<SEC-DOCUMENT>0000004457-14-000028.txt : 20140415
<SEC-HEADER>0000004457-14-000028.hdr.sgml : 20140415
<ACCEPTANCE-DATETIME>20140415165338
ACCESSION NUMBER:		0000004457-14-000028
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20140414
ITEM INFORMATION:		Amendments to the Registrant's Code of Ethics, or Waiver of a Provision of the Code of Ethics
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140415
DATE AS OF CHANGE:		20140415

FILER:

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

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11255
		FILM NUMBER:		14765542

	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>8-K
<SEQUENCE>1
<FILENAME>8-K.htm
<DESCRIPTION>8-K
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            <p style="margin:0pt; text-align:center"><a name="EDGAR_PAGE_START1"></a><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">UNITED STATES</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">SECURITIES AND EXCHANGE COMMISSION</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">WASHINGTON</font><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">, </font><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">D.C.</font><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold"> </font><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">20549</font><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">&#xa0;</font></p>
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            <p style="margin:0pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">FORM 8-K</font></p>
            <p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">&#xa0;</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">CURRENT REPORT</font></p>
            <p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">&#xa0;</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">Pursuant to Section 13 or 15(d) of the</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">Securities Exchange Act of 1934</font></p>
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                            <p style="margin:0pt 0pt 6pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">April</font><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold"> </font><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">14</font><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">, 201</font><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">4</font></p>
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                            <p style="margin:0pt 0pt 6pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:12pt">Date of Report (Date of earliest event reported)</font></p>
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                            <p style="margin:0pt 0pt 6pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">AMERCO</font></p>
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                            <p style="margin:0pt 0pt 6pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">Nevada</font><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">&#xa0;</font></p>
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                            <p style="margin:0pt 0pt 6pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">1-11255</font></p>
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                            <p style="margin:0pt 0pt 6pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">88-0106815</font></p>
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                            <p style="margin:0pt 0pt 6pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:12pt">(Commission File Number)</font></p>
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                            <p style="margin:0pt 0pt 6pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:12pt">(I.R.S. Employer Identification No.)</font></p>
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                            <p style="margin:0pt 0pt 6pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">1325 Airmotive Way, Ste. 100</font><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">&#xa0;</font></p>
                            <p style="margin:0pt 0pt 6pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">Reno</font><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">, </font><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">Nevada</font><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold"> </font><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">89502-3239</font><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
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                            <p style="margin:0pt 0pt 6pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">(775) 688-6300</font></p>
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                            <p style="margin:0pt 0pt 6pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:12pt">(Registrant&#8217;s telephone number, including area code)</font></p>
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            <p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:12pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></p>
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                            <p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:12pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
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                            <p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:12pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
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                            <p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:12pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
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            <p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">Item 5.0</font><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">5</font><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold"> Amendments to </font><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">Registrants Code of Ethics, or Waiver of a Provision of the Code of Ethics</font><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">. </font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:'Times New Roman'; font-size:12pt">T</font><font style="font-family:'Times New Roman'; font-size:12pt">he Board of Directors </font><font style="font-family:'Times New Roman'; font-size:12pt">o</font><font style="font-family:'Times New Roman'; font-size:12pt">f AMERCO</font><font style="font-family:'Times New Roman'; font-size:12pt"> (the &#8220;Company&#8221;)</font><font style="font-family:'Times New Roman'; font-size:12pt"> approved amendments to the Company&#8217;s </font><font style="font-family:'Times New Roman'; font-size:12pt">Code of Ethics, effective as of April 14, 2014, (i) to define personnel as an officer, director, employee, non-director Board committee members and trustees (ii) expanding upon the Conflicts of Interest, Related Party Transactions and Corporate Opportunities section to clarify the transactions between the Company and related person, definition of a related person, annual questionnaires for directors and executive officers, determination of amount for transaction and the review process of the transaction by the Audit Committee and (iii) to make certain non-substantive stylistic changes. </font></p>
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            <p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">Item </font><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">9.01</font><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold"> </font><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">Financial Statements and Exhibits</font><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">. </font></p>
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            <p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:12pt">(d) Exhibits</font></p>
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                            <p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:12pt">14</font></p>
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            <p style="margin:0pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">SIGNATURE</font></p>
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            <p style="margin:0pt; text-indent:36pt"><font style="font-family:'Times New Roman'; font-size:12pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>
