<SEC-DOCUMENT>0000004457-16-000097.txt : 20160715
<SEC-HEADER>0000004457-16-000097.hdr.sgml : 20160715
<ACCEPTANCE-DATETIME>20160715171511
ACCESSION NUMBER:		0000004457-16-000097
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20160715
FILED AS OF DATE:		20160715
DATE AS OF CHANGE:		20160715
EFFECTIVENESS DATE:		20160715

FILER:

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11255
		FILM NUMBER:		161770283

	BUSINESS ADDRESS:	
		STREET 1:		5555 KIETZKE LANE STE 100
		CITY:			RENO
		STATE:			NV
		ZIP:			89511
		BUSINESS PHONE:		7756886300

	MAIL ADDRESS:	
		STREET 1:		5555 KIETZKE LANE
		STREET 2:		SUITE 100
		CITY:			RENO
		STATE:			NV
		ZIP:			89511

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERCO
		DATE OF NAME CHANGE:	19770926
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>AnnualProxy.htm
<DESCRIPTION>2016 AMERCO PROXY
<TEXT>
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            <p style="margin:0pt; text-align:center"><a name="_CSF_TOC_1_0"></a><a name="_CSF_TOC_1_1"></a><a name="_DMBM_1183"></a><a name="_CSF_TOC_1"></a><a name="EDGAR_PAGE_START1"></a><font style="font-family:Arial; font-size:10pt; font-weight:bold">UNITED STATES SECURITIES</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">AND EXCHANGE COMMISSION</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">WASHINGTON, D.C.&#160; 20549</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; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">SCHEDULE 14A</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; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">(Amendment No.)</font></p>
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            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Filed by the Registrant [x]</font></p>
            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Filed by a Party other than the </font><font style="font-family:Arial; font-size:10pt">Registrant [ ]</font></p>
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            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Check the appropriate box:</font></p>
            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">[ ] Preliminary Proxy Statement </font></p>
            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">[ ] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</font></p>
            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">[x] Definitive Proxy Statement </font></p>
            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">[ ] Definitive Additional Materials </font></p>
            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">[ ] Soliciting Material Pur</font><font style="font-family:Arial; font-size:10pt">suant to &#167;240.14a-12</font></p>
            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
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            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">AMERCO</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(Name of Registrant as Specified in Its Charter)</font></p>
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            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(Name of Person(s) Filing Proxy Statement if Other Than the Registrant)</font></p>
            <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">Payment of Filing Fee (Check the appropriate box): </font></p>
            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">[x] No fee required. </font></p>
            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">[ ] Fee computed on table </font><font style="font-family:Arial; font-size:10pt">below per Exchange Act Rules 14a-6(i)(1) and 0-11.</font></p>
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                <li style="margin:0pt 0pt 0pt 31.34pt; text-indent:0pt; padding-left:4.66pt; font-family:Arial; font-size:10pt"><font style="font-family:Arial; font-size:10pt">Title of each class of securities to which transaction applies:</font></li>
                <li style="margin:0pt 0pt 0pt 31.34pt; text-indent:0pt; padding-left:4.66pt; font-family:Arial; font-size:10pt"><font style="font-family:Arial; font-size:10pt">Aggregate number of securities to which transaction applies:</font></li>
                <li style="margin:0pt 0pt 0pt 31.34pt; text-indent:0pt; padding-left:4.66pt; font-family:Arial; font-size:10pt"><font style="font-family:Arial; font-size:10pt">Per unit price or other underlying value of transaction computed pursuant to Exc</font><font style="font-family:Arial; font-size:10pt">hange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</font></li>
                <li style="margin:0pt 0pt 0pt 31.34pt; text-indent:0pt; padding-left:4.66pt; font-family:Arial; font-size:10pt"><font style="font-family:Arial; font-size:10pt">Proposed maximum aggregate value of transaction:</font></li>
                <li style="margin:0pt 0pt 0pt 31.34pt; text-indent:0pt; padding-left:4.66pt; font-family:Arial; font-size:10pt"><font style="font-family:Arial; font-size:10pt">Total fee paid:</font></li>
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            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">[ ] Fee paid previously with preliminary materials:</font></p>
