each of the financing documents and the notes that will be executed and delivered upon the issuance date</font><font style="font-family:Arial; font-size:10pt; font-style:italic">, and not the description of the </font><font style="font-family:Arial; font-size:10pt; font-style:italic">financing documents </font><font style="font-family:Arial; font-size:10pt; font-style:italic">and the notes in this prospectus supplement, defines your </font><font style="font-family:Arial; font-size:10pt; font-style:italic">rights as holders of the not</font><font style="font-family:Arial; font-size:10pt; font-style:italic">es.&#160; Copies of the financing documents will be</font><font style="font-family:Arial; font-size:10pt; font-style:italic"> available </font><font style="font-family:Arial; font-size:10pt; font-style:italic">electronically through the U-Haul Investors Club website.&#160; You may also request electronic copies of the financing documents from AMERCO as </font><font style="font-family:Arial; font-size:10pt; font-style:italic">indicated under &#8220;Where You Can Find More Information&#8221;</font><font style="font-family:Arial; font-size:10pt; font-style:italic"> in th</font><font style="font-family:Arial; font-size:10pt; font-style:italic">is prospectus supplement.</font></p>
            <p style="margin:0pt 0pt 12pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Brief Description of the Notes</font></p>
            <p style="margin:12pt 0pt; text-indent:18pt"><font style="font-family:Arial; font-size:10pt">The notes are:</font></p>
            <p style="margin:0pt 0pt 0pt 54pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">being issued over a period of time and from time to time, in up to two separate series, with each series having one or more separate sub-series bearing a unique interest rate and term as provided herein.&#160; As notes are offered, prospective investors shall h</font><font style="font-family:Arial; font-size:10pt">ave the opportunity to select the series and sub-series of notes for which such prospective investor is subscribing.&#160; </font></p>
            <p style="margin:0pt 0pt 0pt 36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 0pt 54pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">being </font><font style="font-family:Arial; font-size:10pt">issued </font><font style="font-family:Arial; font-size:10pt">under a base</font><font style="font-family:Arial; font-size:10pt"> indenture entered into </font><font style="font-family:Arial; font-size:10pt">between AMERCO and the trustee, an indenture supplement between AMERCO and the trustee,</font><font style="font-family:Arial; font-size:10pt"> and a pledge and security agreement among AMERCO, the trustee and the Owner (collectively, </font><font style="font-family:Arial; font-size:10pt">and </font><font style="font-family:Arial; font-size:10pt">together with an</font><font style="font-family:Arial; font-size:10pt">y other instruments and documents executed and delivered pursuant to </font><font style="font-family:Arial; font-size:10pt">the foregoing documents, </font><font style="font-family:Arial; font-size:10pt">as the same may be amended, supplemented or otherw</font><font style="font-family:Arial; font-size:10pt">ise modified from time to time</font><font style="font-family:Arial; font-size:10pt">, </font><font style="font-family:Arial; font-size:10pt">the &#8220;financing documents&#8221;); </font></p>
            <p style="margin:0pt 0pt 0pt 36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 0pt 54pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">AMERCO&#8217;s obligations only, and not guaranteed by any of AMERCO&#8217;s subsidiaries, and therefore are </font><font style="font-family:Arial; font-size:10pt">structurally subordinated to the claims of </font><font style="font-family:Arial; font-size:10pt">existing and future </font><font style="font-family:Arial; font-size:10pt">creditors of AMERCO&#8217;s subsidiaries</font><font style="font-family:Arial; font-size:10pt">, including U-Haul</font><font style="font-family:Arial; font-size:10pt">;</font></p>
            <p style="margin:0pt 0pt 0pt 36pt; text-align:justify"><a name="EDGAR_PAGE_END24"></a><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
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            <p style="margin:0pt; text-align:center; line-height:10pt"><a name="EDGAR_HF_F_START_7"></a><font style="font-family:Arial; font-size:10pt">S</font><font style="font-family:Arial; font-size:10pt">-</font><font style="font-family:Arial; font-size:10pt">17</font><a name="EDGAR_HF_F_END_8"></a></p>
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            <p style="margin:0pt 0pt 0pt 54pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><a name="EDGAR_PAGE_START25"></a><font style="font-family:Arial; font-size:10pt">obligations of AMERCO, secured by a first-priority lien on the Collateral;</font></p>
            <p style="margin:0pt 0pt 0pt 36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 0pt 54pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">ranked equally among themselves; and</font></p>
            <p style="margin:0pt 0pt 0pt 36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 0pt 54pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">being issued by AMERCO in uncertificated book-entry form only.</font></p>
            <p style="margin:12pt 0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The notes will not be listed on any securities exchange.&#160; </font><font style="font-family:Arial; font-size:10pt">There is no market for the notes. </font></p>
            <p style="margin:0pt 0pt 12pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Principal, Maturity and </font><font style="font-family:Arial; font-size:10pt; font-weight:bold">Interest</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">; Amortization Schedule</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The notes </font><font style="font-family:Arial; font-size:10pt">are</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">secured </font><font style="font-family:Arial; font-size:10pt">debt securities under the </font><font style="font-family:Arial; font-size:10pt">financing</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">documents </font><font style="font-family:Arial; font-size:10pt">and </font><font style="font-family:Arial; font-size:10pt">are</font><font style="font-family:Arial; font-size:10pt"> limited to </font><font style="font-family:Arial; font-size:10pt">the </font><font style="font-family:Arial; font-size:10pt"> aggregate principal amount </font><font style="font-family:Arial; font-size:10pt">identified above.&#160; The notes will be issued over a period of time and from time to time, </font><font style="font-family:Arial; font-size:10pt">in up to two separate series (Series UIC-01B and Series UIC-02B), with each series having one or more separate sub-series, bearing a unique interest rate and term as f</font><font style="font-family:Arial; font-size:10pt">ollows:&#160;&#160; </font></p>
            <p style="margin:0pt; text-indent:36pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 0pt 36pt; text-indent:-18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">-</font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">Series UIC-01B, 3.75%, 3-year term</font></p>
            <p style="margin:0pt 0pt 0pt 36pt; text-indent:-18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">-</font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">Series UIC-02B, 3.0%, 2-year term</font></p>
            <p style="margin:12pt 0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">As notes are offered, p</font><font style="font-family:Arial; font-size:10pt">rospective investors shall have the opportunity to select the series and sub-series of notes for which such prospective investor is subscribing.&#160; </font></p>
            <p style="margin:12pt 0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The </font><font style="font-family:Arial; font-size:10pt">notes issued under Series UIC-</font><font style="font-family:Arial; font-size:10pt">01B</font><font style="font-family:Arial; font-size:10pt"> are secured by a first-priority lien on a pool of U-Haul </font><font style="font-family:Arial; font-size:10pt">appliance dollies </font><font style="font-family:Arial; font-size:10pt">(the &#8220;</font><font style="font-family:Arial; font-size:10pt">Appliance Dollies</font><font style="font-family:Arial; font-size:10pt">&#8221;).&#160; For each </font><font style="font-family:Arial; font-size:10pt">$100 </font><font style="font-family:Arial; font-size:10pt">invested with us in the notes under Series UIC-</font><font style="font-family:Arial; font-size:10pt">01B</font><font style="font-family:Arial; font-size:10pt">, we will pledge to the trustee, for the benefit of the</font><font style="font-family:Arial; font-size:10pt"> noteholders, one </font><font style="font-family:Arial; font-size:10pt">Appliance Dolly</font><font style="font-family:Arial; font-size:10pt">.&#160;&#160; </font></p>
            <p style="margin:12pt 0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The notes issued under Series UIC-</font><font style="font-family:Arial; font-size:10pt">02B</font><font style="font-family:Arial; font-size:10pt"> are secured by a first priority lien on a pool of U-Haul </font><font style="font-family:Arial; font-size:10pt">utility dollies </font><font style="font-family:Arial; font-size:10pt">(the &#8220;</font><font style="font-family:Arial; font-size:10pt">Utility Dollies</font><font style="font-family:Arial; font-size:10pt">&#8221;). For each </font><font style="font-family:Arial; font-size:10pt">$45 </font><font style="font-family:Arial; font-size:10pt">invested with us in the notes under Series UIC-</font><font style="font-family:Arial; font-size:10pt">02B</font><font style="font-family:Arial; font-size:10pt">, we will pledge to</font><font style="font-family:Arial; font-size:10pt"> the trustee, for the benefit of the noteholders, one </font><font style="font-family:Arial; font-size:10pt">Utility Dolly</font><font style="font-family:Arial; font-size:10pt">.</font></p>
            <p style="margin:12pt 0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The </font><font style="font-family:Arial; font-size:10pt">Appliance Dollies and Utility Dollies</font><font style="font-family:Arial; font-size:10pt"> are owned by U-Haul</font><font style="font-family:Arial; font-size:10pt"> Leasing &amp; Sales co., a </font><font style="font-family:Arial; font-size:10pt">Nevada</font><font style="font-family:Arial; font-size:10pt"> corporation.&#160; </font><font style="font-family:Arial; font-size:10pt">The Initial Collateral is utilized in the operations of the U-Haul system, in which U-Haul rental equipment and self-storage units are rented to customers in the ordinary course of business.&#160; No appraisal of the Initial Collateral has been or will be prepa</font><font style="font-family:Arial; font-size:10pt">red by us or on </font><font style="font-family:Arial; font-size:10pt">o</font><font style="font-family:Arial; font-size:10pt">ur behalf in connection with this offering.&#160; </font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The notes </font><font style="font-family:Arial; font-size:10pt">are being</font><font style="font-family:Arial; font-size:10pt"> issue</font><font style="font-family:Arial; font-size:10pt">d in minimum denominations of $100</font><font style="font-family:Arial; font-size:10pt"> and integral multiples of $</font><font style="font-family:Arial; font-size:10pt">100</font><font style="font-family:Arial; font-size:10pt"> thereof.</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The respective notes accrue interest at the interest rates identified above, commencing as o</font><font style="font-family:Arial; font-size:10pt">f the issue date.&#160; </font><font style="font-family:Arial; font-size:10pt">Interest on the notes </font><font style="font-family:Arial; font-size:10pt">is</font><font style="font-family:Arial; font-size:10pt"> computed on the basis of a 360-day year comprised of twelve 30-day months.</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The notes are fully amortizing.&#160; Principal and interest on the notes will be credited to each holder&#8217;s U-Haul Investors Club account in a</font><font style="font-family:Arial; font-size:10pt">rrears on </font><font style="font-family:Arial; font-size:10pt">each</font><font style="font-family:Arial; font-size:10pt"> payment date, which is every three months</font><font style="font-family:Arial; font-size:10pt">, through the maturity date, as reflected in the following payment schedules.&#160; With respect to notes issued under Series UIC-1B and UIC-2B,</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">principal and interest payments shall be credited to each ho</font><font style="font-family:Arial; font-size:10pt">lder thereof commencing </font><font style="font-family:Arial; font-size:10pt">three months from the issue date </font><font style="font-family:Arial; font-size:10pt">of the applicable subseries.&#160; Interest on the notes is calculated based upon the outstanding balance of the notes at the time interest is due.&#160; </font><font style="font-family:Arial; font-size:10pt">Principal and interest will be credited to the U-Haul I</font><font style="font-family:Arial; font-size:10pt">nvestors Club accounts of the holders who own the notes as of each applicable record date.</font><font style="font-family:Arial; font-size:10pt">&#160; The following schedules illustrate investments of $100 in each of the four series of the notes which may be issued hereunder:</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <div style="text-align:center">
            <table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin:0 auto; width:100%">
                <tr style="height:11.25pt">
                        <td colspan="2" style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">UIC-01B</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                        </td>
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                            <p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                        </td>
                    </tr>
                    <tr style="height:11.25pt">
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                        </td>
                    </tr>
                    <tr style="height:11.25pt">
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold; text-decoration:underline">Payment Number</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold; text-decoration:underline">U-Note Balance</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold; text-decoration:underline">Principal</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold; text-decoration:underline">Interest</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold; text-decoration:underline">Payout</font></p>
                        </td>
                    </tr>
                    <tr style="height:11.25pt">
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">1</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$100.00</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$11.25</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$0.94</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$12.19</font></p>
                        </td>
                    </tr>
                    <tr style="height:11.25pt">
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">2</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">88.75</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">11.25</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">0.83</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">12.08</font></p>
                        </td>











</table>
            </div>
        <div class="footer" style="clear:both">
            <br>
            <p style="margin:0pt; text-align:center; line-height:10pt"><a name="EDGAR_HF_F_START_7"></a><font style="font-family:Arial; font-size:10pt">S</font><font style="font-family:Arial; font-size:10pt">-</font><font style="font-family:Arial; font-size:10pt">18</font><a name="EDGAR_HF_F_END_8"></a></p>
            <br>
        </div>
        </div>
        <div style="page-break-before:always; clear:both;">
        <div class="header" style="clear:both">
            <br>
        </div>
            <p style="margin:0pt"><a name="EDGAR_PAGE_START26"></a><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
            <div style="text-align:center">
            <table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin:0 auto; width:100%">
                <tr style="height:11.25pt">
                        <td colspan="2" style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">UIC-01B&#160; (continued)</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                        </td>
                    </tr>
                    <tr style="height:11.25pt">
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                        </td>
                    </tr>
                    <tr style="height:11.25pt">
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold; text-decoration:underline">Payment Number</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold; text-decoration:underline">U-Note Balance</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold; text-decoration:underline">Principal</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold; text-decoration:underline">Interest</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold; text-decoration:underline">Payout</font></p>
                        </td>
                    </tr>
                    <tr style="height:11.25pt">
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                        </td>
                    </tr>
                    <tr style="height:11.25pt">
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">3</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">77.50</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">11.25</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">0.73</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">11.98</font></p>
                        </td>
                    </tr>
                    <tr style="height:11.25pt">
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">4</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">66.25</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">11.25</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">0.62</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">11.87</font></p>
                        </td>
                    </tr>
                    <tr style="height:11.25pt">
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">5</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">55.00</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">8.25</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">0.52</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">8.77</font></p>
                        </td>
                    </tr>
                    <tr style="height:11.25pt">
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">6</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">46.75</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">8.25</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">0.44</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">8.69</font></p>
                        </td>
                    </tr>
                    <tr style="height:11.25pt">
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">7</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">38.50</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">8.25</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">0.36</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">8.61</font></p>
                        </td>
                    </tr>
                    <tr style="height:11.25pt">
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">8</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">30.25</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">8.25</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">0.28</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">8.53</font></p>
                        </td>
                    </tr>
                    <tr style="height:11.25pt">
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">9</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">22.00</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">5.50</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">0.21</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">5.71</font></p>
                        </td>
                    </tr>
                    <tr style="height:11.25pt">
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">10</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">16.50</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">5.50</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">0.15</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">5.65</font></p>
                        </td>
                    </tr>
                    <tr style="height:11.25pt">
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">11</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">11.00</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">5.50</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">0.10</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">5.60</font></p>
                        </td>
                    </tr>
                    <tr style="height:11.25pt">
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">12</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">5.50</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; text-decoration:underline">5.50</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; text-decoration:underline">0.05</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; text-decoration:underline">5.55</font></p>
                        </td>
                    </tr>
                    <tr style="height:11.25pt">
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Total</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">$100.00</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">$5.23</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">$105.23</font></p>
                        </td>











</table>
            </div>
            <p style="margin:0pt 0pt 12pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <div style="text-align:center">
            <table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin:0 auto; width:100%">
                <tr style="height:11.25pt">
                        <td colspan="2" style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">UIC-02B</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                        </td>
                    </tr>
                    <tr style="height:11.25pt">
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
                        </td>
                    </tr>
                    <tr style="height:11.25pt">
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold; text-decoration:underline">Payment Number</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold; text-decoration:underline">U-Note</font><font style="font-family:Arial; font-size:8pt; font-weight:bold; text-decoration:underline"> Balance</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold; text-decoration:underline">Principal</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold; text-decoration:underline">Interest</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold; text-decoration:underline">Payout</font></p>
                        </td>
                    </tr>
                    <tr style="height:11.25pt">
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">1</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$100.00</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$19.00</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$0.75</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$19.75</font></p>
                        </td>
                    </tr>
                    <tr style="height:11.25pt">
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">2</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">81.00</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">19.00</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">0.61</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">19.61</font></p>
                        </td>
                    </tr>
                    <tr style="height:11.25pt">
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">3</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">62.00</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">19.00</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">0.47</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">19.47</font></p>
                        </td>
                    </tr>
                    <tr style="height:11.25pt">
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">4</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">43.00</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">19.00</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">0.32</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">19.32</font></p>
                        </td>
                    </tr>
                    <tr style="height:11.25pt">
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">5</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">24.00</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">6.00</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">0.18</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">6.18</font></p>
                        </td>
                    </tr>
                    <tr style="height:11.25pt">
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">6</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">18.00</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">6.00</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">0.14</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">6.14</font></p>
                        </td>
                    </tr>
                    <tr style="height:11.25pt">