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            <p style="margin:0pt; text-indent:36pt"><font style="font-family:'Times New Roman'; font-size:12pt">Dated: </font><font style="font-family:'Times New Roman'; font-size:12pt">April 15</font><font style="font-family:'Times New Roman'; font-size:12pt">, 201</font><font style="font-family:'Times New Roman'; font-size:12pt">4</font></p>
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            <p style="margin:0pt; text-align:center"><a name="EDGAR_PAGE_START3"></a><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">EXHIBIT INDEX</font></p>
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                        <p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:12pt">14</font></p>
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<DOCUMENT>
<TYPE>EX-14
<SEQUENCE>2
<FILENAME>Ex14.htm
<DESCRIPTION>CODE OF ETHICS
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            <p style="margin:0pt; widows:0; orphans:0"><a name="EDGAR_PAGE_START1"></a><font style="font-family:'Times New Roman'; font-size:8pt">Rev. </font><font style="font-family:'Times New Roman'; font-size:8pt">April 14, 2014</font></p>
            <p style="margin:0pt; text-align:center; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">AMERCO</font></p>
            <p style="margin:0pt; text-align:center; widows:0; orphans:0"><br /><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">CODE OF ETHICS</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">AMERCO and </font><font style="font-family:'Times New Roman'; font-size:12pt">our</font><font style="font-family:'Times New Roman'; font-size:12pt"> subsidiaries</font><font style="font-family:'Times New Roman'; font-size:12pt"> (collectively, </font><font style="font-family:'Times New Roman'; font-size:12pt">the &quot;Company&quot;) are committed to conducting our business consistent with high ethical and legal standards. This Code reinforces our commitment to these standards and provides each employee</font><font style="font-family:'Times New Roman'; font-size:12pt">, officer and director</font><font style="font-family:'Times New Roman'; font-size:12pt"> of the Company with guidance and perspective in understanding our business ethics.</font></p>
            <p style="margin:5pt 0pt; text-indent:36pt; text-align:justify"><font style="font-family:'Times New Roman'; font-size:12pt">This Code is designed to guide and help identify activities and behaviors that are appropriate in conducting business and those that are not. It is also designed&#160; to deter wrongdoing and to promote</font><a name="b.1"></a><font style="font-family:'Times New Roman'; font-size:12pt"> (i) </font><font style="font-family:'Times New Roman'; font-size:12pt">h</font><font style="font-family:'Times New Roman'; font-size:12pt">onest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; (ii) </font><a name="b.2"></a><font style="font-family:'Times New Roman'; font-size:12pt">full, fair, accurate, timely, and understandable disclosure in reports and documents that we file with, or submit to, the US Securities and Exchange Commission </font><font style="font-family:'Times New Roman'; font-size:12pt">(&#8220;SEC&#8221;) </font><font style="font-family:'Times New Roman'; font-size:12pt">and in other public communications made by us; (iii) </font><a name="b.3"></a><font style="font-family:'Times New Roman'; font-size:12pt">compliance with applicable governmental laws, rules and regulations; (iv) </font><a name="b.4"></a><font style="font-family:'Times New Roman'; font-size:12pt">the prompt internal reporting of violations of this Code to an appropriate person or persons as identified herein; and (v) </font><a name="b.5"></a><font style="font-family:'Times New Roman'; font-size:12pt">accountability for adherence to this Code.</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">N</font><font style="font-family:'Times New Roman'; font-size:12pt">o code of </font><font style="font-family:'Times New Roman'; font-size:12pt">ethics</font><font style="font-family:'Times New Roman'; font-size:12pt"> can hope to spell out the appropriate moral conduct and ethical behavior for every situation </font><font style="font-family:'Times New Roman'; font-size:12pt">one</font><font style="font-family:'Times New Roman'; font-size:12pt"> may confront. In the final analysis, we must rely on our own good judgment.</font><font style="font-family:'Times New Roman'; font-size:12pt">&#160; </font><font style="font-family:'Times New Roman'; font-size:12pt">Whenever we find ourselves with a difficult decision to make, we should seek counsel from our colleagues, our supervisors</font><font style="font-family:'Times New Roman'; font-size:12pt">, the AMERCO Audit Committee when appropriate,</font><font style="font-family:'Times New Roman'; font-size:12pt"> </font><font style="font-family:'Times New Roman'; font-size:12pt">the AMERCO Independent Governance Committee when appropriate, </font><font style="font-family:'Times New Roman'; font-size:12pt">and our own conscience and common sense. Specific interpretation or application of any guidelines or other content of this Code should be made to the Company's Director of Corporate Compliance</font><font style="font-family:'Times New Roman'; font-size:12pt"> or the Legal Department</font><font style="font-family:'Times New Roman'; font-size:12pt">.</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">This Code is intended to conform to the </font><font style="font-family:'Times New Roman'; font-size:12pt">provisions</font><font style="font-family:'Times New Roman'; font-size:12pt"> of </font><font style="font-family:'Times New Roman'; font-size:12pt">applicable law, including Item 406 of </font><font style="font-family:'Times New Roman'; font-size:12pt">the Sarbanes-Oxley Act of 2002</font><font style="font-family:'Times New Roman'; font-size:12pt">, Item 406 of Regulation S-K, and applicable listing standards.&#160;&#160; This Code</font><font style="font-family:'Times New Roman'; font-size:12pt"> applies to </font><font style="font-family:'Times New Roman'; font-size:12pt">all Company </font><font style="font-family:'Times New Roman'; font-size:12pt">em</font><font style="font-family:'Times New Roman'; font-size:12pt">ployees, officers, directors, non-director Board committee members, the trustees of the AMERCO Employee Stock Ownership Plan and trustees of other trusts owning AMERCO securities, all as provided herein</font><font style="font-family:'Times New Roman'; font-size:12pt">. </font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">This Code is available for viewing on </font><font style="font-family:'Times New Roman'; font-size:12pt">AMERCO&#8217;s</font><font style="font-family:'Times New Roman'; font-size:12pt"> internet Web site at </font><font style="font-family:'Times New Roman'; font-size:11.5pt; font-style:italic; text-decoration:underline; color:#0000ff">www.amerco.com</font><font style="font-family:'Times New Roman'; font-size:12pt; color:#0000ff"> </font><font style="font-family:'Times New Roman'; font-size:12pt">and may be filed each year as an exhibit to </font><font style="font-family:'Times New Roman'; font-size:12pt">AMERCO&#8217;s</font><font style="font-family:'Times New Roman'; font-size:12pt"> Annual Report on Form 10-K. The Company will publicly disclose (i) any change to this Code that applies to any officer or director of the Company, or any other person performing functions similar to those of a senior financial officer, and (ii) the grant of a waiver to any such individual of any provision of this Code.</font><font style="font-family:'Times New Roman'; font-size:12pt"> </font><font style="font-family:'Times New Roman'; font-size:12pt"> Such public disclosure will be made by the filing with the SEC of a Report on Form 8-K and/or the prompt disclosure of such change </font><font style="font-family:'Times New Roman'; font-size:12pt">or waiver </font><font style="font-family:'Times New Roman'; font-size:12pt">on the Company's internet Web site.</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 0pt 36pt; text-indent:-18pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">1.</font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold; text-decoration:underline">YOUR RESPONSIBILITIES</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">The Company believes that ethical behavior is good business. Company </font><font style="font-family:'Times New Roman'; font-size:12pt">employees, officers, directors, non-director Board committee members and trustees</font><font style="font-family:'Times New Roman'; font-size:12pt"> share certain </font><br style=" clear:both" /><a name="EDGAR_PAGE_END1"></a></p>