            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">[ ] Check box if any part</font><font style="font-family:Arial; font-size:10pt"> of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</font></p>
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                <li style="margin:0pt 0pt 0pt 31.34pt; text-indent:0pt; padding-left:4.66pt; font-family:Arial; font-size:10pt"><font style="font-family:Arial; font-size:10pt">A</font><font style="font-family:Arial; font-size:10pt">mount previously paid:</font></li>
                <li style="margin:0pt 0pt 0pt 31.34pt; text-indent:0pt; padding-left:4.66pt; font-family:Arial; font-size:10pt"><font style="font-family:Arial; font-size:10pt">Form, Schedule or Registration Statement No.:</font></li>
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            <p style="margin:0pt; text-align:center"><a name="EDGAR_PAGE_START2"></a><font style="font-family:Arial; font-size:10pt">NOTICE OF THE 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> ANNUAL MEETING OF STOCKHOLDERS OF AMERCO</font></p>
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            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">DATE: Thursday, </font><font style="font-family:Arial; font-size:10pt">August 2</font><font style="font-family:Arial; font-size:10pt">5</font><font style="font-family:Arial; font-size:10pt">, 201</font><font style="font-family:Arial; font-size:10pt">6</font></p>
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            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">TIME: 9 a.m. local time/12 noon EDT</font></p>
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            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">PLACE: U-Haul Central Towers </font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">2721 N. Central Avenue, Phoenix, Arizona 85004</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">and webcast live at amerco.com</font></p>
            <p style="margin:0pt; text-align:center"><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">Dear Fellow Stockholders:</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">July 1</font><font style="font-family:Arial; font-size:10pt">5</font><font style="font-family:Arial; font-size:10pt">,</font><font style="font-family:Arial; font-size:10pt"> 201</font><font style="font-family:Arial; font-size:10pt">6</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">We look forward to the 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> Annual Meeting of Stockholders (&#8220;201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> Annual Meeting&#8221;) of AMERCO (the &#8220;Company&#8221;) and are pleased to once again offer our meeting materials over the internet and to webcast this annual meeting. We believe that using the internet to distribute our materials and to host the meeting will allow mo</font><font style="font-family:Arial; font-size:10pt">re stockholders to participate in the meeting. We also expect that this approach will lower costs associated with the meeting and is consistent with our environmental sustainability initiatives.</font></p>
            <p style="margin:0pt; text-indent:36pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">During the meeting, </font><font style="font-family:Arial; font-size:10pt">four </font><font style="font-family:Arial; font-size:10pt">proposals will be presented for you</font><font style="font-family:Arial; font-size:10pt">r consideration and approval:</font></p>
            <p style="margin:0pt; text-indent:36pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:-72pt; text-align:justify; widows:0; orphans:0; padding-left:72pt"><font style="font-family:Arial; font-size:10pt">Proposal 1:</font><font style="font-family:Arial; font-size:10pt">The election of the following </font><font style="font-family:Arial; font-size:10pt">Directors</font><font style="font-family:Arial; font-size:10pt">, each to hold office and serve as a member of the Board until the 201</font><font style="font-family:Arial; font-size:10pt">7</font><font style="font-family:Arial; font-size:10pt"> Annual Meeting of Stockholders: </font><font style="font-family:Arial; font-size:10pt">Edward J. Shoen</font><font style="font-family:Arial; font-size:10pt">, James E. Acridge, Charles J. Bayer, John P. Brogan, J</font><font style="font-family:Arial; font-size:10pt">ohn M. Dodds, </font><font style="font-family:Arial; font-size:10pt">James J. Grogan</font><font style="font-family:Arial; font-size:10pt">, </font><font style="font-family:Arial; font-size:10pt">Karl A. Schmidt and Samuel J</font><font style="font-family:Arial; font-size:10pt">. Shoen.</font></p>
            <p style="margin:0pt; text-indent:-72pt; text-align:justify; widows:0; orphans:0; padding-left:72pt"><font style="font-family:Arial; font-size:10pt">Proposal 2:</font><font style="font-family:Arial; font-size:10pt">An advisory vote to approve the compensation paid to the Company&#8217;s Named Executive Officers as disclosed in this Proxy Statement.&#160;&#160;&#160;&#160;&#160;&#160; </font></p>