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">7</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">12.00</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">6.00</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">0.09</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">6.09</font></p>
                        </td>
                    </tr>
                    <tr style="height:11.25pt">
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">8</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">6.00</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; text-decoration:underline">6.00</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; text-decoration:underline">0.05</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; text-decoration:underline">6.05</font></p>
                        </td>
                    </tr>
                    <tr style="height:11.25pt">
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Total</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">$100.00</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">$2.61</font></p>
                        </td>
                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom">
                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">$102.61</font></p>
                        </td>











</table>
            </div>
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            <p style="margin:0pt 0pt 12pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The </font><font style="font-family:Arial; font-size:10pt">r</font><font style="font-family:Arial; font-size:10pt">ecord </font><font style="font-family:Arial; font-size:10pt">d</font><font style="font-family:Arial; font-size:10pt">ate is the </font><font style="font-family:Arial; font-size:10pt">first day of the month preceding the related due date for the crediting of principal and interest on the </font><font style="font-family:Arial; font-size:10pt">n</font><font style="font-family:Arial; font-size:10pt">otes in the </font><font style="font-family:Arial; font-size:10pt">h</font><font style="font-family:Arial; font-size:10pt">older&#8217;s U-Haul Investors Club account.</font><font style="font-family:Arial; font-size:10pt"> If any date for the crediting of principal and interest int</font><font style="font-family:Arial; font-size:10pt">o a </font><font style="font-family:Arial; font-size:10pt">h</font><font style="font-family:Arial; font-size:10pt">older&#8217;s U-Haul</font><font style="font-family:Arial; font-size:10pt"> Investors Club account, including the maturity date</font><font style="font-family:Arial; font-size:10pt">, falls on a day that is not a </font><font style="font-family:Arial; font-size:10pt">b</font><font style="font-family:Arial; font-size:10pt">usiness </font><font style="font-family:Arial; font-size:10pt">d</font><font style="font-family:Arial; font-size:10pt">ay, the required crediting of principal and interest on the </font><font style="font-family:Arial; font-size:10pt">n</font><font style="font-family:Arial; font-size:10pt">otes shall be due and made on the next day constituting a </font><font style="font-family:Arial; font-size:10pt">b</font><font style="font-family:Arial; font-size:10pt">usiness </font><font style="font-family:Arial; font-size:10pt">d</font><font style="font-family:Arial; font-size:10pt">ay.</font><font style="font-family:Arial; font-size:10pt">&#160; </font></p>
            <p style="margin:0pt 0pt 12pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Additional Issuances</font></p>
            <p style="margin:0pt 0pt 12pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">AMERCO may not</font><font style="font-family:Arial; font-size:10pt"> create </font><font style="font-family:Arial; font-size:10pt">or</font><font style="font-family:Arial; font-size:10pt"> issue ad</font><font style="font-family:Arial; font-size:10pt">ditional notes secured by the Collateral unless it obtains the </font><font style="font-family:Arial; font-size:10pt">consent of </font><font style="font-family:Arial; font-size:10pt">holders of </font><font style="font-family:Arial; font-size:10pt">at least</font><font style="font-family:Arial; font-size:10pt"> 51% of the principal amount of the outstanding notes</font><font style="font-family:Arial; font-size:10pt">. However, AMERCO intends to offer additional securities</font><font style="font-family:Arial; font-size:10pt"> through the U-Haul Investors Club simultaneously with this offering and in the future, including securities that are secured by assets owned by AMERCO or its subsidiaries other than the Collateral, which it may do in its sole discretion and without the co</font><font style="font-family:Arial; font-size:10pt">nsent of the holders of the notes.</font></p>
            <p style="margin:0pt 0pt 12pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Ranking</font></p>
            <p style="margin:0pt 0pt 12pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The notes </font><font style="font-family:Arial; font-size:10pt">are the obligations of AMERCO only.&#160; The notes are not being guaranteed by any of AMERCO&#8217;s subsidiaries, and therefore will effectively be </font><font style="font-family:Arial; font-size:10pt">structurally subordinated to the claims of </font><font style="font-family:Arial; font-size:10pt">existing and future </font><font style="font-family:Arial; font-size:10pt">creditors of AMERCO&#8217;s subsidiaries, including U-Haul</font><font style="font-family:Arial; font-size:10pt">.&#160; Other than with respect to the Collateral, the notes rank equally in right of payment with any existing and future unsecured indebtedness of AMERCO.</font></p>
            <p style="margin:0pt 0pt 12pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Optional Redemption</font><a name="EDGAR_PAGE_END26"></a></p>
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            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><a name="EDGAR_PAGE_START27"></a><font style="font-family:Arial; font-size:10pt">The notes </font><font style="font-family:Arial; font-size:10pt">or any sub-series or o</font><font style="font-family:Arial; font-size:10pt">ther portion thereof </font><font style="font-family:Arial; font-size:10pt">may be redeemed by AMERCO in its sole discretion at any time, in whole or in part on a pro rata basis</font><font style="font-family:Arial; font-size:10pt"> or on any other basis as determined by AMERCO in its sole discretion</font><font style="font-family:Arial; font-size:10pt">, without penalty, premium or fee, at a price equal to 100% of th</font><font style="font-family:Arial; font-size:10pt">e principal amount then outstanding, plus accrued and unpaid interest, if any, through the date of redemption.&#160;&#160; </font><font style="font-family:Arial; font-size:10pt">In the event of a redemption, AMERCO will cause noti</font><font style="font-family:Arial; font-size:10pt">ces of redemption to be emailed, to the email address associated with your account, </font><font style="font-family:Arial; font-size:10pt">at </font><font style="font-family:Arial; font-size:10pt">least 10 but not more than 30 days before the redemption date to each applicable registered holder of notes.</font><font style="font-family:Arial; font-size:10pt">&#160; However, AMERCO is under no obligation to redeem the notes in whole or in part, under any circumstances.&#160; Accordingly, investors must be prepared </font><font style="font-family:Arial; font-size:10pt">to </font><font style="font-family:Arial; font-size:10pt">hold the notes until </font><font style="font-family:Arial; font-size:10pt">the maturity date.</font></p>
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            <p style="margin:0pt 0pt 12pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Security Interest and Initial Collateral</font></p>
            <p style="margin:0pt 0pt 12pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The obligations of AMERCO with respect to the notes are initially secured by </font><font style="font-family:Arial; font-size:10pt">a</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">f</font><font style="font-family:Arial; font-size:10pt">irst-</font><font style="font-family:Arial; font-size:10pt">p</font><font style="font-family:Arial; font-size:10pt">riority </font><font style="font-family:Arial; font-size:10pt">l</font><font style="font-family:Arial; font-size:10pt">ien</font><font style="font-family:Arial; font-size:10pt"> o</font><font style="font-family:Arial; font-size:10pt">n </font><font style="font-family:Arial; font-size:10pt">the </font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">Initial Collateral.&#160; </font><font style="font-family:Arial; font-size:10pt">The </font><font style="font-family:Arial; font-size:10pt">Initial </font><font style="font-family:Arial; font-size:10pt">Collateral </font><font style="font-family:Arial; font-size:10pt">is being</font><font style="font-family:Arial; font-size:10pt"> pledged</font><font style="font-family:Arial; font-size:10pt"> by </font><font style="font-family:Arial; font-size:10pt">the Owner</font><font style="font-family:Arial; font-size:10pt"> to the trustee</font><font style="font-family:Arial; font-size:10pt"> (or the trustee&#8217;s agent, nominee or nominee mortgagee or titleholder) for the benefit of the holders, </font><font style="font-family:Arial; font-size:10pt">pursuant to the </font><font style="font-family:Arial; font-size:10pt">financing documents</font><font style="font-family:Arial; font-size:10pt">.&#160; </font></p>
            <p style="margin:0pt 0pt 12pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Substitution of Collateral</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">AMERCO has the right, in its sole discretion, to substitute or </font><font style="font-family:Arial; font-size:10pt">to cause one or more affiliates or third parties to substitute any assets (the &#8220;Replacement Collateral&#8221;) for all or part of the Collateral that from time to time secures the notes, including the Initial Collateral and any Replacement Collateral (the &#8220;Colla</font><font style="font-family:Arial; font-size:10pt">teral&#8221;), provided that the value of the Replacement Collateral is at least 100% of the value of the Collateral that is released at the time of substitution (the &#8220;Released Collateral&#8221;) and provided further that the owner of such Replacement Collateral promp</font><font style="font-family:Arial; font-size:10pt">tly enters a separate pledge and security agreement, substantially in the form of the pledge agreement, and executes such other documents and instruments as may be necessary or appropriate to grant to the trustee, for the benefit of the holders, a first-pr</font><font style="font-family:Arial; font-size:10pt">iority lien on such Replacement Collateral.&#160; In connection with any substitution of Collateral, the value of the Replacement Collateral and the Released Collateral is determinable by AMERCO in its sole discretion, and no appraisal will be prepared by us or</font><font style="font-family:Arial; font-size:10pt"> on our behalf in this regard.&#160; AMERCO is permitted to make an unlimited number of Collateral substitutions.</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">AMERCO may make a substitution of Collateral by delivering a written certificate to the trustee executed by an officer of AMERCO which contains (i) a description of the Replacement Collateral, (ii) a statement that such Replacement Collateral has been pled</font><font style="font-family:Arial; font-size:10pt">ged by the owner thereof to the trustee, for the benefit of the holders, pursuant to the financing documents, (iii) a description of the Released Collateral and (iv) a certification by AMERCO that the value of the Replacement Collateral is at least 100% of</font><font style="font-family:Arial; font-size:10pt"> the value of the Released Collateral.&#160; Upon the trustee&#8217;s receipt of such notice, the Replacement Collateral will be deemed &#8220;Collateral&#8221;, and the Released Collateral will be released from the first-priority lien thereon and will no longer be subject to th</font><font style="font-family:Arial; font-size:10pt">e terms of the financing documents.&#160; The trustee shall have no duty to evaluate the determination made in such certificate and shall be allowed to conclusively rely on such certificate from AMERCO.&#160; </font></p>
            <p style="margin:12pt 0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Perfection of Security I</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">nterest in the Collateral</font></p>
            <p style="margin:12pt 0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The fi</font><font style="font-family:Arial; font-size:10pt">nancing documents require AMERCO to file, or cause the filing of, such documents and instruments, in all appropriate jurisdictions and recording offices, as are necessary or appropriate to perfect and protect the trustee&#8217;s first-priority lien on the Collat</font><font style="font-family:Arial; font-size:10pt">eral.&#160; </font></p>
            <p style="margin:0pt 0pt 12pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Use and Release of Collateral</font></p>
            <p style="margin:12pt 0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Unless an Event of Default has occurred and is continuing, and the trustee shall have commenced an enforcement of remedies under the financing documents, AMERCO and its subsidiaries, including U-Haul, have the right to</font><font style="font-family:Arial; font-size:10pt">:</font><a name="EDGAR_PAGE_END27"></a></p>
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            <p style="margin:0pt; text-align:center; line-height:10pt"><a name="EDGAR_HF_F_START_7"></a><font style="font-family:Arial; font-size:10pt">S</font><font style="font-family:Arial; font-size:10pt">-</font><font style="font-family:Arial; font-size:10pt">20</font><a name="EDGAR_HF_F_END_8"></a></p>
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            <p style="margin:12pt 0pt 12pt 54pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><a name="EDGAR_PAGE_START28"></a><font style="font-family:Arial; font-size:10pt">remain in possession and retain exclusive control of the Collateral;</font></p>
            <p style="margin:12pt 0pt 12pt 54pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">freely operate the Collateral, including, without limitation, by integrating the Collateral into the U-Haul system and using it or renting it to customers, as the case may be, in the </font><font style="font-family:Arial; font-size:10pt">ordinary course of business; and</font></p>
            <p style="margin:12pt 0pt 12pt 54pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">collect, invest and dispose of any income thereon, which income will not constitute part of the Collateral.</font></p>
            <p style="margin:0pt 0pt 12pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">Release of Collateral</font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">.</font><font style="font-family:Arial; font-size:10pt; font-style:italic">&#160; </font><font style="font-family:Arial; font-size:10pt">The </font><font style="font-family:Arial; font-size:10pt">financing documents</font><font style="font-family:Arial; font-size:10pt"> provide that the </font><font style="font-family:Arial; font-size:10pt">f</font><font style="font-family:Arial; font-size:10pt">irst-</font><font style="font-family:Arial; font-size:10pt">p</font><font style="font-family:Arial; font-size:10pt">riority </font><font style="font-family:Arial; font-size:10pt">l</font><font style="font-family:Arial; font-size:10pt">ien </font><font style="font-family:Arial; font-size:10pt">on the Collateral with respect to the notes or any sub-series or other portion thereof </font><font style="font-family:Arial; font-size:10pt">will automatically be released</font><font style="font-family:Arial; font-size:10pt">,</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">whether in full or incrementally,</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">as the case may be, </font><font style="font-family:Arial; font-size:10pt">upon (1) satisfaction of all of AMERCO&#8217;s obligations with respect to the </font><font style="font-family:Arial; font-size:10pt">applicable</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">notes</font><font style="font-family:Arial; font-size:10pt">, sub-series of the notes or other portion thereof, whether due to a scheduled repayment in full or a redemption;</font><font style="font-family:Arial; font-size:10pt"> or (2) discharge, legal defeasance or covenant defeasance of AMERCO&#8217;s obligations with respect to the </font><font style="font-family:Arial; font-size:10pt">applicable notes or sub-series or </font><font style="font-family:Arial; font-size:10pt">other portion thereof, </font><font style="font-family:Arial; font-size:10pt">as described below under &#8220;Discharge, Defeasance and Covenant Defeasance&#8221;.</font></p>
            <p style="margin:0pt 0pt 12pt; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Further </font><font style="font-family:Arial; font-size:10pt; font-weight:bold">A</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">ssurances; </font><font style="font-family:Arial; font-size:10pt; font-weight:bold">A</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">fter </font><font style="font-family:Arial; font-size:10pt; font-weight:bold">A</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">cquired </font><font style="font-family:Arial; font-size:10pt; font-weight:bold">C</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">ollateral</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">financing documents provide that AMERCO </font><font style="font-family:Arial; font-size:10pt">shall, at</font><font style="font-family:Arial; font-size:10pt; font-weight:bold"> </font><font style="font-family:Arial; font-size:10pt">its </font><font style="font-family:Arial; font-size:10pt">expense, duly execute and deliver, or cause to be duly </font><font style="font-family:Arial; font-size:10pt">executed and delivered, such further agreements, documents and instruments, and do or cause to be</font><font style="font-family:Arial; font-size:10pt; font-weight:bold"> </font><font style="font-family:Arial; font-size:10pt">done such further acts as may be necessary or proper, or which the </font><font style="font-family:Arial; font-size:10pt">trustee</font><font style="font-family:Arial; font-size:10pt"> may reasonably request, to evidence, perfect, maintain and enforce the</font><font style="font-family:Arial; font-size:10pt; font-weight:bold"> </font><font style="font-family:Arial; font-size:10pt">first-priori</font><font style="font-family:Arial; font-size:10pt">ty l</font><font style="font-family:Arial; font-size:10pt">ien </font><font style="font-family:Arial; font-size:10pt">on the Collateral </font><font style="font-family:Arial; font-size:10pt">and </font><font style="font-family:Arial; font-size:10pt">the </font><font style="font-family:Arial; font-size:10pt">benefits intended to be conferred </font><font style="font-family:Arial; font-size:10pt">thereby</font><font style="font-family:Arial; font-size:10pt">, and to</font><font style="font-family:Arial; font-size:10pt; font-weight:bold"> </font><font style="font-family:Arial; font-size:10pt">otherwise effectuate the provisions or purposes of, the </font><font style="font-family:Arial; font-size:10pt">financing documents</font><font style="font-family:Arial; font-size:10pt">.</font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Upon the acquis</font><font style="font-family:Arial; font-size:10pt">ition by the Company after the i</font><font style="font-family:Arial; font-size:10pt">ssue </font><font style="font-family:Arial; font-size:10pt">d</font><font style="font-family:Arial; font-size:10pt">ate of (1) any after-acquired assets, </font><font style="font-family:Arial; font-size:10pt">including, but not</font><font style="font-family:Arial; font-size:10pt"> limited to, any after-acquired </font><font style="font-family:Arial; font-size:10pt">equipment or fixtures which constitute accretions, additions or technological upgrades to the equip</font><font style="font-family:Arial; font-size:10pt">ment or fixtures or any working </font><font style="font-family:Arial; font-size:10pt">capital assets that, in any such case, form part of the Collateral, or (2) </font><font style="font-family:Arial; font-size:10pt">any </font><font style="font-family:Arial; font-size:10pt">proceeds</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">(as defined in the </font><font style="font-family:Arial; font-size:10pt">UCC of any relevant jurisdiction</font><font style="font-family:Arial; font-size:10pt">)</font><font style="font-family:Arial; font-size:10pt"> from a sale or other disposition of the Collateral</font><font style="font-family:Arial; font-size:10pt">, AMERCO </font><font style="font-family:Arial; font-size:10pt">shall</font><font style="font-family:Arial; font-size:10pt"> execute and deliver, to the extent required, </font><font style="font-family:Arial; font-size:10pt">any information, documentation, financing statements or other certificates as ma</font><font style="font-family:Arial; font-size:10pt">y be necessary to vest in the </font><font style="font-family:Arial; font-size:10pt">trustee </font><font style="font-family:Arial; font-size:10pt">a perfected security interest, subject only to Permitted Liens, in such after-acquired property and t</font><font style="font-family:Arial; font-size:10pt">o have such </font><font style="font-family:Arial; font-size:10pt">after-acquired property added to the Collateral, and thereupon all provisions of the </font><font style="font-family:Arial; font-size:10pt">financing documents </font><font style="font-family:Arial; font-size:10pt">relating to the Collateral shall be deemed to relate to such after-acquired property </font><font style="font-family:Arial; font-size:10pt">to the same extent and with the </font><font style="font-family:Arial; font-size:10pt">same force and effect.</font></p>
            <p style="margin:5pt 0pt 0pt; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Change of Control</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">, Merger, Consolidation or </font><font style="font-family:Arial; font-size:10pt; font-weight:bold">Sale</font><font style="font-family:Arial; font-size:10pt; font-weight:bold"> of Assets</font></p>
            <p style="margin:0pt; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
            <p style="margin:0pt 0pt 12pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The holders of the notes do not have the right to requir</font><font style="font-family:Arial; font-size:10pt">e AMERCO to repurchase the notes in connection with a change of control of the Company, a merger of the Company, a consolidation of the Company or the sale of all or substantially all of the assets of the Company or its subsidiaries, to or with any Person.</font></p>
            <p style="margin:0pt; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Covenants</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The covenants with respect to the notes consist of the following:&#160; </font></p>
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            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">Maintenance of </font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">first-priority lien on the Collateral.</font><font style="font-family:Arial; font-size:10pt; font-style:italic">&#160; </font><font style="font-family:Arial; font-size:10pt">So</font><font style="font-family:Arial; font-size:10pt"> long as any of the note</font><font style="font-family:Arial; font-size:10pt">s are outstanding, AMERCO and Owner are required to maintain, subject to Permitted Liens, and </font><font style="font-family:Arial; font-size:10pt">may not take any action to negate, the first-priority lien on the Collateral or the benefits intended to be conferred thereby.</font></p>
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            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">Prohibition of additional liens </font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">o</font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">n the Collateral</font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">.</font><font style="font-family:Arial; font-size:10pt; font-style:italic">&#160; </font><font style="font-family:Arial; font-size:10pt">Neither AMERCO nor </font><font style="font-family:Arial; font-size:10pt">Owner </font><font style="font-family:Arial; font-size:10pt">is permitted to incur any Lien of any nature whatso</font><font style="font-family:Arial; font-size:10pt">ever on the Collateral, other than the </font><font style="font-family:Arial; font-size:10pt">f</font><font style="font-family:Arial; font-size:10pt">irst-</font><font style="font-family:Arial; font-size:10pt">p</font><font style="font-family:Arial; font-size:10pt">riority </font><font style="font-family:Arial; font-size:10pt">l</font><font style="font-family:Arial; font-size:10pt">ien </font><font style="font-family:Arial; font-size:10pt">pursuant to the financing documents </font><font style="font-family:Arial; font-size:10pt">and Permitted Liens.</font><font style="font-family:TimesNewRomanPSMT-Identity-H; font-size:10pt"> </font><a name="EDGAR_PAGE_END28"></a></p>
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            <p style="margin:0pt 0pt 0pt 18pt; text-align:justify"><a name="EDGAR_PAGE_START29"></a><font style="font-family:Arial; font-size:10pt; font-style:italic">&#xa0;</font></p>
            <p style="margin:0pt 0pt 12pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Events of Default, Waiver and Notice</font></p>