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            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><a name="EDGAR_PAGE_START2"></a><font style="font-family:'Times New Roman'; font-size:12pt">responsibilities, but individually each is accountable for</font><font style="font-family:'Times New Roman'; font-size:12pt">, among other things</font><font style="font-family:'Times New Roman'; font-size:12pt">:</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 0pt 72pt; text-indent:-18pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Symbol; font-size:12pt"></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:'Times New Roman'; font-size:12pt">Conducting the Company's business with integrity and in compliance in all material respects with applicable laws, rules and regulations.</font></p>
            <p style="margin:0pt 0pt 0pt 72pt; text-indent:-18pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Symbol; font-size:12pt"></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:'Times New Roman'; font-size:12pt">Avoiding situations where personal interests are, or appear to be</font><font style="font-family:'Times New Roman'; font-size:12pt">,</font><font style="font-family:'Times New Roman'; font-size:12pt"> in conflict with the Company's interests, except </font><font style="font-family:'Times New Roman'; font-size:12pt">as provided herein</font><font style="font-family:'Times New Roman'; font-size:12pt">. </font></p>
            <p style="margin:0pt 0pt 0pt 72pt; text-indent:-18pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Symbol; font-size:12pt"></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:'Times New Roman'; font-size:12pt">Treating customers, suppliers and fellow employees in an honest and fair manner.</font></p>
            <p style="margin:0pt 0pt 0pt 72pt; text-indent:-18pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Symbol; font-size:12pt"></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:'Times New Roman'; font-size:12pt">Safeguarding proper use of the Company's proprietary information, assets and resources.</font></p>
            <p style="margin:0pt 0pt 0pt 72pt; text-indent:-18pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Symbol; font-size:12pt"></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:'Times New Roman'; font-size:12pt">Maintaining confidentiality of nonpublic information and not acting on such information for personal gain.</font></p>
            <p style="margin:0pt 0pt 0pt 54pt; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">We are sometimes faced with situations where pressure exists to act unethically. If you are unsure in any situation, </font><font style="font-family:'Times New Roman'; font-size:12pt">re-read this Code and </font><font style="font-family:'Times New Roman'; font-size:12pt">ask yourself these questions:</font></p>
            <p style="margin:0pt; text-indent:36pt; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 0pt 72pt; text-indent:-18pt; widows:0; orphans:0"><font style="font-family:Symbol; font-size:12pt"></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:'Times New Roman'; font-size:12pt">Is this action legal?</font></p>
            <p style="margin:0pt 0pt 0pt 72pt; text-indent:-18pt; widows:0; orphans:0"><font style="font-family:Symbol; font-size:12pt"></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:'Times New Roman'; font-size:12pt">Does it comply with our values</font><font style="font-family:'Times New Roman'; font-size:12pt"> and our standards</font><font style="font-family:'Times New Roman'; font-size:12pt">?</font></p>
            <p style="margin:0pt 0pt 0pt 72pt; text-indent:-18pt; widows:0; orphans:0"><font style="font-family:Symbol; font-size:12pt"></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:'Times New Roman'; font-size:12pt">Would you feel comfortable telling someone else about your decision?</font></p>
            <p style="margin:0pt 0pt 0pt 54pt; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">Compromises in behavior that lead to violations of our standards </font><font style="font-family:'Times New Roman'; font-size:12pt">may</font><font style="font-family:'Times New Roman'; font-size:12pt"> result in </font><font style="font-family:'Times New Roman'; font-size:12pt"> </font><font style="font-family:'Times New Roman'; font-size:12pt">disciplinary action</font><font style="font-family:'Times New Roman'; font-size:12pt">,</font><font style="font-family:'Times New Roman'; font-size:12pt"> including termination of employment.</font></p>
            <p style="margin:0pt; text-indent:36pt; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">Unethical or unlawful behavior hurts the Company, our customers, our stockholders and other employees. As an </font><font style="font-family:'Times New Roman'; font-size:12pt">officer, director, </font><font style="font-family:'Times New Roman'; font-size:12pt">employee, </font><font style="font-family:'Times New Roman'; font-size:12pt">non-director Board committee member or trustee, </font><font style="font-family:'Times New Roman'; font-size:12pt">you can play a major role in ensuring ethical and legal compliance by reporting known or suspected wrongdoing within the Company. If you discover or suspect that an illegal, dishonest or unethical act is being committed, that an employee has violated this Code, or a violation is reported to you, report it </font><font style="font-family:'Times New Roman'; font-size:12pt">immediately to your supervisor.&#160; Or, you may report the matter through our Hotline in any of the following&#160; manners:</font></p>
            <p style="margin:5pt 0pt 5pt 18pt; text-indent:-18pt"><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;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:9pt">e-mail, </font><font style="font-family:Arial; font-size:9pt; text-decoration:underline; color:#002299">Bruce_Royer@uhaul.com</font></p>
            <p style="margin:5pt 0pt 5pt 18pt; text-indent:-18pt"><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;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:9pt; font-weight:bold">Call</font><font style="font-family:Arial; font-size:9pt"> 1-866-963-7128, ext. 607110, between 8 a.m. and 5 p.m., M-F, Arizona time.</font></p>
            <p style="margin:5pt 0pt 5pt 18pt; text-indent:-18pt"><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;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:9pt; font-weight:bold">Leave a voice-mail message,</font><font style="font-family:Arial; font-size:9pt"> 1-866-372-8392 (toll free, 24/7).</font></p>
            <p style="margin:5pt 0pt 5pt 18pt; text-indent:-18pt"><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;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial; font-size:9pt; font-weight:bold">Mail information</font><font style="font-family:Arial; font-size:9pt"> to: U-Haul International, Inc., P.O.Box 21502, Phoenix, AZ 85036-1502, ATTN: Internal Audit.</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">Reporting may be done on a confidential or anonymous basis.&#160; </font><font style="font-family:'Times New Roman'; font-size:12pt">Employees will not be disciplined or otherwise retaliated against as a result of reporting such matters</font><font style="font-family:'Times New Roman'; font-size:12pt"> in good faith</font><font style="font-family:'Times New Roman'; font-size:12pt">. Always report a violation at least one </font><font style="font-family:'Times New Roman'; font-size:12pt">level</font><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:12pt">of management above the suspected wrongdoer.</font><font style="font-family:'Times New Roman'; font-size:12pt">&#160; All reports are given serious and appropriate attention.&#160;&#160; </font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 0pt 36pt; text-indent:-18pt; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">2.</font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold; text-decoration:underline">CONFLICTS OF INTEREST, RELATED P</font><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold; text-decoration:underline">ARTY TRANSACTIONS</font><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold; text-decoration:underline">, AND CORPORATE OPPORTUNITIES</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">A conflict of interest </font><font style="font-family:'Times New Roman'; font-size:12pt">may occur when an individual&#8217;s personal interest (or the interest of a member of his or her family) interferes, or even appears to interfere, with the interests of the Company as a whole.&#160; A conflict of interest can arise when an employee, officer, director, non-director Board committee member or trustee (or a family member of any of the foregoing) takes actions or has interests which are actually or potentially detrimental to the best interests of the </font><br style=" clear:both" /><a name="EDGAR_PAGE_END2"></a></p>