            <p style="margin:0pt; text-indent:-72pt; text-align:justify; widows:0; orphans:0; padding-left:72pt"><font style="font-family:Arial; font-size:10pt">Proposal 3:</font><font style="font-family:Arial; font-size:10pt">The ratification of the app</font><font style="font-family:Arial; font-size:10pt">ointment of BDO USA, LLP as the Company&#8217;s independent registered public accounting firm for the fiscal year ended March 31, 201</font><font style="font-family:Arial; font-size:10pt">7</font><font style="font-family:Arial; font-size:10pt">.</font></p>
            <p style="margin:0pt; text-indent:-72pt; text-align:justify; widows:0; orphans:0; padding-left:72pt"><font style="font-family:Arial; font-size:10pt">Proposal 4:</font><font style="font-family:Arial; font-size:10pt">A proposal received from Company stockholder proponents to ratify and affirm the decisions and actions taken by th</font><font style="font-family:Arial; font-size:10pt">e Board of Directors (the &#8220;Board&#8221;) and executive officers of the Company with respect to AMERCO and its subsidiaries, for the fiscal year ended March 31, 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt">.</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">I encourage you to read this proxy statement for more information on each of these proposals, and to vote on each proposal.&#160; </font></p>
            <p style="margin:0pt; widows:0; orphans:0"><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; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">In addition, stockholders may also vote on any other business as may properly come before the 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> Annual Meeting or any continua</font><font style="font-family:Arial; font-size:10pt">tion, postponement or adjournment thereof. On such other business, to the maximum extent allowed by the SEC&#8217;s proxy and NASDAQ rules</font><font style="font-family:Arial; font-size:10pt"> and any other applicable law</font><font style="font-family:Arial; font-size:10pt">, any proxy holders will vote as they determine in their discretion.</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; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">I encourage stockholders </font><font style="font-family:Arial; font-size:10pt">to participate in the 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> Annual Meeting via the webcast, in order to reduce the carbon footprint resulting from the meeting. I also encourage you to vote, whether or not you attend or participate in the meeting. The Board has fixed the close of business </font><font style="font-family:Arial; font-size:10pt">on </font><font style="font-family:Arial; font-size:10pt">June 2</font><font style="font-family:Arial; font-size:10pt">7</font><font style="font-family:Arial; font-size:10pt">, 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> as the record date for determination of stockholders entitled to notice of and to vote at the 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> Annual Meeting or any </font><font style="font-family:Arial; font-size:10pt">continuation, </font><font style="font-family:Arial; font-size:10pt">adjournment or postponement thereof. If you vote over the internet or telephone, your vote must be </font><font style="font-family:Arial; font-size:10pt">received by 11:59 p.m. Eastern Time on August 2</font><font style="font-family:Arial; font-size:10pt">4</font><font style="font-family:Arial; font-size:10pt">, 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> to be counted. Mail-in ballots should be mailed by August 1</font><font style="font-family:Arial; font-size:10pt">2</font><font style="font-family:Arial; font-size:10pt">, 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt">.</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; text-indent:36pt"><font style="font-family:Arial; font-size:10pt">Sincerely yours,</font></p>
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            <p style="margin:0pt; text-indent:36pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">/s/ Edward J. Shoen</font></p>
            <p style="margin:0pt; text-indent:36pt"><font style="font-family:Arial; font-size:10pt">Edward J. Shoen</font></p>
            <p style="margin:0pt; text-indent:36pt"><font style="font-family:Arial; font-size:10pt">Chairman and President</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">TABLE OF CONTENTS</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">Page</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Questions and Answers</font><font style="font-family:Arial; font-size:10pt"> about these Proxy Materials and Voting</font></p>