            <p style="margin:0pt 0pt 12pt; text-indent:18pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Arial; font-size:10pt; font-style:normal">The events of default with respect to the notes</font><font style="font-family:Arial; font-size:10pt; font-style:normal"> (each, an &#8220;Event of Default&#8221;)</font><font style="font-family:Arial; font-size:10pt; font-style:normal">, </font><font style="font-family:Arial; font-size:10pt; font-style:normal">consist of the </font><font style="font-family:Arial; font-size:10pt; font-style:normal">following</font><font style="font-family:Arial; font-size:10pt; font-style:normal">:</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">Nonpayment</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">.</font><font style="font-family:Arial; font-size:10pt">&#160; </font><font style="font-family:Arial; font-size:10pt">The default in the crediting of principal or interest when due to a holder&#8217;s U-Haul Investors Club account, and the continuance of such default for a period of 30 days</font><font style="font-family:Arial; font-size:10pt">. </font></p>
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            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">Failure to maintain first-priority lien on the Collateral</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">.</font><font style="font-family:Arial; font-size:10pt">&#160; F</font><font style="font-family:Arial; font-size:10pt">ailure by the Company or </font><font style="font-family:Arial; font-size:10pt">Owner</font><font style="font-family:Arial; font-size:10pt"> to maintain the first-priority Lien on the Collateral, subject to Permitted Liens, continued for 90 days after written notice thereof </font><font style="font-family:Arial; font-size:10pt">to the Company </font><font style="font-family:Arial; font-size:10pt">from the </font><font style="font-family:Arial; font-size:10pt">t</font><font style="font-family:Arial; font-size:10pt">rustee</font><font style="font-family:Arial; font-size:10pt"> or to the Company and the trustee from the holders of at least 51% in principal amount of the outstanding notes, specifying such default or breach and requiring it to be remedied and stating that such notice is a &#8220;notice of default&#8221; pursuant to the financ</font><font style="font-family:Arial; font-size:10pt">ing documents.&#160; </font></p>
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            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">Incurrence of additional Liens on the Collateral</font><font style="font-family:Arial; font-size:10pt">.&#160; </font><font style="font-family:Arial; font-size:10pt"> The incurrence by the Company, </font><font style="font-family:Arial; font-size:10pt">Owner</font><font style="font-family:Arial; font-size:10pt"> or any of their respective </font><font style="font-family:Arial; font-size:10pt">a</font><font style="font-family:Arial; font-size:10pt">ffiliates of any additional Lien on the Collateral, other than Permitted Liens and the&#160; Lien</font><font style="font-family:Arial; font-size:10pt"> pursuant to the financing do</font><font style="font-family:Arial; font-size:10pt">cuments</font><font style="font-family:Arial; font-size:10pt">, continued for 90 days after written notice thereof </font><font style="font-family:Arial; font-size:10pt">to the Company </font><font style="font-family:Arial; font-size:10pt">from the </font><font style="font-family:Arial; font-size:10pt">t</font><font style="font-family:Arial; font-size:10pt">rustee</font><font style="font-family:Arial; font-size:10pt"> or to the Company and the trustee from the holders of at least 51% in principal amount of the outstanding notes, specifying such default or breach and requiring it </font><font style="font-family:Arial; font-size:10pt">to be remedied and stating that such notice is a &#8220;notice of default&#8221; pursuant to the financing documents.&#160; </font></p>
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            <p style="margin:0pt 0pt 12pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">If an </font><font style="font-family:Arial; font-size:10pt">E</font><font style="font-family:Arial; font-size:10pt">vent of </font><font style="font-family:Arial; font-size:10pt">D</font><font style="font-family:Arial; font-size:10pt">efault under the indenture </font><font style="font-family:Arial; font-size:10pt">supplement or pledge agreement </font><font style="font-family:Arial; font-size:10pt">occurs and is continuing, then the trustee</font><font style="font-family:Arial; font-size:10pt">, on behalf of the holders, if </font><font style="font-family:Arial; font-size:10pt">it has notice or actual knowledge of such Event of Default, </font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">has</font><font style="font-family:Arial; font-size:10pt"> the right to declare the principal amount of the notes outstanding to be due and payable imme</font><font style="font-family:Arial; font-size:10pt">diately by written notice to AMERCO and to the servicer</font><font style="font-family:Arial; font-size:10pt">.</font><font style="font-family:Arial; font-size:10pt">&#160; A default or Event of Default under the </font><font style="font-family:Arial; font-size:10pt">notes does not cause, and is not caused by, a default or event of default under any other notes issued pursuant to the U-Haul Investors Club.&#160; </font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">Waiver</font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:normal">.</font><font style="font-family:Arial; font-size:10pt; font-style:normal">&#160; The indenture </font><font style="font-family:Arial; font-size:10pt; font-style:normal">provide</font><font style="font-family:Arial; font-size:10pt; font-style:normal"> that the holders of not less than 51% in principal amount of the outstanding notes may waive any past </font><font style="font-family:Arial; font-size:10pt; font-style:normal">D</font><font style="font-family:Arial; font-size:10pt; font-style:normal">efault with respect to the notes and its consequences, except a </font><font style="font-family:Arial; font-size:10pt; font-style:normal">D</font><font style="font-family:Arial; font-size:10pt; font-style:normal">efault in the </font><font style="font-family:Arial; font-size:10pt; font-style:normal">crediting </font><font style="font-family:Arial; font-size:10pt; font-style:normal">of </font><font style="font-family:Arial; font-size:10pt; font-style:normal">the principal and interest due on the notes.&#160; </font></p>
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            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">Notice</font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:normal">.</font><font style="font-family:Arial; font-size:10pt; font-style:normal">&#160; The trustee </font><font style="font-family:Arial; font-size:10pt; font-style:normal">is</font><font style="font-family:Arial; font-size:10pt; font-style:normal"> required</font><font style="font-family:Arial; font-size:10pt; font-style:normal">, but only to the extent the trustee has notice or knowledge of such Default, </font><font style="font-family:Arial; font-size:10pt; font-style:normal">to give notice to the holders of the notes within 90 days of a </font><font style="font-family:Arial; font-size:10pt; font-style:normal">D</font><font style="font-family:Arial; font-size:10pt; font-style:normal">efault</font><font style="font-family:Arial; font-size:10pt; font-style:normal">,</font><font style="font-family:Arial; font-size:10pt; font-style:normal"> unless the </font><font style="font-family:Arial; font-size:10pt; font-style:normal">D</font><font style="font-family:Arial; font-size:10pt; font-style:normal">efault has been cured or waived; but the trustee may withhold notice </font><font style="font-family:Arial; font-size:10pt; font-style:normal">of any </font><font style="font-family:Arial; font-size:10pt; font-style:normal">D</font><font style="font-family:Arial; font-size:10pt; font-style:normal">efault, except a </font><font style="font-family:Arial; font-size:10pt; font-style:normal">D</font><font style="font-family:Arial; font-size:10pt; font-style:normal">efault in the </font><font style="font-family:Arial; font-size:10pt; font-style:normal">crediting</font><font style="font-family:Arial; font-size:10pt; font-style:normal"> of the principal of, or premium, if any, or interest on the notes, if specified responsible officers of the trustee consider the withholding to be in the interest of the holders.</font></p>
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            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-style:normal">The holders of the notes m</font><font style="font-family:Arial; font-size:10pt; font-style:normal">ay not institute any proceedings, judicial or otherwise, with respect to the indenture or for any remedy under the indenture, except in the case of failure of the trustee, for 60 days, to act after the trustee has received a written request to institute pr</font><font style="font-family:Arial; font-size:10pt; font-style:normal">oceedings in respect of an </font><font style="font-family:Arial; font-size:10pt; font-style:normal">E</font><font style="font-family:Arial; font-size:10pt; font-style:normal">vent of </font><font style="font-family:Arial; font-size:10pt; font-style:normal">D</font><font style="font-family:Arial; font-size:10pt; font-style:normal">efault from the holders of not less than </font><font style="font-family:Arial; font-size:10pt; font-style:normal">51</font><font style="font-family:Arial; font-size:10pt; font-style:normal">% in principal amount of the outstanding notes, as well as an offer of indemnity satisfactory to the trustee, and provided that no direction inconsistent with such written requ</font><font style="font-family:Arial; font-size:10pt; font-style:normal">est has been given to the trustee during such 60-day period by the holders of a majority of the outstanding notes. However, </font><font style="font-family:Arial; font-size:10pt; font-style:normal">no holder of notes is </font><font style="font-family:Arial; font-size:10pt; font-style:normal">prohibited from instituting suit for the enforcement of </font><font style="font-family:Arial; font-size:10pt; font-style:normal">payment </font><font style="font-family:Arial; font-size:10pt; font-style:normal">of the principal of and interest on the notes </font><font style="font-family:Arial; font-size:10pt; font-style:normal">when due.</font></p>
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            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-style:normal">The trustee </font><font style="font-family:Arial; font-size:10pt; font-style:normal">is not</font><font style="font-family:Arial; font-size:10pt; font-style:normal"> under any obligation to exercise any of its rights or powers under the </font><font style="font-family:Arial; font-size:10pt; font-style:normal">financing documents</font><font style="font-family:Arial; font-size:10pt; font-style:normal"> at the request or direction of any holders of the notes outstanding under the indenture, unless the holders offer to the trustee securi</font><font style="font-family:Arial; font-size:10pt; font-style:normal">ty or indemnity</font><font style="font-family:Arial; font-size:10pt; font-style:normal"> that is</font><font style="font-family:Arial; font-size:10pt; font-style:normal"> satisfactory</font><font style="font-family:Arial; font-size:10pt; font-style:normal"> to it</font><font style="font-family:Arial; font-size:10pt; font-style:normal">. </font><font style="font-family:Arial; font-size:10pt; font-style:normal"> </font><font style="font-family:Arial; font-size:10pt; font-style:normal">Subject to such provisions for the indemnification of the trustee, the holders of not less than a majority in principal amount of the outstanding notes have the right to direct the time, method and place of cond</font><font style="font-family:Arial; font-size:10pt; font-style:normal">ucting any proceeding for any remedy available to the trustee, </font><font style="font-family:Arial; font-size:10pt; font-style:normal">and to exercise</font><font style="font-family:Arial; font-size:10pt; font-style:normal"> any trust or power conferred upon the trustee. </font><font style="font-family:Arial; font-size:10pt; font-style:normal">However, the trustee may refuse </font><font style="font-family:Arial; font-size:10pt; font-style:normal">to follow any direction that is in conflict with any law or the indenture that</font><a name="EDGAR_PAGE_END29"></a></p>
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            <p style="margin:0pt; ; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-style:normal"> </font><a name="EDGAR_PAGE_START30"></a><font style="font-family:Arial; font-size:10pt; font-style:normal">may involve the tru</font><font style="font-family:Arial; font-size:10pt; font-style:normal">stee in personal liability or may be unduly prejudicial to the holders of the notes not joining in the direction.</font></p>
            <p style="margin:12pt 0pt"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Modifications</font></p>
            <p style="margin:0pt 0pt 12pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">Modification</font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:normal"> </font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">of the i</font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">ndenture</font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:normal">.</font><font style="font-family:Arial; font-size:10pt; font-style:normal">&#160; </font><font style="font-family:Arial; font-size:10pt; font-style:normal">With the consent of the holders of not less than 51% of the principal amount of all outstanding </font><font style="font-family:Arial; font-size:10pt; font-style:normal">notes, AMERCO may enter into supplemental indentures with the trustee for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the indenture or modifying in any manner the rights of the holders of the no</font><font style="font-family:Arial; font-size:10pt; font-style:normal">tes.&#160; However, no modification or amendment may, without the consent of each holder of notes:</font></p>
            <p style="margin:0pt 0pt 12pt 59.75pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">extend the time of </font><font style="font-family:Arial; font-size:10pt">crediting of principal and interest on the notes;</font></p>
            <p style="margin:0pt 0pt 12pt 59.75pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">reduce the principal amount of, or the rate or amount of interest on, </font><font style="font-family:Arial; font-size:10pt">the notes;</font></p>
            <p style="margin:0pt 0pt 12pt 59.75pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">impair the </font><font style="font-family:Arial; font-size:10pt">right to institute suit for the enforcement of any payment o</font><font style="font-family:Arial; font-size:10pt">n or with respect to the notes; or</font></p>
            <p style="margin:0pt 0pt 12pt 59.75pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">reduce the percentage of outstanding notes necessary to modify or amend the indenture, to waive compliance with specific provisions of or certain defaults and co</font><font style="font-family:Arial; font-size:10pt">nsequences under the indenture, or to reduce the quorum or voting requirements set forth in the indenture</font><font style="font-family:Arial; font-size:10pt">.</font></p>
            <p style="margin:0pt 0pt 12pt; text-indent:35.3pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">AMERCO </font><font style="font-family:Arial; font-size:10pt">and the trustee may modify and amend the indenture without the consent of any holder of notes for any of the following purposes:</font></p>
            <p style="margin:0pt 0pt 12pt 59.75pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">to evidence t</font><font style="font-family:Arial; font-size:10pt">he su</font><font style="font-family:Arial; font-size:10pt">ccession of another P</font><font style="font-family:Arial; font-size:10pt">erson to </font><font style="font-family:Arial; font-size:10pt">AMERCO</font><font style="font-family:Arial; font-size:10pt"> as obligor under the indenture;</font></p>
            <p style="margin:0pt 0pt 12pt 59.75pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">to add to </font><font style="font-family:Arial; font-size:10pt">other</font><font style="font-family:Arial; font-size:10pt"> covenants for the benefit of the holders of the notes or to surrender any right or power conferred upon </font><font style="font-family:Arial; font-size:10pt">AMERCO, Owner, or their respective affiliates, as provided </font><font style="font-family:Arial; font-size:10pt">in </font><font style="font-family:Arial; font-size:10pt">the </font><font style="font-family:Arial; font-size:10pt">financing documents; </font></p>
            <p style="margin:0pt 0pt 12pt 59.75pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">to add </font><font style="font-family:Arial; font-size:10pt">e</font><font style="font-family:Arial; font-size:10pt">vents of </font><font style="font-family:Arial; font-size:10pt">d</font><font style="font-family:Arial; font-size:10pt">efault for the benefit of the holders of the notes;</font></p>
            <p style="margin:0pt 0pt 12pt 59.75pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">to add or change any provisions of the indenture to facilitate the issuance of, or to liberalize specific terms of, debt securities in bearer form, or to permit</font><font style="font-family:Arial; font-size:10pt"> or facilitate the issuance of debt securities in uncertificated form, provided that the action will not adversely affect the interests of the holders of the notes in any material respect;</font></p>
            <p style="margin:0pt 0pt 12pt 59.75pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">to change or eliminate any provisions of the indenture, if the chan</font><font style="font-family:Arial; font-size:10pt">ge or elimination becomes effective only when there are no debt securities outstanding of any series created prior to the change or elimination that are entitled to the benefit of the changed or eliminated provision;</font></p>
            <p style="margin:0pt 0pt 12pt 59.75pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">to establish the form or terms of debt </font><font style="font-family:Arial; font-size:10pt">securities of any series and any related coupons;</font></p>
            <p style="margin:0pt 0pt 12pt 59.75pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">to provide for the acceptance of appointment by a successor trustee or facilitate the administration of the trusts under the indenture by more than one trustee;</font></p>
            <p style="margin:0pt 0pt 12pt 59.75pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">to cure any ambiguity or correct any </font><font style="font-family:Arial; font-size:10pt">inconsistency in the indenture provided that the cure or correction does not adversely affect the holders of the notes;</font></p>
            <p style="margin:0pt 0pt 12pt 59.75pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">to supplement any of the provisions of the indenture to the extent necessary to permit or facilitate defeasance and discharge of the not</font><font style="font-family:Arial; font-size:10pt">es, provided that the supplement does not adversely affect the interests of the holders of the notes in any material respect;</font><a name="EDGAR_PAGE_END30"></a></p>
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            <p style="margin:0pt; text-align:center; line-height:10pt"><a name="EDGAR_HF_F_START_7"></a><font style="font-family:Arial; font-size:10pt">S</font><font style="font-family:Arial; font-size:10pt">-</font><font style="font-family:Arial; font-size:10pt">23</font><a name="EDGAR_HF_F_END_8"></a></p>
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            <p style="margin:0pt 0pt 12pt 59.75pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><a name="EDGAR_PAGE_START31"></a><font style="font-family:Arial; font-size:10pt">to add to, delete from or revise the conditions, limitations or restrictions on issue, authentication and delivery of </font><font style="font-family:Arial; font-size:10pt">the notes</font><font style="font-family:Arial; font-size:10pt">;</font></p>
            <p style="margin:0pt 0pt 12pt 59.75pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">t</font><font style="font-family:Arial; font-size:10pt">o conform any provision in the indenture to the requirements of the Trust Indenture Act; or</font></p>
            <p style="margin:0pt 0pt 12pt 59.75pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">to make any change that does not adversely affect the legal rights under the indenture of any holder of notes.</font></p>
            <p style="margin:12pt 0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">In determining whether the holders of the requisite p</font><font style="font-family:Arial; font-size:10pt">rincipal amount of outstanding notes have given any request, demand, authorization, direction, notice, consent or waiver under the indenture or whether a quorum is present at a </font><font style="font-family:Arial; font-size:10pt">meeting of holders of the notes, </font><font style="font-family:Arial; font-size:10pt">the principal amount </font><font style="font-family:Arial; font-size:10pt">of the notes </font><font style="font-family:Arial; font-size:10pt">that is deem</font><font style="font-family:Arial; font-size:10pt">ed to be outstanding will be the amount of the principal that would be due and payable as of the date of the determination upon declaration of acceleration of the maturity of </font><font style="font-family:Arial; font-size:10pt">the notes.</font></p>
            <p style="margin:12pt 0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">T</font><font style="font-family:Arial; font-size:10pt">he Trustee shall be entitled to receive, and</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">shall be fully protected in relying upon, an officers&#8217; certificate and an opinion of counsel to the effect that the execution of </font><font style="font-family:Arial; font-size:10pt">any </font><font style="font-family:Arial; font-size:10pt">such amendment or modification is authorized or permitted pursuant to the financing documents and has been duly authorized,</font><font style="font-family:Arial; font-size:10pt"> executed and delivered by, and is a valid, binding and enforceable obligation of, the Company, subject to customary exceptions</font><a name="_DV_C395"><font style="font-family:Arial; font-size:10pt">,</font><font style="font-family:Arial; font-size:10pt; font-weight:bold"> </font><font style="font-family:Arial; font-size:10pt">and that all conditions precedent</font><font style="font-family:Arial; font-size:10pt"> under the financing documents</font><font style="font-family:Arial; font-size:10pt">, if any, have been satisfied.&#160;&#160; </font></a></p>
            <p style="margin:0pt 0pt 12pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Discharge, Defeasance and Cove</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">nant Defeasance</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">Discharge</font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:normal">.</font><font style="font-family:Arial; font-size:10pt; font-style:normal">&#160; </font><font style="font-family:Arial; font-size:10pt; font-style:normal">AMERCO </font><font style="font-family:Arial; font-size:10pt; font-style:normal">can discharge specific obligations to holders of the notes </font><font style="font-family:Arial; font-size:10pt; font-style:normal">or any sub-series thereof </font><font style="font-family:Arial; font-size:10pt; font-style:normal">(1) that have not already been delivered to the trustee for cancellation and (2) that either have become due and payable or will, within</font><font style="font-family:Arial; font-size:10pt; font-style:normal"> one year, become due and payable, by irrevocably depositing with the trustee, in trust, money or funds certified to</font><font style="font-family:Arial; font-size:10pt; font-style:normal"> be sufficient to pay when due the principal of</font><font style="font-family:Arial; font-size:10pt; font-style:normal"> and interest on the notes.</font></p>
            <p style="margin:0pt 0pt 0pt 21.6pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:'Times New Roman'; font-size:12pt; font-style:normal">&#xa0;</font></p>
            <p style="margin:0pt 0pt 0pt 18pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">Defeasance and </font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">c</font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">ovenant </font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">d</font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">efeasance</font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:normal">.</font><font style="font-family:Arial; font-size:10pt; font-style:normal">&#160; </font><font style="font-family:Arial; font-size:10pt; font-style:normal">AMERCO </font><font style="font-family:Arial; font-size:10pt; font-style:normal">may elect either:</font></p>
            <p style="margin:12pt 0pt 12pt 60pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">defeasance, which means </font><font style="font-family:Arial; font-size:10pt">AMERCO</font><font style="font-family:Arial; font-size:10pt"> elect</font><font style="font-family:Arial; font-size:10pt">s</font><font style="font-family:Arial; font-size:10pt"> to defease and be discharged from any and all obligations with respect to </font><font style="font-family:Arial; font-size:10pt">any sub-series of </font><font style="font-family:Arial; font-size:10pt">the notes, to replace temporary or mutilated, destroyed, lost or stolen debt securities, to maintain an office or agency in re</font><font style="font-family:Arial; font-size:10pt">spect of the notes and to hold moneys for payment in trust; or</font></p>