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            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><a name="EDGAR_PAGE_START3"></a><font style="font-family:'Times New Roman'; font-size:12pt">Company.&#160; Conflicts of interest also arise when an employee, officer, director, non-director Board committee member or trustee (or a family member of any of the foregoing) receives improper personal benefits as a result of his or her position in the Company.&#160; A corporate opportunity may arise when a Company employee</font><font style="font-family:'Times New Roman'; font-size:12pt">, officer</font><font style="font-family:'Times New Roman'; font-size:12pt">, </font><font style="font-family:'Times New Roman'; font-size:12pt">director</font><font style="font-family:'Times New Roman'; font-size:12pt">, non-director Board committee member or trustee</font><font style="font-family:'Times New Roman'; font-size:12pt"> </font><font style="font-family:'Times New Roman'; font-size:12pt">(or a family member of any of the foregoing) </font><font style="font-family:'Times New Roman'; font-size:12pt">seize</font><font style="font-family:'Times New Roman'; font-size:12pt">s</font><font style="font-family:'Times New Roman'; font-size:12pt"> for</font><font style="font-family:'Times New Roman'; font-size:12pt"> himself or herself </font><font style="font-family:'Times New Roman'; font-size:12pt">a business opportunity that would otherwise go to the Company&#8217;s benefit, if that business opportunity is</font><font style="font-family:'Times New Roman'; font-size:12pt"> </font><font style="font-family:'Times New Roman'; font-size:12pt">reasonably incident to the Company&#8217;s present or prospective business and is one in which the Company has the capacity and desire to engage.</font><font style="font-family:'Times New Roman'; font-size:12pt">&#160; A related party transaction can include any transaction over a specified dollar amount between the Company and an officer, director or significant stockholder (or a member of their respective family) and could also constitute a conflict of interest.&#160;&#160; </font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">All Company employees, officers, directors, non-director Board committee members and trustees </font><font style="font-family:'Times New Roman'; font-size:12pt">have a responsibility </font><font style="font-family:'Times New Roman'; font-size:12pt">of fairness, integrity and loyalty, and should </font><font style="font-family:'Times New Roman'; font-size:12pt">avoid situations and relationships that involve actual or potential conflicts of interest</font><font style="font-family:'Times New Roman'; font-size:12pt">, unless otherwise permitted as provided herein.</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">Whether or not a conflict of interest, related party transaction or corporate opportunity exists or will exist can be unclear.&#160; </font><font style="font-family:'Times New Roman'; font-size:12pt">Examples of situations that could be perceived as </font><font style="font-family:'Times New Roman'; font-size:12pt">being in those categories might inc</font><font style="font-family:'Times New Roman'; font-size:12pt">lude</font><font style="font-family:'Times New Roman'; font-size:12pt">, but are not limited to, the following: </font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 0pt 36pt; text-indent:-18pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Symbol; font-size:12pt"></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:'Times New Roman'; font-size:12pt">Conducting company business</font><font style="font-family:'Times New Roman'; font-size:12pt"> </font><font style="font-family:'Times New Roman'; font-size:12pt">with a firm owned, partially owned, or controlled by a</font><font style="font-family:'Times New Roman'; font-size:12pt"> significant stockholder of the Company, or a Company officer, director or </font><font style="font-family:'Times New Roman'; font-size:12pt">employee</font><font style="font-family:'Times New Roman'; font-size:12pt">,</font><font style="font-family:'Times New Roman'; font-size:12pt"> or </font><font style="font-family:'Times New Roman'; font-size:12pt">a</font><font style="font-family:'Times New Roman'; font-size:12pt"> </font><font style="font-family:'Times New Roman'; font-size:12pt">family member</font><font style="font-family:'Times New Roman'; font-size:12pt"> </font><font style="font-family:'Times New Roman'; font-size:12pt">of any of the foregoing. </font></p>
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            <p style="margin:0pt 0pt 0pt 36pt; text-indent:-18pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Symbol; font-size:12pt"></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:'Times New Roman'; font-size:12pt">Working as an employee or a consultant for a customer or supplier of the Company, or doing any work for a third party that may adversely affect your performance or judgment on the job or diminish your ability to devote the necessary time and attention to your duties.</font></p>
            <p style="margin:0pt 0pt 0pt 36pt; text-indent:-18pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Symbol; font-size:12pt"></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:'Times New Roman'; font-size:12pt">Using Company property</font><font style="font-family:'Times New Roman'; font-size:12pt"> (tangible or intangible)</font><font style="font-family:'Times New Roman'; font-size:12pt">, materials, supplies, funds or other resources for personal purposes, or appropriating or diverting to others any business opportunity or idea in which the Company might have an interest.</font></p>
            <p style="margin:0pt 0pt 0pt 36pt; text-indent:-18pt; widows:0; orphans:0"><font style="font-family:Symbol; font-size:12pt"></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:'Times New Roman'; font-size:12pt">Taking for yourself any opportunity that you learn of through the Company or that rightfully is the Company's to pursue.</font></p>
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            <p style="margin:0pt 0pt 0pt 54pt; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 0pt 36pt; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">Persons who have questions about an actual or potential conflict of interest, </font><font style="font-family:'Times New Roman'; font-size:12pt">related party </font><font style="font-family:'Times New Roman'; font-size:12pt">transaction or corporate opportunity, or who become aware of such a matter, should discuss the matter with their supervisor or the Audit Committee.&#160; </font></p>
            <p style="margin:12pt 0pt 0pt; text-indent:36pt; text-align:justify; line-height:15pt"><font style="font-family:'Times New Roman'; font-size:12pt">a.&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family:'Times New Roman'; font-size:12pt; text-decoration:underline">Transaction Between the Company and a Related Person</font><font style="font-family:'Times New Roman'; font-size:12pt">.&#160; Transactions between the Company and a Related Person (as hereinafter defined) where the amount involved in the transaction exceeds $120,000 (which amount may change from time to time, to be consistent with any changes to the threshold amount set forth in Item 404(a) of Regulation S-K)&#160; shall be reported to the Audit Committee, and are subject to ratification or approval by the Board of Directors or Audit Committee in accordance with, and to the extent required by, applicable law, including without limitation NRS 78.140.&#160;&#160; </font><br style=" clear:both" /><a name="EDGAR_PAGE_END3"></a></p>