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                        <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">Proposal 1 &#8211; The Election of Directors</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">Proposal 2 &#8211; Advisory Vote to Approve the Compensation Paid to the Company&#8217;s Named Executive Officers</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">Compensation Discussion and Analysis</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">Relationship with </font><font style="font-family:Arial; font-size:10pt">independent Registered Public Accounting Firm</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">10</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Proposal 3 &#8211; Ratification of Appointment of Independent Registered Public Accounting Firm</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1</font><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">Proposal 4 &#8211; Stockholder Proposal Regarding Ratification of the Decisions and Actions of the Board of Directors </font><font style="font-family:Arial; font-size:10pt">and Executive Officers for Fiscal 201</font><font style="font-family:Arial; font-size:10pt">6</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">11</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Board of Directors and Corporate Governance</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1</font><font style="font-family:Arial; font-size:10pt">2</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#8220;</font><font style="font-family:Arial; font-size:10pt">Non-</font><font style="font-family:Arial; font-size:10pt">Controlled Company&#8221; Status</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1</font><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">Other Information Regarding the Board of Directors</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1</font><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">Director Nomination Process</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">18</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Security Ownership of Certain Beneficial </font><font style="font-family:Arial; font-size:10pt">Owners and Management</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">2</font><font style="font-family:Arial; font-size:10pt">2</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Compensation Committee Report</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">2</font><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">Compensation Committee Interlocks and Insider Participation</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">2</font><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">Audit Committee Report</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">2</font><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">Executive Officers of the Company</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">2</font><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">Certain Relationships and Related Transactions</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">2</font><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">Section 16(a) </font><font style="font-family:Arial; font-size:10pt">Beneficial Ownership Reporting Compliance</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">28</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Communications with the Board of Directors</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">28</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Stockholder Proposals for Next Annual Meeting</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">29</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Other Matters</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">29</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Exhibit A &#8211; Meeting Procedures</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Exhibit B &#8211; Proxy Card</font></p>
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            <p style="margin:0pt; text-align:center"><a name="EDGAR_PAGE_START4"></a><img src="image1.gif" width="129" height="16" alt="Description: AMERCOlogo" style="-aw-left-pos:0pt; -aw-rel-hpos:column; -aw-rel-vpos:paragraph; -aw-top-pos:0pt; -aw-wrap-type:inline" ></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; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">PROXY STATEMENT</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; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">201</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">6</font><font style="font-family:Arial; font-size:10pt; font-weight:bold"> ANNUAL MEETING OF STOCKHOLDERS</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; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">TO BE HELD ON THURSDAY, </font><font style="font-family:Arial; font-size:10pt; font-weight:bold">AUGUST 25</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">, 201</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">6</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">This proxy statement (&#8220;Proxy Statement&#8221;) is furnished in </font><font style="font-family:Arial; font-size:10pt">connection with the solicitation of proxies on behalf of the Board of Directors (the &#8220;Board&#8221;) of AMERCO, a Nevada corporation (the &#8220;Company&#8221;</font><font style="font-family:Arial; font-size:10pt"> or &#8220;AMERCO&#8221;</font><font style="font-family:Arial; font-size:10pt">), with respect to the 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> Annual Meeting of Stockholders of AMERCO and any</font><font style="font-family:Arial; font-size:10pt"> continuation,</font><font style="font-family:Arial; font-size:10pt"> adjournment</font><font style="font-family:Arial; font-size:10pt"> o</font><font style="font-family:Arial; font-size:10pt">r postponement</font><font style="font-family:Arial; font-size:10pt"> thereof (the &#8220;Annual Meeting&#8221;). The matters to be voted upon at the Annual Meeting are: </font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <ol type="i" style="margin:0pt; padding-left:0pt">