            <p style="margin:12pt 0pt 12pt 60pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">covenant defeasance, which means </font><font style="font-family:Arial; font-size:10pt">AMERCO elects</font><font style="font-family:Arial; font-size:10pt"> to be released from </font><font style="font-family:Arial; font-size:10pt">its</font><font style="font-family:Arial; font-size:10pt"> obligations with respect to </font><font style="font-family:Arial; font-size:10pt">any sub-series of </font><font style="font-family:Arial; font-size:10pt">the notes under specified sections of the indenture relating to covenants, a</font><font style="font-family:Arial; font-size:10pt">nd any omission to comply with its obligations will not constitute an </font><font style="font-family:Arial; font-size:10pt">E</font><font style="font-family:Arial; font-size:10pt">vent of </font><font style="font-family:Arial; font-size:10pt">D</font><font style="font-family:Arial; font-size:10pt">efault with respect to </font><font style="font-family:Arial; font-size:10pt">such sub-series of </font><font style="font-family:Arial; font-size:10pt">the notes; </font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">in either case upon the irrevocable deposit by </font><font style="font-family:Arial; font-size:10pt">AMERCO </font><font style="font-family:Arial; font-size:10pt">with the trustee, in trust, of an amount, in currency or currencies </font><font style="font-family:Arial; font-size:10pt">or government obligations, or both, sufficient without reinvestment to make scheduled payments of the principal of and interest on the </font><font style="font-family:Arial; font-size:10pt">applicable sub-series of the </font><font style="font-family:Arial; font-size:10pt">notes, when due, whether at maturity or otherwise.</font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 12pt; text-indent:36pt"><font style="font-family:Arial; font-size:10pt">A trust </font><font style="font-family:Arial; font-size:10pt">is only</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">permitted to be </font><font style="font-family:Arial; font-size:10pt">established if, among other things:</font></p>
            <p style="margin:0pt 0pt 12pt 59.75pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">AMERCO </font><font style="font-family:Arial; font-size:10pt">h</font><font style="font-family:Arial; font-size:10pt">as</font><font style="font-family:Arial; font-size:10pt"> delivered to the trustee an opinion of counsel, as specified in the indenture, to the effect that the holders of the </font><font style="font-family:Arial; font-size:10pt">applicable sub-series of the </font><font style="font-family:Arial; font-size:10pt">notes will not recognize income, gain or loss for federal income tax purposes as a result of the defeasance or covenant defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been th</font><font style="font-family:Arial; font-size:10pt">e case if the defeasance or covenant defeasance had not occurred, and the opinion of counsel, in the case of defeasance, will be required to refer to and be based upon a ruling of the Internal Revenue</font><a name="EDGAR_PAGE_END31"></a></p>
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            <p style="margin:0pt; text-align:center; line-height:10pt"><a name="EDGAR_HF_F_START_7"></a><font style="font-family:Arial; font-size:10pt">S</font><font style="font-family:Arial; font-size:10pt">-</font><font style="font-family:Arial; font-size:10pt">24</font><a name="EDGAR_HF_F_END_8"></a></p>
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            <p style="margin:0pt 0pt 12pt 59.75pt; text-indent:-18pt; text-align:justify"><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt"> </font><a name="EDGAR_PAGE_START32"></a><font style="font-family:Arial; font-size:10pt">Service or a change in applicable U.S. federal income t</font><font style="font-family:Arial; font-size:10pt">ax law occurring after the date of the indenture;</font></p>
            <p style="margin:0pt 0pt 12pt 59.75pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">no </font><font style="font-family:Arial; font-size:10pt">E</font><font style="font-family:Arial; font-size:10pt">vent of </font><font style="font-family:Arial; font-size:10pt">D</font><font style="font-family:Arial; font-size:10pt">efault or </font><font style="font-family:Arial; font-size:10pt">D</font><font style="font-family:Arial; font-size:10pt">efault has occurred;</font></p>
            <p style="margin:0pt 0pt 12pt 59.75pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">the defeasance or covenant defeasance will not result in a breach or violation of, or constitute a </font><font style="font-family:Arial; font-size:10pt">D</font><font style="font-family:Arial; font-size:10pt">efault under, the indenture or any other material agreement o</font><font style="font-family:Arial; font-size:10pt">r instrument to which </font><font style="font-family:Arial; font-size:10pt">AMERCO is</font><font style="font-family:Arial; font-size:10pt"> a party or by which </font><font style="font-family:Arial; font-size:10pt">AMERCO is</font><font style="font-family:Arial; font-size:10pt"> bound; and</font></p>
            <p style="margin:0pt 0pt 12pt 59.75pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">AMERCO has</font><font style="font-family:Arial; font-size:10pt"> delivered to the trustee an officers&#8217; certificate and an opinion of counsel, each stating that all conditions precedent to the defeasance or covenant defeasance have been c</font><font style="font-family:Arial; font-size:10pt">omplied with. </font></p>
            <p style="margin:0pt 0pt 12pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">In general, if </font><font style="font-family:Arial; font-size:10pt">AMERCO</font><font style="font-family:Arial; font-size:10pt"> elect</font><font style="font-family:Arial; font-size:10pt">s</font><font style="font-family:Arial; font-size:10pt"> covenant defeasance with respect to </font><font style="font-family:Arial; font-size:10pt">a sub-series of </font><font style="font-family:Arial; font-size:10pt">the notes and payments on </font><font style="font-family:Arial; font-size:10pt">such sub-series of </font><font style="font-family:Arial; font-size:10pt">the notes are declared due and payable because of the occurrence of an </font><font style="font-family:Arial; font-size:10pt">E</font><font style="font-family:Arial; font-size:10pt">vent of </font><font style="font-family:Arial; font-size:10pt">D</font><font style="font-family:Arial; font-size:10pt">efault, the amount of money and/or</font><font style="font-family:Arial; font-size:10pt"> government obligations on deposit with the applicable trustee would be sufficient to pay amounts due on </font><font style="font-family:Arial; font-size:10pt">such </font><font style="font-family:Arial; font-size:10pt">notes at the time of their stated maturity, but may not be sufficient to pay amounts due on </font><font style="font-family:Arial; font-size:10pt">such</font><font style="font-family:Arial; font-size:10pt"> notes at the time of the acceleration resulting f</font><font style="font-family:Arial; font-size:10pt">rom the </font><font style="font-family:Arial; font-size:10pt">E</font><font style="font-family:Arial; font-size:10pt">vent of </font><font style="font-family:Arial; font-size:10pt">D</font><font style="font-family:Arial; font-size:10pt">efault. In that case, </font><font style="font-family:Arial; font-size:10pt">AMERCO</font><font style="font-family:Arial; font-size:10pt"> would remain liable to make</font><font style="font-family:Arial; font-size:10pt"> payment of the amounts due on such </font><font style="font-family:Arial; font-size:10pt">notes at the time of acceleration.</font></p>
            <p style="margin:0pt 0pt 12pt"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Trustee</font></p>
            <p style="margin:0pt 0pt 12pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">U.S. Bank National Association is the trustee under the indenture, and is a party under the other financing documents; </font><font style="font-family:Arial; font-size:10pt; font-style:italic">provided, however</font><font style="font-family:Arial; font-size:10pt">, the trustee has the right to appoint an agent or nominee to be named as mortgagee or nominee titleholder for the benef</font><font style="font-family:Arial; font-size:10pt">it of the noteholders under the financing documents.&#160;&#160; </font></p>
            <p style="margin:0pt 0pt 12pt"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Servicer</font></p>
            <p style="margin:0pt 0pt 12pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">AMERCO&#8217;s</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">subsidiary</font><font style="font-family:Arial; font-size:10pt">, </font><font style="font-family:Arial; font-size:10pt">U-Haul International, Inc., </font><font style="font-family:Arial; font-size:10pt">or its designee, is the</font><font style="font-family:Arial; font-size:10pt"> servicing agent with respect to the notes</font><font style="font-family:Arial; font-size:10pt"> (the &#8220;servicer&#8221;).&#160; </font><font style="font-family:Arial; font-size:10pt">In this capacity, </font><font style="font-family:Arial; font-size:10pt">among other</font><font style="font-family:Arial; font-size:10pt"> duties, </font><font style="font-family:Arial; font-size:10pt">the servicer is res</font><font style="font-family:Arial; font-size:10pt">ponsible for crediting principal and interest </font><font style="font-family:Arial; font-size:10pt">to the U-Haul </font><font style="font-family:Arial; font-size:10pt">Investors Club</font><font style="font-family:Arial; font-size:10pt"> accounts </font><font style="font-family:Arial; font-size:10pt">of </font><font style="font-family:Arial; font-size:10pt">each </font><font style="font-family:Arial; font-size:10pt">holder</font><font style="font-family:Arial; font-size:10pt">, perform</font><font style="font-family:Arial; font-size:10pt">ing</font><font style="font-family:Arial; font-size:10pt"> recordkeeping and registrar services</font><font style="font-family:Arial; font-size:10pt">, perfecting and maintaining the first-priority lien on the Collateral in favor of the trustee for the benefi</font><font style="font-family:Arial; font-size:10pt">t of the holders subject to Permitted Liens,</font><font style="font-family:Arial; font-size:10pt"> and </font><font style="font-family:Arial; font-size:10pt">electronically receiving</font><font style="font-family:Arial; font-size:10pt"> and deliver</font><font style="font-family:Arial; font-size:10pt">ing</font><font style="font-family:Arial; font-size:10pt"> all documents, statements</font><font style="font-family:Arial; font-size:10pt">, tax documents </font><font style="font-family:Arial; font-size:10pt">and communications related to the offering, the notes and the U-Haul </font><font style="font-family:Arial; font-size:10pt">Investors Club</font><font style="font-family:Arial; font-size:10pt">.&#160;&#160; </font></p>
            <p style="margin:0pt 0pt 12pt"><font style="font-family:Arial; font-size:10pt; font-weight:bold">No Personal Liability of Directors, </font><font style="font-family:Arial; font-size:10pt; font-weight:bold">Officers, Employees or Stockholders</font></p>
            <p style="margin:0pt 0pt 12pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">No director, officer, employee or stockholder of AMERCO or any of its subsidiaries will have any liability for any obligations of AMERCO or any of its subsidiaries under the notes or any of the financing documents or for</font><font style="font-family:Arial; font-size:10pt"> any claim based on, in respect of, or by reason of such obligations or their creation.&#160; Each holder of the notes, by accepting a note, waives and releases all such liability.&#160; The waiver and release are part of the consideration for issuance of the notes.</font><font style="font-family:Arial; font-size:10pt">&#160; Such waiver and release may not be effective to waive liabilities under the U.S. Federal securities laws, and it is the view of the SEC that such a waiver is against public policy.</font></p>
            <p style="margin:0pt 0pt 12pt"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Arbitration</font></p>
            <p style="margin:0pt 0pt 12pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The financing documents provide that in the event that we, on</font><font style="font-family:Arial; font-size:10pt"> the one hand, and one or more of the holders, or the trustee on behalf of one or more of the holders, on the other hand, are unable to resolve any dispute, claim or controversy between them related to the financing documents or the U-Haul Investors Club, </font><font style="font-family:Arial; font-size:10pt">as applicable, such parties agree to submit such dispute to binding arbitration.&#160; However, such arbitration requirement shall not apply in cases where the dispute is between (i) the trustee and us</font><a name="EDGAR_PAGE_END32"></a></p>
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            <p style="margin:0pt; text-align:center; line-height:10pt"><a name="EDGAR_HF_F_START_7"></a><font style="font-family:Arial; font-size:10pt">S</font><font style="font-family:Arial; font-size:10pt">-</font><font style="font-family:Arial; font-size:10pt">25</font><a name="EDGAR_HF_F_END_8"></a></p>
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            <p style="margin:0pt 0pt 12pt; ; text-align:justify"><font style="font-family:Arial; font-size:10pt"> </font><a name="EDGAR_PAGE_START33"></a><font style="font-family:Arial; font-size:10pt">(other than with respect to when the trustee is acting on b</font><font style="font-family:Arial; font-size:10pt">ehalf of one or more of the holders), (ii) the trustee and one or more of the holders, or (iii) the trustee and any third party.</font></p>
            <p style="margin:0pt 0pt 12pt"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Governing Law</font></p>
            <p style="margin:0pt 0pt 12pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The indenture and the notes are governed </font><font style="font-family:Arial; font-size:10pt">by, and construed in accordance with, the internal laws of the State of </font><font style="font-family:Arial; font-size:10pt">New York</font><font style="font-family:Arial; font-size:10pt">.</font></p>
            <p style="margin:0pt 0pt 12pt"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Form of Notes</font></p>
            <p style="margin:0pt 0pt 12pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">AMERCO is issuing the notes in uncertificated book-entry form only.&#160; AMERCO is not issuing physical certificates for the notes.</font></p>
            <p style="margin:0pt 0pt 12pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The laws of some states in the </font><font style="font-family:Arial; font-size:10pt">United States</font><font style="font-family:Arial; font-size:10pt"> may require that certain Persons take physical delivery in </font><font style="font-family:Arial; font-size:10pt">definitive, certificated form.&#160; AMERCO reserves the right to issue certificated notes only if AMERCO determines not to have the notes held solely in book-entry form.</font></p>
            <p style="margin:0pt 0pt 12pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">AMERCO, the servicer and the trustee will treat holders of notes in whose names the notes </font><font style="font-family:Arial; font-size:10pt">are registered as of the record date as the owners thereof for purposes of receiving credits of principal and interest due on the notes and for any and all other purposes whatsoever with respect to the notes.</font></p>
            <p style="margin:0pt 0pt 12pt"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Restrictions on Transfer</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">The notes are not being listed on any securities exchange.&#160; </font><font style="font-family:Arial; font-size:10pt">The notes are not transferable except between members of the U-Haul Investors Club through privately negotiated transactions</font><font style="font-family:Arial; font-size:10pt"> as to which neither AMERCO, the servicer, the trustee, nor any of their respective affiliates will have any involvement.&#160; </font><font style="font-family:Arial; font-size:10pt">In addition, the notes will not be listed on any securities exchange, and there is no anticipated public market for the notes.&#160; </font><font style="font-family:Arial; font-size:10pt">In ad</font><font style="font-family:Arial; font-size:10pt">dition, it is unlikely that a secondary &#8220;over-the-counter&#8221; market for the notes will develop between bond dealers or bond trading desks at investment houses.&#160; Therefore, investors must be prepared </font><font style="font-family:Arial; font-size:10pt">to hold </font><font style="font-family:Arial; font-size:10pt">their n</font><font style="font-family:Arial; font-size:10pt">otes</font><font style="font-family:Arial; font-size:10pt"> until</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">the maturity date.</font></p>
            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
            <p style="margin:0pt 0pt 12pt"><font style="font-family:Arial; font-size:10pt; font-weight:bold">No Sinking Fu</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">nd</font></p>
            <p style="margin:0pt 0pt 12pt; text-indent:18pt"><font style="font-family:Arial; font-size:10pt">The notes are fully amortizing and will not have the benefit of a sinking fund.</font></p>
            <p style="margin:0pt 0pt 12pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Certain Definition</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">s</font></p>
            <p style="margin:0pt 0pt 12pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#8220;</font><font style="font-family:Arial; font-size:10pt">B</font><font style="font-family:Arial; font-size:10pt">usiness day&#8221; means any day other than a Saturday, Sunday or other day on which banks are authorized or required by law to be closed in </font><font style="font-family:Arial; font-size:10pt">New York City, N</font><font style="font-family:Arial; font-size:10pt">ew York, Chicago, Illinois</font><font style="font-family:Arial; font-size:10pt"> or Phoenix, Arizona.</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#8220;Collateral&#8221; has the meaning set forth in &#8220;Description of Notes &#8211; Substitution of Collateral&#8221;.</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#8220;</font><font style="font-family:Arial; font-size:10pt">Default</font><font style="font-family:Arial; font-size:10pt">&#8221;</font><font style="font-family:Arial; font-size:10pt"> means any event which is, or after notice or passage of time or both would be, an Event of Default. </font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#8220;Event of Default&#8221; has the meaning set forth in &#8220;Description of Notes &#8211; Events of Default, Waiver and Notice&#8221;.</font></p>
            <p style="margin:0pt 0pt 0pt 18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt"> &#8220;Financing documents&#8221;</font><font style="font-family:Arial; font-size:10pt"> means the </font><font style="font-family:Arial; font-size:10pt">base indenture, the indenture supplement</font><font style="font-family:Arial; font-size:10pt"> and </font><font style="font-family:Arial; font-size:10pt">the pledge and security agreement, </font><font style="font-family:Arial; font-size:10pt">any other instruments and docum</font><font style="font-family:Arial; font-size:10pt">ents executed and delivered pursuant to the</font><font style="font-family:Arial; font-size:10pt"> foregoing documents </font><font style="font-family:Arial; font-size:10pt">as the same may be amended, supplemented or otherwise modified from time to time and pursuant to which</font><font style="font-family:Arial; font-size:10pt">, among other things, the Collateral is </font><font style="font-family:Arial; font-size:10pt">pledged, assigned or granted to or on behalf of th</font><font style="font-family:Arial; font-size:10pt">e </font><font style="font-family:Arial; font-size:10pt">trustee</font><font style="font-family:Arial; font-size:10pt"> for the benefit of the </font><font style="font-family:Arial; font-size:10pt">holders</font><font style="font-family:Arial; font-size:10pt">. </font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><a name="EDGAR_PAGE_END33"></a><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
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            <p style="margin:0pt; text-align:center; line-height:10pt"><a name="EDGAR_HF_F_START_7"></a><font style="font-family:Arial; font-size:10pt">S</font><font style="font-family:Arial; font-size:10pt">-</font><font style="font-family:Arial; font-size:10pt">26</font><a name="EDGAR_HF_F_END_8"></a></p>
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            <p style="margin:0pt; text-indent:18pt; text-align:justify"><a name="EDGAR_PAGE_START34"></a><font style="font-family:Arial; font-size:10pt">&#8220;Initial Collateral&#8221; has the meaning set forth in &#8220;The Offering&#8221; summary table.</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#8220;Issue date&#8221; means </font><font style="font-family:Arial; font-size:10pt">five business days following our receipt and acceptance of investor subscriptions with respect to any sub-series of the notes in the aggregate principal amount of up to $1,000 for such sub-series, </font><font style="font-family:Arial; font-size:10pt">or at such other time as AMERCO determines in its sole disc</font><font style="font-family:Arial; font-size:10pt">retion.&#160; Interest on issued notes shall commence to accrue on the issue date.&#160; </font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#8220;H</font><font style="font-family:Arial; font-size:10pt">older</font><font style="font-family:Arial; font-size:10pt">&#8221;</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">or &#8220;noteholder&#8221; </font><font style="font-family:Arial; font-size:10pt">means the Person in whose name a </font><font style="font-family:Arial; font-size:10pt">note is registered on the books of servicer, who shall serve as the registrar and paying agent with regard to the not</font><font style="font-family:Arial; font-size:10pt">es.</font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#8220;</font><font style="font-family:Arial; font-size:10pt">Lien</font><font style="font-family:Arial; font-size:10pt">&#8221;</font><font style="font-family:Arial; font-size:10pt"> means</font><font style="font-family:Arial; font-size:10pt"> any</font><font style="font-family:Arial; font-size:10pt"> mortgage</font><font style="font-family:Arial; font-size:10pt">,</font><font style="font-family:Arial; font-size:10pt"> deed of trust, </font><font style="font-family:Arial; font-size:10pt">deed to secure debt, </font><font style="font-family:Arial; font-size:10pt">pledge, hypothecation, a</font><font style="font-family:Arial; font-size:10pt">ssignment, deposit arrangement, </font><font style="font-family:Arial; font-size:10pt">security interest, lien, charge, easement, encumbrance, preference, priority or other security agreement or preferential ar</font><font style="font-family:Arial; font-size:10pt">rangement</font><font style="font-family:Arial; font-size:10pt"> of any kind or nature </font><font style="font-family:Arial; font-size:10pt">whatsoever on or with resp</font><font style="font-family:Arial; font-size:10pt">ect to such property or assets</font><font style="font-family:Arial; font-size:10pt">, conditional sale or other t</font><font style="font-family:Arial; font-size:10pt">itle retention agreement having </font><font style="font-family:Arial; font-size:10pt">substantially the same economic </font><font style="font-family:Arial; font-size:10pt">effect as any of the foregoing</font><font style="font-family:Arial; font-size:10pt">; </font><font style="font-family:Arial; font-size:10pt; text-decoration:underline">provided</font><font style="font-family:Arial; font-size:10pt"> that in no event shall an operating lease b</font><font style="font-family:Arial; font-size:10pt">e deemed to constitute a Lien.</font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#8220;n</font><font style="font-family:Arial; font-size:10pt">otes</font><font style="font-family:Arial; font-size:10pt">&#8221;</font><font style="font-family:Arial; font-size:10pt"> means the debt securities of the Company issued pursuant to the </font><font style="font-family:Arial; font-size:10pt">i</font><font style="font-family:Arial; font-size:10pt">ndenture</font><font style="font-family:Arial; font-size:10pt"> and the indenture supplement</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">governing and including the debt securities offered hereby. </font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#8220;O</font><font style="font-family:Arial; font-size:10pt">bligations</font><font style="font-family:Arial; font-size:10pt">&#8221;</font><font style="font-family:Arial; font-size:10pt"> means, with respect to any </font><font style="font-family:Arial; font-size:10pt">i</font><font style="font-family:Arial; font-size:10pt">ndebtedness</font><font style="font-family:Arial; font-size:10pt"> under the notes</font><font style="font-family:Arial; font-size:10pt">, all obligations for principal, premium, interest (including any inte</font><font style="font-family:Arial; font-size:10pt">rest accruing subsequent to the </font><font style="font-family:Arial; font-size:10pt">filing of a petition in bankruptcy, reorganization or similar proceeding at the rate provided for in the documentation with res</font><font style="font-family:Arial; font-size:10pt">pe</font><font style="font-family:Arial; font-size:10pt">ct thereto, whether or not such </font><font style="font-family:Arial; font-size:10pt">interest is an allowed claim under applicable state, federal or foreign law), penalties, fees, indemnifications, reimbursements (inc</font><font style="font-family:Arial; font-size:10pt">luding in respect of letters of </font><font style="font-family:Arial; font-size:10pt">credit), and other amounts payable pursuant to th</font><font style="font-family:Arial; font-size:10pt">e documen</font><font style="font-family:Arial; font-size:10pt">tation governing such i</font><font style="font-family:Arial; font-size:10pt">ndebtedness. </font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#8220;Owner&#8221; means </font><font style="font-family:Arial; font-size:10pt">U-Haul Leasing &amp; Sales Co., a </font><font style="font-family:Arial; font-size:10pt">Nevada</font><font style="font-family:Arial; font-size:10pt"> corporation with respect to the Appliance Dollies and Utility Dollies.&#160;&#160; </font><font style="font-family:Arial; font-size:10pt">&#160; </font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#8220;</font><font style="font-family:Arial; font-size:10pt">Permitted Liens</font><font style="font-family:Arial; font-size:10pt">&#8221;</font><font style="font-family:Arial; font-size:10pt"> mea</font><font style="font-family:Arial; font-size:10pt">ns </font><font style="font-family:Arial; font-size:10pt">Liens in favor of carriers, warehousemen, mechanics, suppliers, r</font><font style="font-family:Arial; font-size:10pt">epairmen, materialmen and landlords and</font><font style="font-family:Arial; font-size:10pt"> other similar Liens imposed by </font><font style="font-family:Arial; font-size:10pt">law, in each case for sums not overdue or being contested in good faith by appropriate proceedings or other Liens arising out of judgments or awar</font><font style="font-family:Arial; font-size:10pt">ds </font><font style="font-family:Arial; font-size:10pt">against </font><font style="font-family:Arial; font-size:10pt">the Company. </font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#8220;</font><font style="font-family:Arial; font-size:10pt">Person</font><font style="font-family:Arial; font-size:10pt">&#8221;</font><font style="font-family:Arial; font-size:10pt"> mean</font><font style="font-family:Arial; font-size:10pt">s any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, </font><font style="font-family:Arial; font-size:10pt">trust, unincorporated </font><font style="font-family:Arial; font-size:10pt">organization, government or any agency or political subdivision thereof or any other entity. </font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#8220;Principal&#8221; of a n</font><font style="font-family:Arial; font-size:10pt">o</font><font style="font-family:Arial; font-size:10pt">te means the principal of such n</font><font style="font-family:Arial; font-size:10pt">ote, plus the p</font><font style="font-family:Arial; font-size:10pt">remium, if any, payable on the n</font><font style="font-family:Arial; font-size:10pt">ote which is due or overdue or is to beco</font><font style="font-family:Arial; font-size:10pt">me due at the </font><font style="font-family:Arial; font-size:10pt">relevant time. </font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 12pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#8220;Record date&#8221; means the </font><font style="font-family:Arial; font-size:10pt">first day of the month preceding the related due date for the crediting of </font><font style="font-family:Arial; font-size:10pt">principal and interest on the notes.</font><font style="font-family:Arial; font-size:10pt"> </font></p>