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            <p style="margin:12pt 0pt 0pt; text-indent:36pt; text-align:justify; line-height:15pt"><a name="EDGAR_PAGE_START4"></a><font style="font-family:'Times New Roman'; font-size:12pt">b.&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family:'Times New Roman'; font-size:12pt; text-decoration:underline">Definition of &#8220;Related Person&#8221;</font><font style="font-family:'Times New Roman'; font-size:12pt">&#160; A</font><font style="font-family:'Times New Roman'; font-size:12pt"> &#8220;Related Person&#8221; as </font><font style="font-family:'Times New Roman'; font-size:12pt">that term is used herein, is defined in the Instructions to </font><font style="font-family:'Times New Roman'; font-size:12pt">Item 404</font><font style="font-family:'Times New Roman'; font-size:12pt">(a)</font><font style="font-family:'Times New Roman'; font-size:12pt"> of Regulation S-K under the Securities and Exchange Act of 1934, as amended</font><font style="font-family:'Times New Roman'; font-size:12pt">.&#160; Generally speaking, but subject to the more detailed definition in the referenced regulation, a Related Person includes a Company </font><font style="font-family:'Times New Roman'; font-size:12pt">officer, director, director nominee, 5% stockholder of AMERCO, or a</font><font style="font-family:'Times New Roman'; font-size:12pt">n immediate</font><font style="font-family:'Times New Roman'; font-size:12pt"> family member of </font><font style="font-family:'Times New Roman'; font-size:12pt">any of </font><font style="font-family:'Times New Roman'; font-size:12pt">the foregoing.&#160; </font></p>
            <p style="margin:12pt 0pt 0pt; text-indent:36pt; text-align:justify; line-height:15pt"><font style="font-family:'Times New Roman'; font-size:12pt">c.&#160;&#160;&#160;&#160; </font><font style="font-family:'Times New Roman'; font-size:12pt; text-decoration:underline">Annual Questionnaires</font><font style="font-family:'Times New Roman'; font-size:12pt">.&#160; Directors and executive officers of AMERCO shall disclose to the Company, by way of periodic questionnaire, questionnaire update, or other appropriate format which shall be provided to them, the existence of any relationships that constitute a related party transaction, a conflict of interest or that could create the appearance of a conflict of interests.&#160;&#160;&#160; Such transactions are subject to disclosure, as provided by applicable law.</font></p>
            <p style="margin:5pt 0pt 12pt; text-indent:36pt; text-align:justify"><font style="font-family:'Times New Roman'; font-size:12pt">d</font><font style="font-family:'Times New Roman'; font-size:12pt">.</font><font style="font-family:'Times New Roman'; font-size:12pt">&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family:'Times New Roman'; font-size:12pt; text-decoration:underline">Determination of &#8220;Amount Involved in a Transaction</font><font style="font-family:'Times New Roman'; font-size:12pt; text-decoration:underline">&#8221;</font><font style="font-family:'Times New Roman'; font-size:12pt">&#160;&#160;&#160; </font><font style="font-family:'Times New Roman'; font-size:12pt">T</font><font style="font-family:'Times New Roman'; font-size:12pt">he </font><font style="font-family:'Times New Roman'; font-size:12pt">&#8220;</font><font style="font-family:'Times New Roman'; font-size:12pt">amount involved in </font><font style="font-family:'Times New Roman'; font-size:12pt">the </font><font style="font-family:'Times New Roman'; font-size:12pt">transaction</font><font style="font-family:'Times New Roman'; font-size:12pt">&#8221; shall be determined in accordance with the Instructions to Item 404(a) of Regulation S-K </font><font style="font-family:'Times New Roman'; font-size:12pt">under the Securities and Exchange Act of 1934, as amended</font><font style="font-family:'Times New Roman'; font-size:12pt">.</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:'Times New Roman'; font-size:12pt">e.&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family:'Times New Roman'; font-size:12pt; text-decoration:underline">Review Process</font><font style="font-family:'Times New Roman'; font-size:12pt">.&#160; Review of a transaction by the Audit Committee or the Board of Directors should be based on the overall fairness of the transaction to the Company and whether the transaction as a whole is in the best interests of the Company and its shareholders.&#160; This could include, based on the facts and circumstances,&#160; whether the transaction is on substantially the same terms as prevailing terms with a third party in a comparable transaction; whether the transaction was negotiated at arms&#8217; length; collectability; whether there exists unfavorable features to the Company; the nature and extent of any such unfavorable features;&#160; analysis of the favorable features to the Company; the nature and extent of such favorable features; overall Company objectives relative to the transaction, both long term and short term; any other factors deemed relevant by the reviewing party; and any other factors under applicable law.&#160; </font></p>
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            <p style="margin:0pt 0pt 0pt 36pt; text-indent:-18pt; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">3.</font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold; text-decoration:underline">GIFTS AND ENTERTAINMENT</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">All decisions regarding the purchasing of materials, sup</font><font style="font-family:'Times New Roman'; font-size:12pt">plies and services must be made </font><font style="font-family:'Times New Roman'; font-size:12pt">on the basis of competitive price, quality and timing in a way that preserves the Company's integrity. Giving or accepting anything of value is inappropriate if it could be reasonably interpreted as an effort to influence a business relationship or decision. The difference between a gift and a bribe is a question of intent. It is impermissible to accept or request any form of kickback or bribe. A bribe or a kickback includes any item or favor provided for the purpose of improperly obtaining favorable treatment or seeking a competitive advantage. Such efforts </font><font style="font-family:'Times New Roman'; font-size:12pt">should</font><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:12pt">never be used to accomplish indirectly what the Company could not properly or legally </font><font style="font-family:'Times New Roman'; font-size:12pt">do</font><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:12pt">directly.</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">In certain situations or on certain occasions, small gifts of nominal value, such as </font><font style="font-family:'Times New Roman'; font-size:12pt">specialty</font><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:12pt">advertising items bearing </font><font style="font-family:'Times New Roman'; font-size:12pt">the</font><font style="font-family:'Times New Roman'; font-size:12pt"> corporate logo, tickets to local sports, civic or cultural events and/or restaurant meals or refreshments may be given to those with whom the Company has a business relationship.</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">Standards governing the acceptance of gifts from suppliers or their agents mirror those relating to the giving of gifts in that acceptance of a significant gift could be construed as improperly influencing the selection of a vendor.</font><br style=" clear:both" /><a name="EDGAR_PAGE_END4"></a></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">Ultimately, each employee</font><font style="font-family:'Times New Roman'; font-size:12pt">, officer, director, non-director Board committee member and trustee </font><font style="font-family:'Times New Roman'; font-size:12pt">must exercise good business judgment in deciding which situations are unacceptable. If there is ever any doubt as to the acceptability of any gift or entertainment activity, consult with your supervisor.</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">The Company</font><font style="font-family:'Times New Roman'; font-size:12pt"> has several key </font><font style="font-family:'Times New Roman'; font-size:12pt">P</font><font style="font-family:'Times New Roman'; font-size:12pt">olicy </font><font style="font-family:'Times New Roman'; font-size:12pt">B</font><font style="font-family:'Times New Roman'; font-size:12pt">ulletins emphasizing ethics and integrity, which are readily available to System members on the Company's internal Web site. These bulletins include, but are not limited to:</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 6pt 36pt; text-indent:-18pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Symbol; font-size:12pt"></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:'Times New Roman'; font-size:12pt">AMERCO Policy Bulletin No. </font><font style="font-family:'Times New Roman'; font-size:12pt">15</font><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">, </font><font style="font-family:'Times New Roman'; font-size:12pt">&quot;Gifts and Favors,&quot; dated March 22, 2004.</font></p>
            <p style="margin:0pt 0pt 6pt 36pt; text-indent:-18pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Symbol; font-size:12pt"></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:'Times New Roman'; font-size:12pt">AMERCO Policy Bulletin No. 462, &quot;Conflicts of Interest and Kickbacks,&quot; dated March 22, 2004.</font></p>
            <p style="margin:0pt 0pt 6pt 36pt; text-indent:-18pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Symbol; font-size:12pt"></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:'Times New Roman'; font-size:12pt">U-Haul Policy Bulletin No. 959, &quot;Marketing Company Disbursements and Approvals,&quot; dated December 22, 1997.</font></p>
            <p style="margin:0pt 0pt 6pt 36pt; text-indent:-18pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Symbol; font-size:12pt"></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:'Times New Roman'; font-size:12pt">AMERCO Business Consultants Policy Bulletin No. 671, &quot;Productivity Statement and Card,&quot; dated July 31 1986.</font></p>
            <p style="margin:0pt 0pt 6pt 36pt; text-indent:-18pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Symbol; font-size:12pt"></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:'Times New Roman'; font-size:12pt">AMERCO Business Consultants Policy Bulletin No. 475, &quot;Thieves and Embezzlers,&quot; dated February 27, 1986.</font></p>
            <p style="margin:0pt 0pt 6pt 36pt; text-indent:-18pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Symbol; font-size:12pt"></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:'Times New Roman'; font-size:12pt">AMERCO Business Consultants Policy Bulletin No. 709, &quot;Vendor Relations with AMERCO System Companies,&quot; dated September 30, 1985.</font></p>
            <p style="margin:0pt 0pt 6pt 36pt; text-indent:-18pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Symbol; font-size:12pt"></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:'Times New Roman'; font-size:12pt">AMERCO Management Bulletin No. AM-491, &quot;Dealer and Employee Dishonesty,&quot; dated December 6, 1974.</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">AMERCO has been and will always remain committed to maintaining </font><font style="font-family:'Times New Roman'; font-size:12pt">high </font><font style="font-family:'Times New Roman'; font-size:12pt">standards of ethics and corporate behavior.</font><font style="font-family:'Times New Roman'; font-size:12pt">&#160; Except as may be expressly provided herein, nothing in this Code is intended to modify any Company Policy Bulletins.&#160;&#160; </font></p>
            <p style="margin:0pt; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 0pt 36pt; text-indent:-18pt; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">4.</font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold; text-decoration:underline">CONFIDENTIALITY</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">All employees</font><font style="font-family:'Times New Roman'; font-size:12pt">, officers, directors, non-director Board committee members and trustees</font><font style="font-family:'Times New Roman'; font-size:12pt"> should maintain the confidentiality of information entrusted to them by the Company or its customers</font><font style="font-family:'Times New Roman'; font-size:12pt">, suppliers or </font><font style="font-family:'Times New Roman'; font-size:12pt">employees, except when disclosure is authorized or legally mandated. Confidential information includes all nonpublic information that might be of use to competitors, or harmful to the Company, if disclosed.</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">AMERCO operates in a very competitive environment providing a wide variety of products and services to a wide variety of customer. We must protect AMERCO's trade secrets, confidential information and other proprietary information. Employees agree to treat all trade secrets and confidential information of AMERCO as confidential and to take all necessary precautions against disclosure of such information to third parties during and after their employment</font><font style="font-family:'Times New Roman'; font-size:12pt">.&#160; To the extent any employee, officer, director, non-director Board committee member or trustee is party to a </font><font style="font-family:'Times New Roman'; font-size:12pt">Confidentiality Agreement</font><font style="font-family:'Times New Roman'; font-size:12pt">, Non-Disclosure Agreement or similar agreement with the Company, the terms of such agreement shall prevail over any inconsistent term in this Code.&#160; </font><br style=" clear:both" /><a name="EDGAR_PAGE_END5"></a></p>
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            <p style="margin:0pt; widows:0; orphans:0"><a name="EDGAR_PAGE_START6"></a><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">&#xa0;</font></p>
            <p style="margin:0pt 0pt 0pt 36pt; text-indent:-18pt; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">5.</font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold; text-decoration:underline">PROTECTION AND USE OF CORPORATE ASSETS</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">All employees are responsible for ensuring that appropriate measures are taken to properly protect the Company's corporate assets. Employees are expected to assist in the protection of all confidential and proprietary information, including technical, financial, marketing and other business information, which, if made available to the Company's competitors or the public, would be advantageous to such competitors and detrimental to the Company. Protection of such information is critical to our ability to grow and compete.</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">The Company's computer systems, elect</font><font style="font-family:'Times New Roman'; font-size:12pt">ronic mail (e-mail), voice mail, mobile devices </font><font style="font-family:'Times New Roman'; font-size:12pt">and Internet access are employer-provided technologies and Company property. The use of the Company's computer systems, e-mail, voice mail</font><font style="font-family:'Times New Roman'; font-size:12pt">, mobile devices</font><font style="font-family:'Times New Roman'; font-size:12pt"> and Internet access are primarily for matters of concern to the Company's operations, and not for communicati</font><font style="font-family:'Times New Roman'; font-size:12pt">ons of a personal nature. Such n</font><font style="font-family:'Times New Roman'; font-size:12pt">onbusiness related use should be on an infrequent basis. Employees may not use these assets to display, transmit or store inappropriate</font><font style="font-family:'Times New Roman'; font-size:12pt"> or illegal </font><font style="font-family:'Times New Roman'; font-size:12pt">materials at any time.</font></p>
            <p style="margin:0pt; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">&#xa0;</font></p>
            <p style="margin:0pt 0pt 0pt 36pt; text-indent:-18pt; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">6.</font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold; text-decoration:underline">INSIDER TRADING</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">It is illegal to buy or sell securities (either personally or on behalf of others) on the basis of material, nonpublic information</font><font style="font-family:'Times New Roman'; font-size:12pt">, in breach of a fiduciary duty or other relationship of trust and confidence</font><font style="font-family:'Times New Roman'; font-size:12pt">. It also is illegal to communicate (i.e., to &quot;tip&quot;) material, nonpublic information to others so that they may buy or sell securities on the basis of that information. All Company employees</font><font style="font-family:'Times New Roman'; font-size:12pt">, officers, directors, non-director Board committee members and trustees</font><font style="font-family:'Times New Roman'; font-size:12pt"> who know material, nonpublic information about the Company or any other company are prohibited from trading, or tipping</font><font style="font-family:'Times New Roman'; font-size:12pt"> </font><font style="font-family:'Times New Roman'; font-size:12pt">others to trade in the securities of that company.</font></p>