            <p style="margin:0pt 0pt 12pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#8220;Replacement Collateral&#8221; has the meaning set forth in &#8220;Description of Notes &#8211; Substitution of Collateral&#8221;.</font></p>
            <p style="margin:0pt 0pt 12pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#8220;Released Collateral&#8221; has the meaning set forth in &#8220;Description of Notes &#8211; Substitution of Collateral&#8221;.</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#8220;</font><font style="font-family:Arial; font-size:10pt">SEC</font><font style="font-family:Arial; font-size:10pt">&#8221;</font><font style="font-family:Arial; font-size:10pt"> m</font><font style="font-family:Arial; font-size:10pt">eans the U.S. Securities and Exchange Commission. </font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#8220;Trust Indenture Act&#8221; means</font><font style="font-family:Arial; font-size:10pt"> the Trust Indenture Act of 1939, as amen</font><font style="font-family:Arial; font-size:10pt">ded.</font></p>
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            <p style="margin:0pt; text-indent:18pt; text-align:justify"><a name="EDGAR_PAGE_START35"></a><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#8220;UCC&#8221; means th</font><font style="font-family:Arial; font-size:10pt">e Uniform Commercial Code as in effect from time to time in the applicable jurisdiction.</font></p>
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            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">U-HAUL INVESTOR</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">S</font><font style="font-family:Arial; font-size:10pt; font-weight:bold"> CLUB</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#8482; </font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
            <p style="margin:0pt; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Overview</font></p>
            <p style="margin:0pt; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">The offering of the notes is structured as a subscription offering.&#160; This means AMERCO is offering you the opportunity to subscribe to purchase notes, which AMERCO may accept or reject.&#160; </font><font style="font-family:Arial; font-size:10pt">In order to subscribe to purchase notes, you must become a member of </font><font style="font-family:Arial; font-size:10pt">the U-Haul Investors Club and follow the instructions available on our website at </font><font style="font-family:Arial; font-size:10pt">http://www.uhaulinvestorsclub.com</font><font style="font-family:Arial; font-size:10pt">. As notes are offered, prospective investors </font><font style="font-family:Arial; font-size:10pt">shall have the opportunity to select the sub-series of notes for which such prospective investo</font><font style="font-family:Arial; font-size:10pt">r is subscribing.&#160;&#160; </font></p>
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            <p style="margin:0pt; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Membership Application</font></p>
            <p style="margin:0pt; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">In order to become a member of the U-Haul Investors Club (a &#8220;member&#8221;) you must first submit a membership application online.&#160; A member of the U-Haul Investors Club must:</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 0pt 54pt; text-indent:-18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">with respect to natural persons, be of at least 18 years of age and be a </font><font style="font-family:Arial; font-size:10pt">U.S.</font><font style="font-family:Arial; font-size:10pt"> resident with a valid social security number;</font></p>
            <p style="margin:0pt 0pt 0pt 36pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 0pt 54pt; text-indent:-18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">with respect to entities, be a corporation, partnership, limited partnership, trust, limited liability company or any other entity,</font><font style="font-family:Arial; font-size:10pt"> organized under the laws of a United States jurisdiction and have a valid tax identification number or social security number;</font></p>
            <p style="margin:0pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 0pt 54pt; text-indent:-18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">have an email account and a U.S. bank account</font><font style="font-family:Arial; font-size:10pt">;</font></p>
            <p style="margin:0pt 0pt 0pt 36pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 0pt 54pt; text-indent:-18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">link such member&#8217;s U.S. bank account to such member&#8217;s U-Haul Investors Club acc</font><font style="font-family:Arial; font-size:10pt">ount;</font></p>
            <p style="margin:0pt 0pt 0pt 36pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 0pt 54pt; text-indent:-18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">be comfortable using the Internet and investing in a self-directed manner; and</font></p>
            <p style="margin:0pt 0pt 0pt 36pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 0pt 54pt; text-indent:-18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">agree to other specified terms and conditions of membership in the U-Haul Investors Club, including electronic receipt and delivery of all </font><font style="font-family:Arial; font-size:10pt">documents, statements and comm</font><font style="font-family:Arial; font-size:10pt">unications related to the offering, the notes and the U-Haul Investors Club online</font><font style="font-family:Arial; font-size:10pt">, as well as the obligation to arbitrate resolution of any and all disputes that arise, and a waiver of class action claims.</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">If your membership application is accepted, </font><font style="font-family:Arial; font-size:10pt">AMERCO will notify you by email and a password-protected U-Haul Investors Club account will be created.</font></p>
            <p style="margin:0pt; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
            <p style="margin:0pt; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Subscription Agreement</font><font style="font-family:Arial; font-size:10pt; font-weight:bold"> and Process</font></p>
            <p style="margin:0pt; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">Once you are a member of the U-Haul Investors Club, in order to subscribe to purchase notes you must submit a subscription offer online.&#160; In the subscription offer, you will designate the maximum principal amount of notes, and the applicable sub-series, th</font><font style="font-family:Arial; font-size:10pt">at you are willing to purchase.&#160; The minimum amount of notes that you can subscribe to purchase is $100, and you may only subscribe to purchase a principal amount of notes in an integral multiple of $100 (e.g., $100, $200, $300, etc.).&#160; Unless otherwise de</font><font style="font-family:Arial; font-size:10pt">termined by AMERCO, there is no maximum amount of notes that you can subscribe to purchase.&#160; </font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">AMERCO reserves the right to accept or reject your subscription to purchase notes, in whole or in part, and in its sole discretion, for any reason.</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><br style=" clear:both" /><a name="EDGAR_PAGE_END35"></a></p>
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            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><a name="EDGAR_PAGE_START36"></a><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Revocabili</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">ty of Subscription to Purchase Notes </font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">Your subscription to purchase notes in any sub-series is revocable until AMERCO closes the offering.&#160; Upon the closing of the offering, your subscription to purchase notes for such sub-series shall be irrevocable.&#160; Th</font><font style="font-family:Arial; font-size:10pt">e anticipated offering closing date for each sub-series of the notes is or will be identified on the </font><font style="font-family:Arial; font-size:10pt">uhaulinvestorsclub</font><font style="font-family:Arial; font-size:10pt">.com website; however, such date is subject to change at AMERCO&#8217;s sole discretion.&#160; To the extent AMERCO changes the anticipated closing </font><font style="font-family:Arial; font-size:10pt">date, the </font><font style="font-family:Arial; font-size:10pt">uhaulinvestorsclub.com</font><font style="font-family:Arial; font-size:10pt"> website will be updated to reflect such changed date.&#160; It is recommended that prospective investors periodically check the </font><font style="font-family:Arial; font-size:10pt">uhaulinvestorsclub</font><font style="font-family:Arial; font-size:10pt">.com website for any changes in the anticipated closing date.&#160;&#160; </font></p>
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            <p style="margin:0pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Issuance of Note</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">s</font></p>
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            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">Notes will be issued within five business day following our receipt and acceptance of investor subscriptions with respect to any sub-series of the notes in the aggregate principal amount of up to $1,000 for such sub-series, </font><font style="font-family:Arial; font-size:10pt">or at such other time as AMERCO determines in its sole discretion.&#160; Interest shall on issued notes commence to accrue on the issue date. </font><font style="font-family:Arial; font-size:10pt"> Such note issuance will be in uncertificated book-entry format only.&#160; Servicer will register the notes in the names of</font><font style="font-family:Arial; font-size:10pt"> these members on servicer&#8217;s books and records.&#160; </font></p>
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            <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold">U-Haul Investors Club Member Accounts</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">In order to subscribe to purchase notes, a member must have sufficient funds in its U-Haul Investors Club account.&#160; In order to fund its U-Haul Investors Club account</font><font style="font-family:Arial; font-size:10pt">, such account must be linked to such member&#8217;s outside U.S. bank account and funds must be transferred from the linked bank account to the U-Haul Investors Club account, using the Automated Clearing House, or ACH, network. Funds are considered available in</font><font style="font-family:Arial; font-size:10pt"> the member&#8217;s U-Haul Investors Club account a minimum of three business days after such member initiates the ACH transfer.&#160; U-Haul Investors Club accounts are record-keeping subaccounts of a bank account maintained by servicer (referred to herein as the &#8220;i</font><font style="font-family:Arial; font-size:10pt">nvestment account&#8221;) with a third party financial institution, and reflect balances and transactions with respect to each member of the U-Haul Investors Club. The servicer administers the investment account and maintains the sub-accounts for each member of </font><font style="font-family:Arial; font-size:10pt">the U-Haul Investors Club.&#160; These record-keeping sub-accounts, which we refer to as &#8220;U-Haul Investors Club accounts&#8221;, are purely administrative.&#160; U-Haul Investors Club members have no direct relationship with the financial institution at which the investme</font><font style="font-family:Arial; font-size:10pt">nt account is maintained, or any successor thereto, by virtue of becoming a member of and participating in the U-Haul Investors Club.&#160; Funds in the investment account will always be maintained by the servicer at an FDIC member financial institution.&#160; </font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold">How</font><font style="font-family:Arial; font-size:10pt; font-weight:bold"> to Remove </font><font style="font-family:Arial; font-size:10pt; font-weight:bold">Funds from Y</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">our </font><font style="font-family:Arial; font-size:10pt; font-weight:bold">U-Haul Investors Club Account</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">Uninvested funds in each member&#8217;s U-Haul Investors Club account may remain in the respective U-Haul Investors Club accounts indefinitely and do not earn interest, and may include funds never </font><font style="font-family:Arial; font-size:10pt">committed by the member to the purchase of notes.&#160; Upon request by the member through the U-Haul Investors Club website, AMERCO will transfer, or will cause the servicer to transfer, U-Haul Investors Club account funds to the member&#8217;s linked U.S. bank acco</font><font style="font-family:Arial; font-size:10pt">unt by ACH transfer, provided such funds are not already committed to the purchase of notes.&#160; It may take up to five business days for funds to transfer from a member&#8217;s U-Haul Investors Club account to such member&#8217;s linked U.S. bank account.&#160; However</font><font style="font-family:Arial; font-size:10pt">, </font><font style="font-family:Arial; font-size:10pt">in o</font><font style="font-family:Arial; font-size:10pt">rder to ensure that sufficient funds are available in a member&#8217;s U-Haul Investors Club account, with</font><font style="font-family:Arial; font-size:10pt"> respect to funds </font><font style="font-family:Arial; font-size:10pt">ACH </font><font style="font-family:Arial; font-size:10pt">transferred into the member&#8217;s U-Haul Investors Club account from its linked bank account, there will be a thirty (30) day hold before </font><font style="font-family:Arial; font-size:10pt">such funds are eligible for </font><font style="font-family:Arial; font-size:10pt">ACH transfer</font><font style="font-family:Arial; font-size:10pt"> to such member&#8217;s</font><font style="font-family:Arial; font-size:10pt"> linked</font><font style="font-family:Arial; font-size:10pt"> bank account.&#160; </font></p>
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            <p style="margin:0pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Principal and Interest; Servicing of the Notes</font></p>
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            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">Each</font><font style="font-family:Arial; font-size:10pt"> holder will have the principal and interest due on the notes credited to such holder&#8217;s U-Haul Investors Club account.&#160; Th</font><font style="font-family:Arial; font-size:10pt">e notes are being exclusively serviced by the servicer, which means, among</font><a name="EDGAR_PAGE_END36"></a></p>
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            <p style="margin:0pt; ; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt"> </font><a name="EDGAR_PAGE_START37"></a><font style="font-family:Arial; font-size:10pt">other things, that the servicer is responsible for performing recordkeeping and registrar services with respect to the notes, and electronically receiving and delivering all </font><font style="font-family:Arial; font-size:10pt">documen</font><font style="font-family:Arial; font-size:10pt">ts, statements and communications related to the offering, the notes and the U-Haul Investors Club.&#160; Each member is permitted one free ACH transfer initiation per week (Sunday through Saturday) from such member&#8217;s U-Haul Investors Club account to such membe</font><font style="font-family:Arial; font-size:10pt">r&#8217;s linked U.S. bank account.&#160; Additional transfers may be subject to a $1.00 per transaction charge.&#160; The trustee has no duty, responsibility or liability with respect to the transfer, registration or payments on the notes.&#160; </font></p>
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            <p style="margin:0pt; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Transfer of Notes</font></p>
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            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The notes will not be listed on any securities exchange, and there is no public market for the notes.&#160; Therefore, you must be prepared to hold your notes until the maturity date.&#160; The notes are not transferable except between members of the U-Haul Investor</font><font style="font-family:Arial; font-size:10pt">s Club through privately negotiated transactions, as to which neither AMERCO, the servicer, the trustee, nor any of their respective affiliates will have any involvement.&#160; In the event you sell or transfer your note, you must notify servicer, and there wil</font><font style="font-family:Arial; font-size:10pt">l be assessed to the transferor </font><font style="font-family:Arial; font-size:10pt">a $25.00 per transaction registrar transfer fee</font><font style="font-family:Arial; font-size:10pt">. Such registrar transfer fee will be automatically deducted from the note transferor&#8217;s U-Haul Investors Club account.&#160;&#160; There can be no assurance that a holder desiring to sell</font><font style="font-family:Arial; font-size:10pt"> its notes will be able to find a buyer in any privately negotiated transaction, or that even if such a buyer is located by a holder, that such buyer would be willing to pay a price equal to the outstanding principal balance due on such note.</font></p>
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            <p style="margin:0pt; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold">U-Haul Inves</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">tors Club </font><font style="font-family:Arial; font-size:10pt; font-weight:bold">Fees</font></p>
            <p style="margin:0pt 0pt 0pt 18.6pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">There are no fees to join the U-Haul Investors Club or to maintain a membership, and there are no commissions on the purchases of notes. In addition to the $25.00 registrar transfer fee noted above, n</font><font style="font-family:Arial; font-size:10pt">on-routine requests made in connection w</font><font style="font-family:Arial; font-size:10pt">ith your notes may lead to additional fees, subject to your prior approval.&#160; Such fees will be automatically deducted from the funds in your U-Haul Investors Club account.</font></p>
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            <p style="margin:0pt; widows:0; orphans:0; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Electronic Communication</font></p>
            <p style="margin:0pt; widows:0; orphans:0; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify; widows:0; orphans:0; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">By participating in the offering, members of the U-Haul Investors Club agree to receive and submit all documents, statements, records and notices, and tax documents including IRS Form 1099s, electronically through the U-Haul Investors Club website and thei</font><font style="font-family:Arial; font-size:10pt">r U-Haul Investors Club accounts.&#160; Each member is responsible for keeping its U-Haul Investors Club account contact information up-to-date with the servicer.&#160; </font><font style="font-family:Arial; font-size:10pt">The </font><font style="font-family:Arial; font-size:10pt">n</font><font style="font-family:Arial; font-size:10pt">ote</font><font style="font-family:Arial; font-size:10pt">s are</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">maintained</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">in book-entry form, with AMERCO</font><font style="font-family:Arial; font-size:10pt">.</font><font style="font-family:Arial; font-size:10pt">&#160; </font></p>
            <p style="margin:12pt 0pt 3pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">MATERIAL </font><font style="font-family:Arial; font-size:10pt; font-weight:bold">U.S.</font><font style="font-family:Arial; font-size:10pt; font-weight:bold"> FEDERAL INCOME TAX CONS</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">EQUENCES</font></p>
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            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The following discussion </font><font style="font-family:Arial; font-size:10pt">summarizes the material </font><font style="font-family:Arial; font-size:10pt">U.S.</font><font style="font-family:Arial; font-size:10pt"> federal income tax consequences of the purchase, ownership and disposition of the notes.</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">This summary is based on the Internal Revenue Code of 1986, as amended, which we refer to as the </font><font style="font-family:Arial; font-size:10pt">&#8220;Code</font><font style="font-family:Arial; font-size:10pt">&#8221;</font><font style="font-family:Arial; font-size:10pt">,</font><font style="font-family:Arial; font-size:10pt"> regulations issued under the Code, judicial authority and administrative rulings and practice, all as of the date hereof and all of which are subject to differing interpretations or change. Any such change may be applied retroactively and may adversely </font><font style="font-family:Arial; font-size:10pt">affect the </font><font style="font-family:Arial; font-size:10pt">U.S.</font><font style="font-family:Arial; font-size:10pt"> federal tax consequences described in this prospectus supplement. This summary addresses only tax consequences to investors that purchase the notes at initia</font><font style="font-family:Arial; font-size:10pt">l issuance for the &#8220;issue price</font><font style="font-family:Arial; font-size:10pt">&#8221;</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">and own the notes as &#8220;capital assets&#8221; within the m</font><font style="font-family:Arial; font-size:10pt">eaning of the Code and not as part of a &#8220;straddle&#8221; or a &#8220;conversion transaction&#8221; for </font><font style="font-family:Arial; font-size:10pt">U.S.</font><font style="font-family:Arial; font-size:10pt"> federal income tax purposes, or as part of some other integrated investment.</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">This summary does not discuss all of the tax consequences that may be relevant to partic</font><font style="font-family:Arial; font-size:10pt">ular investors or to investors subject to special treatment under the U.S. federal income tax laws (such as insurance companies, banks, financial institutions, tax-exempt organizations, retirement plans, regulated investment companies, holders subject to t</font><font style="font-family:Arial; font-size:10pt">he alternative minimum tax, partnerships or other pass-through entities (or investors in such entities), securities dealers, expatriates or United States persons whose functional currency for tax purposes is not the U.S. dollar). We have not and do not int</font><font style="font-family:Arial; font-size:10pt">end to seek a ruling</font><a name="EDGAR_PAGE_END37"></a></p>
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            <p style="margin:0pt; ; text-align:justify"><font style="font-family:Arial; font-size:10pt"> </font><a name="EDGAR_PAGE_START38"></a><font style="font-family:Arial; font-size:10pt">from the Intern</font><font style="font-family:Arial; font-size:10pt">al Revenue Service, or the &#8220;IRS</font><font style="font-family:Arial; font-size:10pt">&#8221;</font><font style="font-family:Arial; font-size:10pt">,</font><font style="font-family:Arial; font-size:10pt"> with respect to any matters discussed in this section, and we cannot assure you that the IRS will not challenge one or more of the tax consequences described below.</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">If any entity treated as a partnership for </font><font style="font-family:Arial; font-size:10pt">U.S.</font><font style="font-family:Arial; font-size:10pt"> federal income tax purposes holds notes, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. A partner of a partnershi</font><font style="font-family:Arial; font-size:10pt">p holding notes should consult its tax advisers with respect to the tax treatment of holding notes through the partnership.</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 12pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Persons considering the purchase of the notes should consult their tax advisers concerning the application of the </font><font style="font-family:Arial; font-size:10pt">U.S.</font><font style="font-family:Arial; font-size:10pt"> federal inco</font><font style="font-family:Arial; font-size:10pt">me, estate and gift tax laws to their particular situations as well as any tax consequences of the purchase, ownership and disposition of the notes arising under the laws of any state, local, foreign or other taxing jurisdiction.</font></p>
            <p style="margin:0pt 0pt 12pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Arial; font-size:10pt; font-weight:bold">U.S.</font><font style="font-family:Arial; font-size:10pt; font-weight:bold"> Holders</font></p>
            <p style="margin:0pt 0pt 12pt; text-indent:18pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">Only U.S. Hol</font><font style="font-family:Arial; font-size:10pt">ders are permitted to beneficially own the notes.&#160; </font><font style="font-family:Arial; font-size:10pt">For purposes of </font><font style="font-family:Arial; font-size:10pt">this</font><font style="font-family:Arial; font-size:10pt"> discussion, a &#8220;U.S. Holder&#8221; means, for </font><font style="font-family:Arial; font-size:10pt">U.S.</font><font style="font-family:Arial; font-size:10pt"> federal income tax purposes, a beneficial owner of a note that is:</font></p>
            <p style="margin:0pt 0pt 12pt 54pt; text-indent:-18pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">an individual who is a citizen or resident of the </font><font style="font-family:Arial; font-size:10pt">United States</font><font style="font-family:Arial; font-size:10pt">;</font></p>
            <p style="margin:0pt 0pt 12pt 54pt; text-indent:-18pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">a corpor</font><font style="font-family:Arial; font-size:10pt">ation, or other entity taxable as a corporation for U.S. federal income tax purposes, </font><font style="font-family:Arial; font-size:10pt">or a partnership, limited liability company, trust, custodial account and other entities</font><font style="font-family:Arial; font-size:10pt"> created or organized in or under the laws of the United States or any </font><font style="font-family:Arial; font-size:10pt">s</font><font style="font-family:Arial; font-size:10pt">tate or po</font><font style="font-family:Arial; font-size:10pt">litical subdivision thereof or therein (including the District of Columbia);</font></p>
            <p style="margin:0pt 0pt 12pt 54pt; text-indent:-18pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">an estate whose income is subject to </font><font style="font-family:Arial; font-size:10pt">U.S.</font><font style="font-family:Arial; font-size:10pt"> federal income taxation regardless of its source; or</font></p>
            <p style="margin:0pt 0pt 12pt 54pt; text-indent:-18pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">a trust if a court within the United States is able to exercise primary supervision </font><font style="font-family:Arial; font-size:10pt">over its administration and one or more United States persons have the authority to control all of its substantial decisions, or that was a domestic trust for U.S. federal income tax purposes on August</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">19, 1996, and has elected to continue to be treated as</font><font style="font-family:Arial; font-size:10pt"> a domestic trust.</font></p>
            <p style="margin:0pt 0pt 11pt; text-indent:18pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Arial; font-size:10pt">Therefore, the </font><font style="font-family:Arial; font-size:10pt">remainder of this discussion assumes that the notes</font><font style="font-family:Arial; font-size:10pt"> are purchased, owned and disposed of only by U.S. Holders.</font></p>
            <p style="margin:0pt 0pt 11pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Treatment of U-Haul Investors Club Membership</font></p>
            <p style="margin:0pt 0pt 11pt; text-indent:18pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Arial; font-size:10pt">The U-Haul Investors Club should not be treated as an unincorporated organization </font><font style="font-family:Arial; font-size:10pt">carrying on a business, financial operation, or venture</font><font style="font-family:Arial; font-size:10pt"> and should not be classified as a partnership for </font><font style="font-family:Arial; font-size:10pt">U.S.</font><font style="font-family:Arial; font-size:10pt"> federal income tax purposes.&#160; Each investor purchasing notes is</font><font style="font-family:Arial; font-size:10pt"> required to complete a note subscription offer and provide a linked U.S. bank account to pay for the notes, with each investor purchasing notes making an investment decision separate from other investors&#8217; purchases of notes.</font></p>
            <p style="margin:0pt 0pt 12pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Treatment of Interest</font></p>
            <p style="margin:0pt 0pt 12pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Stated i</font><font style="font-family:Arial; font-size:10pt">nterest on the notes will be taxable to a U.S. Holder as ordinary income as the interest accrues or is paid in accordance with the U.S. Holder&#8217;s method of tax accounting.</font></p>
            <p style="margin:0pt 0pt 12pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Treatment of Dispositions of Notes</font></p>
            <p style="margin:0pt 0pt 12pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Upon the sale, exchange, retirement, redemption or</font><font style="font-family:Arial; font-size:10pt"> other taxable disposition of a note, a U.S. Holder generally will recognize gain or loss equal to the difference between the amount received on such disposition (other than amounts attributable to accrued and unpaid interest, which will be treated as ordi</font><font style="font-family:Arial; font-size:10pt">nary interest income if not previously included in income) and the U.S. Holder&#8217;s tax basis in the note.</font><a name="EDGAR_PAGE_END38"></a></p>
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            <p style="margin:0pt 0pt 12pt; ; text-align:justify"><font style="font-family:Arial; font-size:10pt"> </font><a name="EDGAR_PAGE_START39"></a><font style="font-family:Arial; font-size:10pt">A U.S. Holder&#8217;s tax basis in a note will </font><font style="font-family:Arial; font-size:10pt">initially </font><font style="font-family:Arial; font-size:10pt">be, in general, the cost of the note to the U.S. Holder. Gain or loss realized on the sale, exchange,</font><font style="font-family:Arial; font-size:10pt"> retirement or redemption of a note generally will be capital gain or loss, and will be long-term capital gain or loss if, at the time of such sale, exchange, retirement or redemption the note has been held for more than one year. </font><font style="font-family:Arial; font-size:10pt">Certain</font><font style="font-family:Arial; font-size:10pt"> preferential tax </font><font style="font-family:Arial; font-size:10pt">rates may apply to gain recognized as long-term capital gain. A U.S. Holder&#8217;s ability to deduct capital losses is subject to limitations.</font><br /><br /><font style="font-family:Arial; font-size:10pt; font-weight:bold">Information Reporting Requirements and Backup Withholding</font></p>
            <p style="margin:0pt 0pt 12pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">When required, </font><font style="font-family:Arial; font-size:10pt">the servicer </font><font style="font-family:Arial; font-size:10pt">will report to the </font><font style="font-family:Arial; font-size:10pt">U.S. H</font><font style="font-family:Arial; font-size:10pt">olders of the notes and the IRS amounts of interest paid on or with respect to the notes and the amount of any tax withheld from such payments. Certain non-corporate </font><font style="font-family:Arial; font-size:10pt">U.S. H</font><font style="font-family:Arial; font-size:10pt">olders may be subject to backup withholding (currently at a rate of 28%) if the </font><font style="font-family:Arial; font-size:10pt">U.S.</font><font style="font-family:Arial; font-size:10pt"> H</font><font style="font-family:Arial; font-size:10pt">older:</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">fails to furnish its </font><font style="font-family:Arial; font-size:10pt">t</font><font style="font-family:Arial; font-size:10pt">axpayer </font><font style="font-family:Arial; font-size:10pt">i</font><font style="font-family:Arial; font-size:10pt">dentification </font><font style="font-family:Arial; font-size:10pt">n</font><font style="font-family:Arial; font-size:10pt">umber, or TIN, in the required manner;</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">furnishes an incorrect TIN;</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">is subject to backup withholding because </font><font style="font-family:Arial; font-size:10pt">the U.S. Holder </font><font style="font-family:Arial; font-size:10pt">has failed to properly report payments of interest and dividends; or</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">fails to</font><font style="font-family:Arial; font-size:10pt"> establish an exemption from backup withholding.</font><font style="font-family:Arial; font-size:10pt">&#160; </font></p>
            <p style="margin:0pt 0pt 12pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Backup withholding is not an additional tax and may be refunded or credited against the </font><font style="font-family:Arial; font-size:10pt">U.S. H</font><font style="font-family:Arial; font-size:10pt">older&#8217;s </font><font style="font-family:Arial; font-size:10pt">U.S.</font><font style="font-family:Arial; font-size:10pt"> federal income tax liability, provided that </font><font style="font-family:Arial; font-size:10pt">certain r</font><font style="font-family:Arial; font-size:10pt">equired information is timely furnished to th</font><font style="font-family:Arial; font-size:10pt">e IRS.</font></p>
            <p style="margin:0pt 0pt 12pt"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Circular 230 </font></p>
            <p style="margin:0pt 0pt 12pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">TO ENSURE COMPLIANCE WITH U.S. TREASURY DEPARTMENT CIRCULAR 230, YOU ARE HEREBY NOTIFIED THAT: (A) </font><font style="font-family:Arial; font-size:10pt">THE FOREGOING </font><font style="font-family:Arial; font-size:10pt">DISCUSSION OF </font><font style="font-family:Arial; font-size:10pt">MATERIAL </font><font style="font-family:Arial; font-size:10pt">U.S. FEDERAL INCOME TAX </font><font style="font-family:Arial; font-size:10pt">CONSEQUENCES </font><font style="font-family:Arial; font-size:10pt">IN THIS PROSPECTUS </font><font style="font-family:Arial; font-size:10pt">SUPPLEMENT </font><font style="font-family:Arial; font-size:10pt">IS NOT INTENDED OR WRITTEN TO </font><font style="font-family:Arial; font-size:10pt">BE, AND CANNOT BE, RELIED UPON FOR THE PURPOSE OF AVOIDING PENALTIES THAT MAY BE IMPOSED UNDER THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE &#8220;CODE&#8221;); (B) SUCH DISCUSSION IS INCLUDED HEREIN BY US IN CONNECTION WITH THE PROMOTION OR MARKETING (WITHIN TH</font><font style="font-family:Arial; font-size:10pt">E MEANING OF CIRCULAR 230) BY US</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">OF THE TRANSACTIONS OR MATTERS ADDRESSED HEREIN</font><font style="font-family:Arial; font-size:10pt">; AND (C) YOU SHOULD SEEK ADVICE BASED ON YOUR PARTICULAR CIRCUMSTANCES FROM AN INDEPENDENT TAX ADVISOR.</font></p>
            <p style="margin:12pt 0pt 3pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">PLAN OF DISTRIBUTION</font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The </font><font style="font-family:Arial; font-size:10pt">n</font><font style="font-family:Arial; font-size:10pt">otes are offered in the </font><font style="font-family:Arial; font-size:10pt">United States</font><font style="font-family:Arial; font-size:10pt"> only</font><font style="font-family:Arial; font-size:10pt"> a</font><font style="font-family:Arial; font-size:10pt">nd only to U.S. Holders.&#160; See &#8220;Material U.S. Federal Income Tax Consequences&#8221; on page S-30 of this prospectus supplement for the definition of &#8220;U.S. Holders&#8221;.&#160; The notes are offered </font><font style="font-family:Arial; font-size:10pt">on a continuing basis</font><font style="font-family:Arial; font-size:10pt"> until AMERCO closes the offering,</font><font style="font-family:Arial; font-size:10pt"> and </font><font style="font-family:Arial; font-size:10pt">the notes </font><font style="font-family:Arial; font-size:10pt">will</font><font style="font-family:Arial; font-size:10pt"> be offered by AMERCO or its affiliates directly</font><font style="font-family:Arial; font-size:10pt"> to the public</font><font style="font-family:Arial; font-size:10pt">. There is presently anticipated to be no underwriter, broker</font><font style="font-family:Arial; font-size:10pt">, dealer or placement </font><font style="font-family:Arial; font-size:10pt">agent for the </font><font style="font-family:Arial; font-size:10pt">n</font><font style="font-family:Arial; font-size:10pt">otes</font><font style="font-family:Arial; font-size:10pt">,</font><font style="font-family:Arial; font-size:10pt"> and it is presently anticipated that no commissions will b</font><font style="font-family:Arial; font-size:10pt">e paid to any third parties in c</font><font style="font-family:Arial; font-size:10pt">onnection with the offering.</font></p>
            <p style="margin:12pt 0pt 3pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">LEGAL MATTERS</font></p>
            <p style="margin:0pt; text-align:center; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">The validity of the notes offered by this prospectus supplement will be passed upon by AMERCO.</font></p>
            <p style="margin:12pt 0pt 3pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">EXPERTS</font></p>
            <p style="margin:0pt; text-align:center; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Arial; font-size:10pt">The consolidated financial statements and schedules of AMERCO and consolidated subsidiaries as of March 31, </font><font style="font-family:Arial; font-size:10pt">2013 and 2012 and for each of the three years in the period ended March 31, 2013, and management&#8217;s assessment of the effectiveness of AMERCO&#8217;s internal control over financial reporting as of March 31, 2013, appearing in AMERCO&#8217;s Annual Report on Form 10-K </font><font style="font-family:Arial; font-size:10pt">for the year ended March 31, 2013, incorporated by reference in this prospectus supplement have been so incorporated in reliance on the reports of BDO USA, LLP, an independent registered public accounting firm, incorporated herein by reference, given on th</font><font style="font-family:Arial; font-size:10pt">e authority of said firm as experts in auditing and accounting</font><font style="font-family:Arial; font-size:10pt">.</font></p>
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            <p style="margin:5pt 0pt"><a name="EDGAR_PAGE_START40"></a><font style="font-family:Arial; font-size:12pt; font-weight:bold">PROSPECTUS</font></p>
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            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:12pt; font-weight:bold">Debt Securities</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:12pt; font-weight:bold">Common Stock</font><br /><font style="font-family:Arial; font-size:12pt; font-weight:bold">Preferred Stock</font><br /><font style="font-family:Arial; font-size:12pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 6pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">By this prospectus, we may offer from time to time: debt securities; common stock; and preferred stock.</font></p>
            <p style="margin:0pt 0pt 6pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">When we offer securit</font><font style="font-family:Arial; font-size:10pt">ies, we will provide you with a prospectus supplement describing the terms of the specific issue of securities, including the price of the securities. You should read this prospectus and any prospectus supplement carefully before you decide to invest. This</font><font style="font-family:Arial; font-size:10pt"> prospectus may not be used to sell securities unless it is accompanied by a prospectus supplement that further describes the securities being delivered to you.</font></p>
            <p style="margin:0pt 0pt 6pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">We may offer and sell these securities to or through one or more underwriters, dealers and agen</font><font style="font-family:Arial; font-size:10pt">ts, or directly to purchasers, on a continuous or delayed basis.</font></p>
            <p style="margin:0pt 0pt 6pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Our common stock is listed for trading on the NASDAQ Global Select Market under the symbol &#8220;UHAL.&#8221; We have not yet determined whether any of the securities that may be offered by this </font><font style="font-family:Arial; font-size:10pt">prospectus will be listed on any exchange, or included in any inter-dealer quotation system or over-the-counter market. If we decide to seek the listing or inclusion of any such securities upon issuance, the prospectus supplement relating to those securiti</font><font style="font-family:Arial; font-size:10pt">es will disclose the exchange, quotation system or market on or in which the securities will be listed or included.</font></p>
            <p style="margin:0pt 0pt 6pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Investing in our securities involves risks. We may include specific risk factors in an applicable prospectus supplement under the heading &#8220;R</font><font style="font-family:Arial; font-size:10pt">isk Factors.&#8221;</font></p>
            <p style="margin:6pt 0pt 12pt; text-align:center"><font style="font-family:Arial; font-size:10pt">____________________</font></p>
            <p style="margin:6pt 0pt 0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Investing in our securities involves certain risks.&#160; See &#8220;Risk Factors&#8221; beginning on Page</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">4 of this prospectus and in the applicable prospectus supplement for certain risks you should consider.&#160; You should carefully read </font><font style="font-family:Arial; font-size:10pt; font-weight:bold">the entire prospectus before you invest in our securities.</font></p>
            <p style="margin:6pt 0pt 12pt; text-align:center"><font style="font-family:Arial; font-size:10pt">____________________</font></p>
            <p style="margin:0pt 0pt 6pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the accuracy or adequacy of th</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">is prospectus.</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">Any representation to the contrary is a criminal offense.</font></p>
            <p style="margin:0pt 0pt 6pt; text-align:center"><font style="font-family:Arial; font-size:10pt">____________________</font></p>
            <p style="margin:12pt 0pt 0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">January 17, 2014</font></p>
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            <p style="margin:0pt; text-align:center"><a name="EDGAR_PAGE_START41"></a><font style="font-family:Arial; font-size:10pt; font-weight:bold">TABLE OF CONTENTS</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">About This Prospectus</font></p>
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                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:11.68%">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">About AMERCO</font></p>
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                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:11.68%">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">3</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">Risk Factors</font></p>
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                    <td style="padding-left:2.35pt; padding-right:2.35pt; vertical-align:bottom; width:11.68%">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">4</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">Note Regarding Forward-Looking Statements</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">4</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">Description of</font><font style="font-family:Arial; font-size:10pt; text-decoration:underline"> Securities</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">5</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">Use of Proceeds</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">5</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">Ratio of Earnings to Fixed Charges</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">5</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">6</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">Legal Matters</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">7</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">Experts</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">7</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">7</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">Where You Can Find More Information</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">If you are in a jurisdiction where </font><font style="font-family:Arial; font-size:10pt">offers to sell, or solicitations of offers to purchase, the securities offered by this document are unlawful, or if you are a person to whom it is unlawful to direct these types of activities, then the offer presented in this prospectus does not extend to </font><font style="font-family:Arial; font-size:10pt">you.</font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">We have not authorized anyone to give any information or make any representation about us that is different from, or in addition to, that contained in this prospectus, including in any of the materials that we have incorporated by reference into thi</font><font style="font-family:Arial; font-size:10pt">s prospectus, any accompanying prospectus supplement and any free writing prospectus prepared or authorized by us.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">Therefore, if anyone does give you information of this sort, you should not rely on it as authorized by us.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">Neither the delivery of this pr</font><font style="font-family:Arial; font-size:10pt">ospectus, nor any sale made hereunder, shall under any circumstances create any implication that there has been no change in our affairs since the date hereof or that the information incorporated by reference herein is correct as of any time subsequent to </font><font style="font-family:Arial; font-size:10pt">the date of such information.</font></p>
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            <p style="margin:0pt; text-align:center"><a name="EDGAR_PAGE_START42"></a><font style="font-family:Arial; font-size:10pt; font-weight:bold">ABOUT THIS PROSPECTUS</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">This prospectus is part of a registration statement on Form S-3 that AMERCO has filed with the Securities and Exchange Commission, or the SEC, utilizing the &#8220;shelf&#8221; registration process </font><font style="font-family:Arial; font-size:10pt">for the offering and sale of securities pursuant to Rule 415 under the Securities Act of 1933, as amended, or the Securities Act.&#160; Under the shelf registration process, we may, over time, sell any combination of securities described in this prospectus.</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">T</font><font style="font-family:Arial; font-size:10pt">his prospectus provides you with a general description of the securities that AMERCO may offer hereunder.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">Each time AMERCO sells a type or series of securities, it will provide a prospectus supplement that will contain specific information about the offer</font><font style="font-family:Arial; font-size:10pt">ing and the terms of the particular securities offered.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">The prospectus supplement may also add, update or change information contained in this prospectus.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">You should read both this prospectus and any prospectus supplement together with the additional inf</font><font style="font-family:Arial; font-size:10pt">ormation described under the headings &#8220;Where You Can Find More Information.&#8221;</font></p>
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            <p style="margin:0pt; text-indent:36pt"><font style="font-family:Arial; font-size:10pt">In each prospectus supplement, we will include the following information:</font></p>