            <p style="margin:0pt 3.6pt 0pt 0pt; text-indent:36pt; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
            <p style="margin:0pt 3.6pt 0pt 0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">Material information is factual information that a reasonable investor would want to know before making an investment decision. Examples of material information may include:</font></p>
            <p style="margin:0pt 3.6pt 0pt 0pt; text-indent:36pt; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 0pt 36pt; text-indent:-18pt; widows:0; orphans:0"><font style="font-family:Symbol; font-size:12pt"></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:'Times New Roman'; font-size:12pt">Quarterly or annual financial results.</font></p>
            <p style="margin:0pt 0pt 0pt 36pt; text-indent:-18pt; widows:0; orphans:0"><font style="font-family:Symbol; font-size:12pt"></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:'Times New Roman'; font-size:12pt">Financial forecasts.</font></p>
            <p style="margin:0pt 0pt 0pt 36pt; text-indent:-18pt; widows:0; orphans:0"><font style="font-family:Symbol; font-size:12pt"></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:'Times New Roman'; font-size:12pt">Significant financial developments.</font></p>
            <p style="margin:0pt 0pt 0pt 36pt; text-indent:-18pt; widows:0; orphans:0"><font style="font-family:Symbol; font-size:12pt"></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:'Times New Roman'; font-size:12pt">Significant new developments.</font></p>
            <p style="margin:0pt 0pt 0pt 36pt; text-indent:-18pt; widows:0; orphans:0"><font style="font-family:Symbol; font-size:12pt"></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:'Times New Roman'; font-size:12pt">Significant contracts.</font></p>
            <p style="margin:0pt 0pt 0pt 36pt; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
            <p style="margin:0pt 3.6pt 0pt 0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">These prohibitions continue for as long as the information you know remains material and nonpublic. </font><font style="font-family:'Times New Roman'; font-size:12pt">In addition to disciplinary action by the Company, violation of these rules </font><font style="font-family:'Times New Roman'; font-size:12pt">may subject</font><font style="font-family:'Times New Roman'; font-size:12pt"> you</font><font style="font-family:'Times New Roman'; font-size:12pt"> to a federal court injunction, disgorgement of the amount of profits gained or losses avoided, </font><font style="font-family:'Times New Roman'; font-size:12pt">substantial civil penalties</font><font style="font-family:'Times New Roman'; font-size:12pt">, private action for money damages, as well as criminal penalties, including prison and fines</font><font style="font-family:'Times New Roman'; font-size:12pt">.&#160; </font></p>
            <p style="margin:0pt 3.6pt 0pt 0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">&#xa0;</font></p>
            <p style="margin:0pt 0pt 0pt 36pt; text-indent:-18pt; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">7.</font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold; text-decoration:underline">FINANCIAL INTEGRITY</font></p>
            <p style="margin:0pt 3.6pt 0pt 0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
            <p style="margin:0pt 3.6pt 0pt 0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">The Company's books, records and accounts are to be maintained in a manner that </font><font style="font-family:'Times New Roman'; font-size:12pt">honestly and </font><font style="font-family:'Times New Roman'; font-size:12pt">accurately reflects all financial transactions in conformity with generally accepted accounting principles. An employee shall not:</font><br style=" clear:both" /><a name="EDGAR_PAGE_END6"></a></p>
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            <p style="margin:0pt 3.6pt 0pt 0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><a name="EDGAR_PAGE_START7"></a><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
            <p style="margin:0pt 3.6pt 0pt 36pt; text-indent:-18pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Symbol; font-size:12pt"></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:'Times New Roman'; font-size:12pt">Improperly accelerate or defer expenses or revenues to achieve financial results or goals.</font></p>
            <p style="margin:0pt 0pt 0pt 36pt; text-indent:-18pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Symbol; font-size:12pt"></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:'Times New Roman'; font-size:12pt">Maintain any undisclosed or unrecorded funds or &quot;off the book&quot; assets.</font></p>
            <p style="margin:0pt 3.6pt 0pt 36pt; text-indent:-18pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Symbol; font-size:12pt"></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:'Times New Roman'; font-size:12pt">Establish or maintain improper, misleading, incomplete or fraudulent accounting documentation or financial reporting.</font></p>
            <p style="margin:0pt 3.6pt 0pt 36pt; text-indent:-18pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Symbol; font-size:12pt"></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:'Times New Roman'; font-size:12pt">Make any payment for purposes other than those described in the documents supporting the payment.</font></p>
            <p style="margin:0pt 0pt 0pt 36pt; text-indent:-18pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Symbol; font-size:12pt"></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:'Times New Roman'; font-size:12pt">Sign any documents</font><font style="font-family:'Times New Roman'; font-size:12pt">, certificates or representation letters</font><font style="font-family:'Times New Roman'; font-size:12pt"> believed to be inaccurate or untruthful.</font></p>
            <p style="margin:0pt 0pt 0pt 57.6pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">Our financial officers are required to provide </font><font style="font-family:'Times New Roman'; font-size:12pt; color:#333333">full, fair, accurate, timely, and understandable disclosure in reports and documents that </font><font style="font-family:'Times New Roman'; font-size:12pt; color:#333333">AMERCO </font><font style="font-family:'Times New Roman'; font-size:12pt; color:#333333">files with, or submits to, the </font><font style="font-family:'Times New Roman'; font-size:12pt; color:#333333">U.S. Securities and Exchange </font><font style="font-family:'Times New Roman'; font-size:12pt; color:#333333">Commission and in other public communications made by</font><font style="font-family:'Times New Roman'; font-size:12pt; color:#333333"> us</font><font style="font-family:'Times New Roman'; font-size:12pt; color:#333333">.</font><font style="font-family:Arial; font-size:8.5pt; color:#333333">&#160;&#160; </font></p>
            <p style="margin:0pt 0pt 0pt 36pt; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 0pt 36pt; text-indent:-18pt; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">8.</font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold; text-decoration:underline">ACCOUNTING CONCERNS</font></p>