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            <p style="margin:0pt 0pt 0pt 72pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">designation or classification;</font></p>
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            <p style="margin:0pt 0pt 0pt 72pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">the aggregate principal amount or aggregate offering price of securiti</font><font style="font-family:Arial; font-size:10pt">es that we propose to sell;</font></p>
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            <p style="margin:0pt 0pt 0pt 72pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">with respect to debt securities, the maturity;</font></p>
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            <p style="margin:0pt 0pt 0pt 72pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">original issue discount, if any;</font></p>
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            <p style="margin:0pt 0pt 0pt 72pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">the rates and times of payment of interest, dividends or other payments, if any;</font></p>
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            <p style="margin:0pt 0pt 0pt 72pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">redemption, conversion, exchange, settlement or sinking fund </font><font style="font-family:Arial; font-size:10pt">terms, if any;</font></p>
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            <p style="margin:0pt 0pt 0pt 72pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">ranking;</font></p>
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            <p style="margin:0pt 0pt 0pt 72pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">restrictive covenants, if any;</font></p>
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            <p style="margin:0pt 0pt 0pt 72pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">the names of any underwriters, agents or dealers to or through which the securities will be sold;</font></p>
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            <p style="margin:0pt 0pt 0pt 72pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">any compensation of those underwriters, agents or dealers;</font></p>
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            <p style="margin:0pt 0pt 0pt 72pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">information about any securities exchan</font><font style="font-family:Arial; font-size:10pt">ges or automated quotation systems on which the securities will be listed or traded or the fact that such securities will not be listed or traded on any exchange;</font></p>
            <p style="margin:0pt 0pt 0pt 72pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 0pt 72pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">any risk factors applicable to the securities that we propose to sell;</font></p>
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            <p style="margin:0pt 0pt 0pt 72pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">important federal in</font><font style="font-family:Arial; font-size:10pt">come tax considerations; and</font></p>
            <p style="margin:0pt 0pt 0pt 72pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 0pt 72pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">any other material information about the offering and sale of the securities.</font></p>
            <p style="margin:12pt 0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">A prospectus supplement may include a discussion of risks or other special considerations applicable to us or the offered securities. A prospectus s</font><font style="font-family:Arial; font-size:10pt">upplement may also add, update or change information in this prospectus. If there is any inconsistency between the information in this prospectus and the applicable prospectus supplement, you must rely on the information in the prospectus supplement. Pleas</font><font style="font-family:Arial; font-size:10pt">e carefully read both this prospectus and the applicable prospectus supplement together with additional information described under the heading &#8220;Where You Can Find More</font><a name="EDGAR_PAGE_END42"></a></p>
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            <p style="margin:12pt 0pt; ; text-align:justify"><font style="font-family:Arial; font-size:10pt"> </font><a name="EDGAR_PAGE_START43"></a><font style="font-family:Arial; font-size:10pt">Information.&#8221; This prospectus may not be used to offer or sell any securities unless ac</font><font style="font-family:Arial; font-size:10pt">companied by a prospectus supplement.</font></p>
            <p style="margin:0pt 0pt 12pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The registration statement containing this prospectus, including exhibits to the registration statement, provides additional information about us and the securities offered under this prospectus. The registration state</font><font style="font-family:Arial; font-size:10pt">ment can be read at the SEC website or at the SEC&#8217;s public reading room mentioned under the heading &#8220;Where You Can Find More Information.&#8221;</font></p>
            <p style="margin:0pt 0pt 12pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">We have not authorized any broker-dealer, salesperson or other person to give any information or to make any represen</font><font style="font-family:Arial; font-size:10pt">tation other than those contained or incorporated by reference in this prospectus and any accompanying supplement to this prospectus. You must not rely upon any information or representation not contained or incorporated by reference in this prospectus or </font><font style="font-family:Arial; font-size:10pt">the accompanying prospectus supplement. This prospectus and the accompanying supplement to this prospectus do not constitute an offer to sell or the solicitation of an offer to buy securities, nor do this prospectus and the accompanying supplement to this </font><font style="font-family:Arial; font-size:10pt">prospectus constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation. The information contained in this prospectus and the accompanying prospect</font><font style="font-family:Arial; font-size:10pt">us supplement speaks only as of the date set forth on the cover page and may not reflect subsequent changes in our business, financial condition, results of operations and prospects even though this prospectus and any accompanying prospectus supplement is </font><font style="font-family:Arial; font-size:10pt">delivered or securities are sold on a later date.</font></p>
            <p style="margin:0pt 0pt 12pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">We may sell the securities directly to or through underwriters, dealers or agents. We, and our underwriters or agents, reserve the right to accept or reject all or part of any proposed purchase of </font><font style="font-family:Arial; font-size:10pt">securities. If we do offer securities through underwriters or agents, we will include in the applicable prospectus supplement:</font></p>
            <p style="margin:0pt 0pt 0pt 72pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">the names of those underwriters or agents;</font></p>
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            <p style="margin:0pt 0pt 0pt 72pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">applicable fees, discounts and commissions to be paid to them;</font></p>
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            <p style="margin:0pt 0pt 0pt 72pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">details regarding ove</font><font style="font-family:Arial; font-size:10pt">r-allotment options, if any; and</font></p>
            <p style="margin:0pt 0pt 0pt 72pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 0pt 72pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">the net proceeds to us.</font></p>
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            <p style="margin:0pt 0pt 6pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">Common Stock</font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">.</font><font style="font-family:Arial; font-size:10pt; font-style:italic"> </font><font style="font-family:Arial; font-size:10pt">We may issue shares of our common stock from time to time. Holders of our common stock are entitled to one vote per share for the election of directors and on all other matters that </font><font style="font-family:Arial; font-size:10pt">require stockholder approval. Subject to any preferential rights of any outstanding preferred stock, in the event of our liquidation, dissolution or winding up, holders of our common stock are entitled to share ratably in the assets remaining after payment</font><font style="font-family:Arial; font-size:10pt"> of liabilities and the liquidation preferences of any outstanding preferred stock. Our common stock does not carry any redemption rights or any preemptive rights enabling a holder to subscribe for, or receive shares of, any class of our common stock or an</font><font style="font-family:Arial; font-size:10pt">y other securities convertible into shares of any class of our common stock.</font></p>
            <p style="margin:0pt 0pt 6pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">Preferred</font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic"> Stock. </font><font style="font-family:Arial; font-size:10pt">We may issue shares of our preferred stock from time to time, in one or more series. Under our certificate of incorporation, our Board has the authority, without </font><font style="font-family:Arial; font-size:10pt">further action by stockholders, to designate up to 50,000,000 shares of preferred stock in one or more series and to fix the rights, preferences, privileges, qualifications and restrictions granted to or imposed upon the preferred stock, including dividend</font><font style="font-family:Arial; font-size:10pt"> rights, conversion rights, voting rights, rights and terms of redemption, liquidation preference and sinking fund terms, any or all of which may be greater than the rights of the common stock.</font></p>
            <p style="margin:0pt 0pt 6pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">If we issue preferred stock, we will fix the rights, preferenc</font><font style="font-family:Arial; font-size:10pt">es, privileges, qualifications and restrictions of the preferred stock of each series that we sell under this prospectus and applicable prospectus supplements in the certificate of designations relating to that series. If we issue preferred stock, we will </font><font style="font-family:Arial; font-size:10pt">incorporate by reference into the registration statement of which this prospectus is a part the form of any certificate of designations that describes the terms of the series of preferred stock we are offering before</font><a name="EDGAR_PAGE_END43"></a></p>
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            <p style="margin:0pt 0pt 6pt; ; text-align:justify"><font style="font-family:Arial; font-size:10pt"> </font><a name="EDGAR_PAGE_START44"></a><font style="font-family:Arial; font-size:10pt">the issuance of the related series of p</font><font style="font-family:Arial; font-size:10pt">referred stock. We urge you to read the prospectus supplement related to any series of preferred stock we may offer, as well as the complete certificate of designations that contains the terms of the applicable series of preferred stock.</font></p>
            <p style="margin:0pt 0pt 6pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">Debt Securities</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">. </font><font style="font-family:Arial; font-size:10pt">W</font><font style="font-family:Arial; font-size:10pt">e may issue debt securities from time to time, in one or more series, as either senior or subordinated debt. The senior debt securities will rank equally with any other unsubordinated debt that we may have and may be secured or unsecured. The subordinated </font><font style="font-family:Arial; font-size:10pt">debt securities will be subordinate and junior in right of payment, to the extent and in the manner described in the instrument governing the debt, to all or some portion of our indebtedness.&#160; Additionally, we may issue common and/or preferred stock from t</font><font style="font-family:Arial; font-size:10pt">ime to time.&#160; Any such issuance of equity securities may cause the dilution of our existing outstanding equity securities.&#160; </font></p>
            <p style="margin:0pt 0pt 6pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">If we issue debt securities, they will be issued under one or more documents called indentures, which are contracts between us and </font><font style="font-family:Arial; font-size:10pt">a trustee for the holders of the debt securities. If we issue preferred stock, it will be issued pursuant to a certificate of designation of the rights and preferences of such securities, to the extent and in the manner described in such document.&#160; We urge</font><font style="font-family:Arial; font-size:10pt"> you to read the prospectus supplement related to the series of debt securities or equity securities being offered, as the case may be, as well as the complete indenture that contains the terms of the debt securities (which will include a supplemental inde</font><font style="font-family:Arial; font-size:10pt">nture) and the complete preferred stock certificate of designation, if any.&#160; If we issue debt securities, indentures and forms of debt securities containing the terms of debt securities being offered will be incorporated by reference into the registration </font><font style="font-family:Arial; font-size:10pt">statement of which this prospectus is a part from reports we have filed or would subsequently file with the SEC. Similarly, if we issue preferred stock, the certificate of designation containing the terms of such preferred stock being offered will be incor</font><font style="font-family:Arial; font-size:10pt">porated by reference into the registration statement of which this prospectus is a part from reports we would subsequently file with the SEC.&#160; </font></p>
            <p style="margin:0pt 0pt 6pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">In this prospectus, when we use the terms &#8220;AMERCO,&#8221; the &#8220;Company,&#8221; &#8220;the combined company,&#8221; &#8220;we,&#8221; &#8220;us&#8221; or &#8220;our,&#8221; </font><font style="font-family:Arial; font-size:10pt">we mean AMERCO and its subsidiaries unless the context requires otherwise.</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">ABOUT AMERCO</font></p>
            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 6pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">We believe we are North America&#8217;s largest &#8220;do-it-yourself&#8221; moving and storage operator through our subsidiary U-Haul International, Inc. (&#8220;U-Haul&#8221;). U-Haul is synonym</font><font style="font-family:Arial; font-size:10pt">ous with &#8220;do-it-yourself&#8221; moving and storage and is a leader in supplying products and services to help people move and store their household and commercial goods. Our primary focus is to provide our customers with a wide selection of moving rental equipme</font><font style="font-family:Arial; font-size:10pt">nt, convenient self-storage rental facilities and related moving and self-storage products and services.</font></p>
            <p style="margin:0pt 0pt 6pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">We were founded in 1945 as a sole proprietorship under the name &#8220;U-Haul Trailer Rental Company&#8221; and have rented trailers ever since. Starting in 1959, </font><font style="font-family:Arial; font-size:10pt">we rented trucks on a one-way and in-town basis exclusively through independent U-Haul dealers. In 1974, we began developing our network of U-Haul managed retail centers, through which we rent our trucks and trailers, self-storage rooms and sell moving and</font><font style="font-family:Arial; font-size:10pt"> self-storage products and services to complement our independent dealer network.</font></p>
            <p style="margin:0pt 0pt 6pt; text-indent:14.4pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">We rent our distinctive orange and white U-Haul trucks and trailers as well as offer self-storage rooms through a network of approximately 1,490 Company operated retail movin</font><font style="font-family:Arial; font-size:10pt">g centers and 16,400 independent U-Haul dealers. In addition, we have an independent storage facility network with thousands of active affiliates, in which independent storage businesses have joined the world&#8217;s largest self-storage reservation system.&#160; We </font><font style="font-family:Arial; font-size:10pt">also sell U-Haul brand boxes, tape and other moving and self-storage products and services to &#8220;do-it-yourself&#8221; moving and storage customers at all of our distribution outlets and through our eMove web site.&#160; Another extension of our strategy to make &#8220;do-it</font><font style="font-family:Arial; font-size:10pt">-yourself&#8221; moving and storage easier is our U-Box</font><font style="font-family:Arial; font-size:6.67pt; vertical-align:super">&#174;</font><font style="font-family:Arial; font-size:10pt"> moving and storage pod program.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt"> A U-Box moving and storage pod is delivered to a location of our customer&#8217;s choosing either by the customers themselves through the use of a U-Box trailer or by Company personnel. Once the U-Box moving and storage pod is f</font><font style="font-family:Arial; font-size:10pt">illed, it can be stored at the customer&#8217;s location, or taken to any of our company operated locations, a participating independent dealer, or moved to a location of the customer&#8217;s choice.</font></p>
            <p style="margin:0pt 0pt 6pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">We believe U-Haul is the most convenient supplier of products and services addressing the needs of North America&#8217;s &#8220;do-it-yourself&#8221; moving and storage market. Our broad geographic coverage throughout</font><a name="EDGAR_PAGE_END44"></a></p>
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            <p style="margin:0pt 0pt 6pt; ; text-align:justify"><font style="font-family:Arial; font-size:10pt"> </font><a name="EDGAR_PAGE_START45"></a><font style="font-family:Arial; font-size:10pt">the United States and Canada and our extensive selectio</font><font style="font-family:Arial; font-size:10pt">n of U-Haul brand moving equipment rentals, self-storage rooms and related moving and storage products and services provide our customers with convenient &#8220;one-stop&#8221; shopping.</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Through Repwest Insurance Company (&#8220;Repwest&#8221;), our property and casualty insuranc</font><font style="font-family:Arial; font-size:10pt">e subsidiary, we manage the property, liability and related insurance claims processing for U-Haul. Oxford Life Insurance Company (&#8220;Oxford&#8221;) is our life insurance subsidiary.&#160; Oxford sells Medicare supplement, life insurance, annuities and other related pr</font><font style="font-family:Arial; font-size:10pt">oducts to the senior market.</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">We are a publicly traded Nevada corporation.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">Our common stock is listed on the NASDAQ Global Select Market under the symbol &#8220;UHAL.&#8221;</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">Our principal executive offices are located at 1325 Airmotive Way, Suite 100, Reno, Nevada 89</font><font style="font-family:Arial; font-size:10pt">502-3239. Our telephone number is (775) 688-6300, and our website address is http://www.</font><font style="font-family:Arial; font-size:10pt">amerco.com</font><font style="font-family:Arial; font-size:10pt">.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">Information contained in or linked to our website is not a part of this prospectus.</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 6pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">You can get more information regarding our business by reading our mos</font><font style="font-family:Arial; font-size:10pt">t recent Annual Report on Form 10-K and the other reports and information that we file with the SEC.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">See &#8220;Where You Can Find More Information.&#8221;</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">RISK FACTORS </font></p>
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            <p style="margin:0pt 0pt 12pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Before making an investment decision, you should carefully consider the risks described under &#8220;R</font><font style="font-family:Arial; font-size:10pt">isk Factors&#8221; in the applicable prospectus supplement, together with all of the other information appearing in this prospectus or incorporated by reference into this prospectus and any applicable prospectus supplement, in light of your particular investment</font><font style="font-family:Arial; font-size:10pt"> objectives and financial circumstances. Our business, financial condition or results of operations could be materially adversely affected by any of these risks. This prospectus and the incorporated documents also contain forward-looking statements that in</font><font style="font-family:Arial; font-size:10pt">volve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including the risks mentioned elsewhere in this prospectus.</font></p>
            <p style="margin:0pt; text-align:center; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">NOTE REGARDING FORWARD-LOOKING </font><font style="font-family:Arial; font-size:10pt; font-weight:bold">STATEMENTS</font></p>
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            <p style="margin:0pt 0pt 6pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">This prospectus contains &#8220;forward-looking statements&#8221; regarding future events and our future results of operations. We may make additional written or oral forward-looking statements from time to time in filings with the SEC or otherwise. We bel</font><font style="font-family:Arial; font-size:10pt">ieve such forward-looking statements are within the meaning of the safe-harbor provisions of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or Exchange Act. Such statements may include, but are not li</font><font style="font-family:Arial; font-size:10pt">mited to, projections of revenues, earnings or loss, estimates of capital expenditures, plans for future operations, products or services, financing needs and plans; our perceptions of our legal positions and anticipated outcomes of government investigatio</font><font style="font-family:Arial; font-size:10pt">ns and pending litigation against us, liquidity, goals and strategies, plans for new business, storage occupancy, growth rate assumptions, pricing, costs, and access to capital and leasing markets as well as assumptions relating to the foregoing. The words</font><font style="font-family:Arial; font-size:10pt"> &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;project&#8221; and similar expressions identify forward-looking statements, which speak only as of the date the statement was made.</font></p>
            <p style="margin:0pt 0pt 6pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">Forward-looking statements are inherently subject to risks and uncertainties, so</font><font style="font-family:Arial; font-size:10pt">me of which cannot be predicted or quantified. Factors that could significantly affect results include, without limitation, the risk factors enumerated at the end of this section, as well as the following: the Company&#8217;s ability to operate pursuant to the t</font><font style="font-family:Arial; font-size:10pt">erms of its credit facilities; the Company&#8217;s ability to maintain contracts that are critical to its operations; the costs and availability of financing; the Company&#8217;s ability to execute its business plan; the Company&#8217;s ability to attract, motivate and reta</font><font style="font-family:Arial; font-size:10pt">in key employees; general economic conditions; fluctuations in our costs to maintain and update our fleet and facilities; our ability to refinance our debt; changes in government regulations, particularly environmental regulations; our credit ratings; the </font><font style="font-family:Arial; font-size:10pt">availability of credit; changes in demand for our products; changes in the general domestic economy; the degree and nature of our competition; the resolution of pending litigation against the Company; changes in accounting standards and other factors descr</font><font style="font-family:Arial; font-size:10pt">ibed in our most recent Annual Report on Form 10-K or</font><a name="EDGAR_PAGE_END45"></a></p>
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            <p style="margin:0pt 0pt 6pt; ; text-align:justify"><font style="font-family:Arial; font-size:10pt"> </font><a name="EDGAR_PAGE_START46"></a><font style="font-family:Arial; font-size:10pt">the other documents we file with the SEC. The above factors, the following disclosures, as well as other statements in this prospectus and in the notes to our consolidated financial statements, could co</font><font style="font-family:Arial; font-size:10pt">ntribute to or cause such risks or uncertainties, or could cause our stock price to fluctuate dramatically. Consequently, the forward-looking statements should not be regarded as representations or warranties by the Company that such matters will be realiz</font><font style="font-family:Arial; font-size:10pt">ed. The Company assumes no obligation to update or revise any of the forward-looking statements, whether in response to new information, unforeseen events, changed circumstances or otherwise. </font></p>
            <p style="margin:0pt 0pt 6pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">Additional factors or events that could affect our future resu</font><font style="font-family:Arial; font-size:10pt">lts are described from time to time in our SEC reports. See in particular the &#8220;Risk Factors&#8221; section of this prospectus. Readers are cautioned not to place undue reliance on forward-looking statements. We assume no obligation to update such information.</font></p>
            <p style="margin:0pt 0pt 6pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Yo</font><font style="font-family:Arial; font-size:10pt">u should carefully consider the trends, risks and uncertainties described in the &#8220;Risk Factors&#8221; section of this prospectus and other information in this prospectus and reports filed with the SEC before making any investment decision with respect to the not</font><font style="font-family:Arial; font-size:10pt">es. If any of the trends, risks or uncertainties set forth in the &#8220;Risk Factors&#8221; section of this prospectus actually occurs or continues, our business, financial condition or operating results could be materially adversely affected. All forward-looking sta</font><font style="font-family:Arial; font-size:10pt">tements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement.</font></p>
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            <p style="margin:0pt; text-align:center; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Arial; font-size:10pt; font-weight:bold">DESCRIPTION OF SECURITIES</font></p>
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            <p style="margin:0pt 0pt 6pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">We may offer shares of our common stock and preferred stock and various series of debt securitie</font><font style="font-family:Arial; font-size:10pt">s from time to time under this prospectus at prices and on terms to be determined by market conditions at the time of offering.&#160; Each time we offer a type or series of securities, we will provide a prospectus supplement that will describe the specific amou</font><font style="font-family:Arial; font-size:10pt">nts, prices and other important terms of such securities.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">The debt securities will be unsecured or secured by certain assets owned by us or certain of our subsidiaries or third parties.</font></p>
            <p style="margin:0pt 0pt 6pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">A prospectus supplement will describe the specific types, amounts, </font><font style="font-family:Arial; font-size:10pt">prices and detailed terms of any of these securities.</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">USE OF PROCEEDS</font></p>
            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 6pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">We will retain broad discretion over the use of the net proceeds from the sale of our securities offered hereby.&#160; Except as described in any prospectus supplement, we currently anticipa</font><font style="font-family:Arial; font-size:10pt">te using the net proceeds from the sale of our securities offered hereby primarily for general corporate purposes.</font></p>
            <p style="margin:0pt 0pt 6pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">Pending the use of the net proceeds, we may invest the net proceeds in short-term marketable securities.</font></p>
            <p style="margin:12pt 0pt 3pt 18pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">RATIO OF EARNINGS TO FIXED CHARGES</font></p>
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            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Set forth below is our ratio of earnings to fixed charges for the six months ended September 30, 2013 and for each year in the five year period ended March 31, 2013.&#160; Earnings consist of earnings before interest expense and lease expense.&#160; Fixed charges c</font><font style="font-family:Arial; font-size:10pt">onsist of interest expense and an estimate of the portion of lease expense related to the interest component. </font></p>
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            <p style="margin:0pt; text-indent:18pt"><font style="font-family:Arial; font-size:10pt">Since we had no preferred </font><font style="font-family:Arial; font-size:10pt">stock outstanding during any of the periods presented, the ratios of earnings to fixed charges and the ratios of earnings to combined fixed charges and preferred dividends are the same.</font></p>
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            <p style="margin:0pt; text-align:center"><a name="EDGAR_PAGE_START47"></a><font style="font-family:Arial; font-size:10pt; font-weight:bold">PLAN OF DISTRIBUTION</font></p>
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            <p style="margin:0pt 0pt 6pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">We may sell the securities covered by this </font><font style="font-family:Arial; font-size:10pt">prospectus from time to time in one or more offerings.&#160; Registration of the securities covered by this prospectus does not mean, however, that those securities will necessarily be offered or sold.</font></p>
            <p style="margin:0pt 0pt 6pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">We may sell the securities separately or together:</font></p>
            <p style="margin:0pt 0pt 0pt 72pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">through </font><font style="font-family:Arial; font-size:10pt">one or more underwriters or dealers in a public offering and sale by them;</font></p>
            <p style="margin:0pt 0pt 0pt 72pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 0pt 72pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">through agents; or</font></p>
            <p style="margin:0pt 0pt 0pt 72pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 0pt 72pt; text-indent:-18pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:10pt">directly to investors.</font></p>
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            <p style="margin:0pt 0pt 6pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">We will set forth the terms of the offering of any securities being offered in the applicable prospectus supplement.</font></p>
            <p style="margin:0pt 0pt 6pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">If we utilize </font><font style="font-family:Arial; font-size:10pt">underwriters in an offering of securities using this prospectus, we will execute an underwriting agreement with those underwriters.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">The underwriting agreement will provide that the obligations of the underwriters with respect to a sale of the offered secu</font><font style="font-family:Arial; font-size:10pt">rities are subject to certain conditions precedent and that the underwriters will be obligated to purchase all the offered securities if any are purchased.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">Underwriters may sell those securities to or through dealers.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">The underwriters may change any init</font><font style="font-family:Arial; font-size:10pt">ial public offering price and any discounts or concessions allowed or re-allowed or paid to dealers from time to time.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">If we utilize underwriters in an offering of securities using this prospectus, the applicable prospectus supplement will contain a state</font><font style="font-family:Arial; font-size:10pt">ment regarding the intention, if any, of the underwriters to make a market in the offered securities.</font></p>
            <p style="margin:0pt 0pt 6pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">If we utilize a dealer in an offering of securities using this prospectus, we will sell the offered securities to the dealer, as principal.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">The dealer m</font><font style="font-family:Arial; font-size:10pt">ay then resell those securities to the public at a fixed price or at varying prices to be determined by the dealer at the time of resale.</font></p>
            <p style="margin:0pt 0pt 6pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">We may also use this prospectus to offer and sell securities through agents designated by us from time to time.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">Unles</font><font style="font-family:Arial; font-size:10pt">s otherwise indicated in the prospectus supplement, any agent will be acting on a reasonable efforts basis for the period of its appointment.</font></p>
            <p style="margin:0pt 0pt 6pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">We may offer to sell securities either at a fixed price or at prices that may be changed, at market prices prevail</font><font style="font-family:Arial; font-size:10pt">ing at the time of sale, at prices related to prevailing market prices or at negotiated prices.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">We may also use this prospectus to directly solicit offers to purchase securities.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">Except as set forth in the applicable prospectus supplement, none of our di</font><font style="font-family:Arial; font-size:10pt">rectors, officers, or employees nor those of our subsidiaries will solicit or receive a commission in connection with those direct sales.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">Those persons may respond to inquiries by potential purchasers and perform ministerial and clerical work in connectio</font><font style="font-family:Arial; font-size:10pt">n with direct sales.</font></p>
            <p style="margin:0pt 0pt 6pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">We may authorize underwriters, dealers and agents to solicit offers by certain institutions to purchase securities pursuant to delayed delivery contracts providing for payment and delivery on a future date specified in the prospectus s</font><font style="font-family:Arial; font-size:10pt">upplement.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">Institutions with which delayed delivery contracts may be made include commercial and savings banks, insurance companies, educational and charitable institutions and other institutions that we may approve.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">The obligations of any purchaser unde</font><font style="font-family:Arial; font-size:10pt">r any delayed delivery contract will not be subject to any conditions except that any related sale of offered securities to underwriters shall have occurred and the purchase by an institution of the securities covered by its delayed delivery contract shall</font><font style="font-family:Arial; font-size:10pt"> not at the time of delivery be prohibited under the laws of any jurisdiction in the United States to which that institution is subject.</font></p>
            <p style="margin:0pt 0pt 6pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Underwriters, dealers or agents participating in a distribution of securities by use of this prospectus and an applicab</font><font style="font-family:Arial; font-size:10pt">le prospectus supplement may be deemed to be underwriters, and any discounts and commissions received by them and any profit realized by them on resale of the offered securities, whether received from us or from purchasers of offered securities for whom th</font><font style="font-family:Arial; font-size:10pt">ey act as agent, may be deemed to be underwriting discounts and commissions under the Securities Act.</font><a name="EDGAR_PAGE_END47"></a></p>
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            <p style="margin:0pt"><a name="EDGAR_HF_H_START_11"></a><a name="EDGAR_HF_H_END_12"></a><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
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            <p style="margin:0pt 0pt 6pt; text-indent:18pt; text-align:justify"><a name="EDGAR_PAGE_START48"></a><font style="font-family:Arial; font-size:10pt">Under agreements that we may enter into, underwriters, dealers or agents who participate in the distribution of securities by use of this prospectus and a</font><font style="font-family:Arial; font-size:10pt">n applicable prospectus supplement may be entitled to indemnification by us against certain liabilities, including liabilities under the Securities Act, or to contribution with respect to payments that those underwriters, dealers or agents may be required </font><font style="font-family:Arial; font-size:10pt">to make.</font></p>
            <p style="margin:0pt 0pt 6pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Underwriters, dealers, agents or their affiliates may be customers of, engage in transactions with, or perform services for, us and our subsidiaries in the ordinary course of business, for which they have received or will receive customary compens</font><font style="font-family:Arial; font-size:10pt">ation.</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">LEGAL MATTERS</font></p>
            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Certain legal matters will be passed upon for us by DLA Piper LLP (US).</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">If counsel for any underwriter, dealer or agent passes on legal matters in connection with an offering made by this prospectus, we will name that counsel in the</font><font style="font-family:Arial; font-size:10pt"> prospectus supplement relating to the offering.</font></p>
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            <p style="margin:0pt; text-align:center; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Arial; font-size:10pt; font-weight:bold">EXPERTS</font></p>
            <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Arial; font-size:10pt">The consolidated financial statements and schedules of AMERCO and consolidated subsidiaries as of March 31, 2013 and 2012 and for each of the three years in the period ended March 31, 2013, and </font><font style="font-family:Arial; font-size:10pt">the effectiveness of AMERCO&#8217;s internal control over financial reporting as of March 31, 2013, appearing in AMERCO&#8217;s Annual Report on Form 10-K for the year ended March 31, 2013, incorporated by reference in this Form S-3 have been so incorporated in relian</font><font style="font-family:Arial; font-size:10pt">ce on the report of BDO USA, LLP, an independent registered public accounting firm, incorporated herein by reference, given on the authority of said firm as experts in auditing and accounting.</font></p>
            <p style="margin:0pt; text-indent:36pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-align:center; page-break-after:avoid"><font style="font-family:Arial; font-size:10pt; font-weight:bold">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</font></p>
            <p style="margin:0pt; page-break-after:avoid"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; page-break-after:avoid"><font style="font-family:Arial; font-size:10pt">We file </font><font style="font-family:Arial; font-size:10pt">reports and other information with the SEC under the Exchange Act.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">You may read and copy any document we file at the SEC&#8217;s public reference room at 100</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">F</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">Street, N.E., Washington, D.C. 20549.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">Please call the SEC at 1-800-SEC-0330 for further information </font><font style="font-family:Arial; font-size:10pt">on the operation of the public reference room.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">Our SEC filings also are available on the SEC&#8217;s website at http://www.</font><font style="font-family:Arial; font-size:10pt">sec.gov</font><font style="font-family:Arial; font-size:10pt">.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">We have filed with the SEC a registration statement on Form S-3 to register the securities offered hereby.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">This prospectus i</font><font style="font-family:Arial; font-size:10pt">s a part of that registration statement.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">As allowed by SEC rules, this prospectus does not contain all of the information that is in the registration statement and the exhibits to the registration statement.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">For further information about AMERCO, investor</font><font style="font-family:Arial; font-size:10pt">s should refer to the registration statement and its exhibits.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">The registration statement is available at the SEC&#8217;s public reference room or website as described above.</font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">We &#8220;incorporate by reference&#8221; information into this prospectus, which means that we </font><font style="font-family:Arial; font-size:10pt">are disclosing important information to you by referring you to other documents filed separately with the SEC.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">These documents contain important information about AMERCO and are an important part of this prospectus.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">We incorporate by reference in this pr</font><font style="font-family:Arial; font-size:10pt">ospectus the documents listed below:</font></p>
            <p style="margin:0pt 0pt 6pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">our Annual Report on Form 10-K for the fiscal year ended March 31, 2013;</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#183;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">our Quarterly Reports on Form 10-Q for the fiscal quarters ended June 30, 2013 and September 30, 2013;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">those portions of our </font><font style="font-family:Arial; font-size:10pt">definitive proxy statement on Schedule 14A dated July 17, 2013, incorporated by reference in our Annual Report on Form 10-K for the year ended March 31, 2013;</font></p>
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                        <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">our current reports on Form 8-K filed on May 30, 2013, September 3, 2013, September 5, 2013,</font><font style="font-family:Arial; font-size:10pt"> October 4, 2013, November 26, 2013 and December 6, 2013;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">the description of AMERCO&#8217;s common stock set forth in our registration statements filed pursuant to Section 12 of the Exchange Act, and any amendment or report filed for the purpose of updating</font><font style="font-family:Arial; font-size:10pt"> those descriptions; and</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">all documents filed by us under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act between the date of this prospectus and the termination of any offering made under this prospectus and the prospectus supplement or </font><font style="font-family:Arial; font-size:10pt">supplements that will accompany any offering of securities hereunder.</font></p>
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            <p style="margin:0pt 0pt 6pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Unless expressly incorporated by reference, nothing in this prospectus shall be deemed to incorporate by reference information furnished, but not filed, with the SEC.</font></p>
            <p style="margin:0pt 0pt 6pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Any statement </font><font style="font-family:Arial; font-size:10pt">contained in a document incorporated or deemed to be incorporated by reference into this prospectus will be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained in this prospectus or in the applicable</font><font style="font-family:Arial; font-size:10pt"> prospectus supplement or in any other subsequently filed document that also is or is deemed to be incorporated by reference into this prospectus, modifies or supersedes that statement.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">Any statement that is so modified or superseded will not constitute a</font><font style="font-family:Arial; font-size:10pt"> part of this prospectus, except as modified or superseded.</font></p>
            <p style="margin:0pt 0pt 6pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">You may obtain any of the documents incorporated by reference in this prospectus from the SEC through the SEC&#8217;s website at the address provided above.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">You also may request a copy of any document </font><font style="font-family:Arial; font-size:10pt">incorporated by reference in this prospectus (excluding any exhibits to those documents, unless the exhibit is specifically incorporated by reference in this document), at no cost.&#160; Requests should be directed to Laurence De Respino, General Counsel, AMERC</font><font style="font-family:Arial; font-size:10pt">O, c/o U-Haul International, Inc., 2727 N. Central Avenue, Phoenix, AZ&#160; 85004, telephone, (602) 263-6977.</font></p>
            <p style="margin:0pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">We&#160; own the registered trademarks or service marks &#8220;U-Haul&#174;&#8221;, &#8220;AMERCO&#174;&#8221;, &#8220;In-Town&#174;&#8221;, &#8220;eMove&#174;&#8221;, &#8220;C.A.R.D.&#174;&#8221;, &#8220;Safemove&#174;&#8221;, &#8220;WebSelfStorage&#174;&#8221;, &#8220;webselfst</font><font style="font-family:Arial; font-size:10pt">orage.com(SM)&#8221;, &#8220;uhaul.com&#174;&#8221;, &#8220;Lowest Decks(SM)&#8221;, &#8220;Gentle Ride Suspension(SM)&#8221;, &#8220;Mom&#8217;s Attic&#174;&#8221;,&#160; &#8220;U-Box&#174;&#8221;,&#160; &#8220;Moving Help&#174;&#8221;, &#8220;Safestor&#174;&#8221;, &#8220;U-Haul Investors Club&#8482;&#8221;, &#8220;uhaulinvestorsclub.com(SM)&#8221;, &#8220;U-Note&#8482;&#8221;, among others, for use in connection with the moving </font><font style="font-family:Arial; font-size:10pt">and storage business.&#160; This prospectus also includes product name and other trade names and service marks owned by AMERCO or its affiliates.&#160; </font></p>
            <p style="margin:0pt 0pt 6pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-align:center; page-break-after:avoid"><font style="font-family:Arial; font-size:10pt; font-weight:bold">WHERE YOU CAN FIND MORE INFORMATION</font></p>
            <p style="margin:0pt; page-break-after:avoid"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 6pt; text-indent:18pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">We are subject to the </font><font style="font-family:Arial; font-size:10pt">informational requirements of the Exchange Act and in accordance therewith file reports, proxy statements and other information with the Securities and Exchange Commission.&#160; Our filings are available to the public over the Internet at the Securities and Ex</font><font style="font-family:Arial; font-size:10pt">change Commission&#8217;s website at http://www.sec.gov, as well as at our website at http://www.amerco.com.&#160; You may also read and copy, at prescribed rates, any document we file with the Securities and Exchange Commission at the Public Reference Room of the Se</font><font style="font-family:Arial; font-size:10pt">curities and Exchange Commission located at 100 F Street, N.E., Washington, D.C. 20549.&#160; Please call the Securities and Exchange Commission at (800) SEC-0330 for further information on the Securities and Exchange Commission&#8217;s Public Reference Rooms.</font><a name="EDGAR_PAGE_END49"></a></p>
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            <p style="margin:0pt; text-align:center"><a name="EDGAR_HF_F_START_13"></a><font style="font-family:'Times New Roman'; font-size:12pt">8</font></p>
            <p style="margin:0pt; line-height:10pt"><a name="EDGAR_HF_F_END_14"></a><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
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        <div style="page-break-before:always; clear:both;">
        <div class="header" style="clear:both">
            <p style="margin:0pt"><a name="EDGAR_HF_H_START_11"></a><a name="EDGAR_HF_H_END_12"></a><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
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            <p style="margin:0pt 0pt 6pt; text-indent:18pt; text-align:justify"><a name="EDGAR_PAGE_START50"></a><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-align:center; background-color:#ffffff"><font style="font-family:Arial; font-size:16pt; font-weight:bold">Up to</font><font style="font-family:Arial; font-size:16pt; font-weight:bold"> $1,433,900</font><font style="font-family:Arial; font-size:16pt"> </font></p>
            <p style="margin:0pt; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-align:center">
                <img src="image1.gif" width="294" height="35" alt="amerco logo" >
            </p>
            <p style="margin:0pt; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p>
            <p style="margin:0pt; text-align:center; background-color:#ffffff"><font style="font-family:Arial; font-size:16pt; font-weight:bold">Fixed Rate</font><font style="font-family:Arial; font-size:16pt; font-weight:bold"> Secured Notes Series </font><font style="font-family:Arial; font-size:16pt; font-weight:bold">UIC-01B and 02B </font></p>
            <p style="margin:0pt; text-align:center; background-color:#ffffff"><font style="font-family:Arial; font-size:16pt; font-weight:bold">___________</font></p>
            <p style="margin:0pt; text-align:center; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-align:center; background-color:#ffffff"><font style="font-family:Arial; font-size:20pt; font-weight:bold">PROSPECTUS SUPPLEMENT</font></p>
            <p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p>
            <p style="margin:0pt"><a name="EDGAR_PAGE_END50"></a><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