            <p style="margin:0pt; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">Employees</font><font style="font-family:'Times New Roman'; font-size:12pt">, officers, directors, non-director Board committee members and trustees</font><font style="font-family:'Times New Roman'; font-size:12pt"> are encouraged to talk to their supervisor</font><font style="font-family:'Times New Roman'; font-size:12pt">, the Director of Corporate Compliance</font><font style="font-family:'Times New Roman'; font-size:12pt"> or any member of AMERCO's Audit Committee regarding any concerns that they have pertaining to the Company's accounting, internal controls or audit practices. It is our policy not to allow retaliation for reports of misconduct or potential misconduct by others made in good faith.</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 0pt 36pt; text-indent:-18pt; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">9.</font><font style="font:7.0pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold; text-decoration:underline">RECORD</font><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold; text-decoration:underline">S</font><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold; text-decoration:underline"> RETENTION</font></p>
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            <p style="margin:0pt 3.6pt 0pt 0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">Any employee who becomes aware of any governmental or regulatory investigation, litigation, administrative or other proceeding </font><font style="font-family:'Times New Roman'; font-size:12pt">or claim </font><font style="font-family:'Times New Roman'; font-size:12pt">should promptly consult with the appropriate member of the Legal Department regarding any records relating to that matter. Federal and state (provincial) law provides for severe penalties for any person who alters, mutilates, conceals or destroys a record or an object with intent to impair the availability of such item or influence the investigation of a governmental department or agency.</font><font style="font-family:'Times New Roman'; font-size:12pt">&#160; Employees are expected to comply with the Company&#8217;s records retention policy, a copy of which is available through the U-Haul intranet.&#160;&#160; Any questions about the records retention policy should be directed to the Legal Department.&#160; </font></p>
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            <p style="margin:0pt 0pt 0pt 36pt; text-indent:-18pt; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">10.</font><font style="font:7.0pt 'Times New Roman'">&#xa0; </font><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold; text-decoration:underline">WORKPLACE HEALTH, SAFETY AND ENVIRONMENT</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">The Company is committed to the safety and health of its employees. Providing and maintaining a safe work environment and instituting and following work practices to safeguard employees </font><font style="font-family:'Times New Roman'; font-size:12pt">and customers </font><font style="font-family:'Times New Roman'; font-size:12pt">must be a primary consideration for all of us. Reviewing all of our businesses and identifying where we can act to improve safety awareness is an ongoing task to which the Company and each employee should be dedicated. There is no job so important that we cannot take the time to complete it safely.</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">Safe work practices also include exercising good judgment with regard to the environmental aspects of our business. Additionally, discharge and disposition of hazardous materials </font><font style="font-family:'Times New Roman'; font-size:12pt">must</font><font style="font-family:'Times New Roman'; font-size:12pt"> be performed only in a manner t</font><font style="font-family:'Times New Roman'; font-size:12pt">hat complies with all applicable environmental </font><font style="font-family:'Times New Roman'; font-size:12pt">protection laws</font><font style="font-family:'Times New Roman'; font-size:12pt">, ordinances and regulations</font><font style="font-family:'Times New Roman'; font-size:12pt">.</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold"> </font><br style=" clear:both" /><a name="EDGAR_PAGE_END7"></a></p>
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            <p style="margin:0pt 0pt 0pt 36pt; text-indent:-18pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">11.</font><font style="font:7.0pt 'Times New Roman'">&#xa0; </font><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold; text-decoration:underline">COMPLIANCE WITH LAWS</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">All employees are expected to comply at all times with all federal, state (provincial), local and foreign laws and regulations affecting the Company and its business. If any employee is uncertain about the existence or effect of a particular law on his or her conduct on behalf of the Company, such individual should consult with his or her supervisor. In particular, and without limiting the generality of the foregoing statements:</font></p>
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            <p style="margin:0pt 0pt 0pt 90pt; text-indent:-18pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Symbol; font-size:12pt"></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:'Times New Roman'; font-size:12pt">Any action taken to intentionally circumvent the requirements of any federal, state (provincial), or local health or safety law applicable to the Company' s facilities, operations or products, or any action taken to intentionally mislead any regulatory authority with respect to the Company's compliance with such laws is strictly prohibited.</font></p>
            <p style="margin:0pt 0pt 0pt 90pt; text-indent:-18pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Symbol; font-size:12pt"></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:'Times New Roman'; font-size:12pt">Any action taken to intentionally mislead the investing public, the SEC, the Nasdaq</font><font style="font-family:'Times New Roman'; font-size:12pt"> </font><font style="font-family:'Times New Roman'; font-size:12pt">National Market or any other federal or state (provincial) securities regulatory authority or securities exchange or quotation system regarding the Company's business, legal or financial affairs or regarding any material event or circumstance affecting the Company is strictly prohibited.</font></p>
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            <p style="margin:0pt 0pt 0pt 36pt; text-indent:-18pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">12.</font><font style="font:7.0pt 'Times New Roman'">&#xa0; </font><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold; text-decoration:underline">SEC DISCLOSURE</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:'Times New Roman'; font-size:12pt">The</font><font style="font-family:'Times New Roman'; font-size:12pt"> AMERCO</font><font style="font-family:'Times New Roman'; font-size:12pt"> President and all senior financial officers are responsible for full, fair, accurate, timely and understandable disclosure in the periodic reports required to be filed by the Company with the SEC. Accordingly, it is the responsibility of the President and each senior financial officer to bring to the attention of the Director of Corporate Compliance any material information of which he or she may become aware that affects the disclosure made by the Company in its public filings. The President and each senior financial officer shall promptly bring to the attention of the Director of Corporate Compliance and the Audit Committee any</font><font style="font-family:'Times New Roman'; font-size:12pt"> </font><font style="font-family:'Times New Roman'; font-size:12pt">information he or she may have concerning (a) significant deficiencies in the design or operation of internal controls which could adversely affect the Company's ability to record, process, summarize and report financial data or (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's financial reporting, disclosures or internal controls. The President and each senior financial officer shall promptly bring to the attention of the Director of Corporate Compliance any information he or she may have concerning any violation of this Code, including any actual or apparent conflicts of interest between personal and professional relationships, involving any management or other employees who have a significant role in the Company's financial reporting, disclosures or internal controls. The President and each senior financial officer shall promptly bring to the attention of the Director of Corporate Compliance and to the Audit Committee any information he or she may have concerning evidence of a material violation of the securities laws, rules or regulations applicable to the Company by the Company or any agent thereof.</font><a name="EDGAR_PAGE_END8"></a></p>
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