                <li style="margin:0pt 0pt 0pt 49.33pt; text-indent:0pt; text-align:justify; widows:0; orphans:0; padding-left:36.17pt; font-family:Arial; font-size:10pt"><font style="font-family:Arial; font-size:10pt">The election of the following </font><font style="font-family:Arial; font-size:10pt">Directors</font><font style="font-family:Arial; font-size:10pt">, each to hold office and serve as a member of the Board until the 201</font><font style="font-family:Arial; font-size:10pt">7</font><font style="font-family:Arial; font-size:10pt"> Annual Meeting of Stockholders: </font><font style="font-family:Arial; font-size:10pt">Edward J</font><font style="font-family:Arial; font-size:10pt">. Shoen</font><font style="font-family:Arial; font-size:10pt">, James E. Acridge, Charles J. Bayer, John P. Brogan, John M. Dodds, </font><font style="font-family:Arial; font-size:10pt">James J. Grogan</font><font style="font-family:Arial; font-size:10pt">, </font><font style="font-family:Arial; font-size:10pt">Karl A. Schmidt and Samuel J</font><font style="font-family:Arial; font-size:10pt">. Shoen;</font></li>
                <li style="margin:0pt 0pt 0pt 51.55pt; text-indent:0pt; text-align:justify; widows:0; orphans:0; padding-left:33.95pt; font-family:Arial; font-size:10pt"><font style="font-family:Arial; font-size:10pt">A</font><font style="font-family:Arial; font-size:10pt">n advisory vote to approve the compensation paid to the Company&#8217;s Named Executive Officers as disclosed in this Proxy </font><font style="font-family:Arial; font-size:10pt">Statement;</font></li>
                <li style="margin:0pt 0pt 0pt 53.77pt; text-indent:0pt; text-align:justify; widows:0; orphans:0; padding-left:31.73pt; font-family:Arial; font-size:10pt"><font style="font-family:Arial; font-size:10pt">T</font><font style="font-family:Arial; font-size:10pt">he ratification of the appointment of BDO USA, LLP as the Company&#8217;s independent </font><font style="font-family:Arial; font-size:10pt">r</font><font style="font-family:Arial; font-size:10pt">egistered </font><font style="font-family:Arial; font-size:10pt">p</font><font style="font-family:Arial; font-size:10pt">ublic </font><font style="font-family:Arial; font-size:10pt">a</font><font style="font-family:Arial; font-size:10pt">ccounting </font><font style="font-family:Arial; font-size:10pt">f</font><font style="font-family:Arial; font-size:10pt">irm for the fiscal year ended March 31, 201</font><font style="font-family:Arial; font-size:10pt">7</font><font style="font-family:Arial; font-size:10pt"> (&#8220;Fiscal 201</font><font style="font-family:Arial; font-size:10pt">7</font><font style="font-family:Arial; font-size:10pt">&#8221;); and</font></li>
                <li style="margin:0pt 0pt 0pt 54.33pt; text-indent:0pt; text-align:justify; widows:0; orphans:0; padding-left:31.17pt; font-family:Arial; font-size:10pt"><font style="font-family:Arial; font-size:10pt">A</font><font style="font-family:Arial; font-size:10pt"> proposal received from Company stockholder proponents to ratify an</font><font style="font-family:Arial; font-size:10pt">d affirm the decisions and actions taken by the Board and executive officers with respect to AMERCO and its subsidiaries, for the fiscal year ended March 31, 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> (&#8220;Fiscal 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt">&#8221;). </font></li>
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            <p style="margin:0pt 0pt 0pt 85.5pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">The Notice of Internet Availability of Proxy Materials (the &#8220;Notice&#8221;) is first being sent to stockholders on or about </font><font style="font-family:Arial; font-size:10pt">July 15</font><font style="font-family:Arial; font-size:10pt">, 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt">. The Proxy Statement and the form of proxy relating to the Annual Meeting are first being made available to stockholders on </font><font style="font-family:Arial; font-size:10pt">or about </font><font style="font-family:Arial; font-size:10pt">July 15</font><font style="font-family:Arial; font-size:10pt">, 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt">.&#160; </font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><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; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">The Board has fixed the close of business on June </font><font style="font-family:Arial; font-size:10pt">27</font><font style="font-family:Arial; font-size:10pt">, 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> as the record date for determination of stockholders entitled to notice of and to vote at the Annual Meeting or any </font><font style="font-family:Arial; font-size:10pt">continuation, </font><font style="font-family:Arial; font-size:10pt">adjournment or postponement thereof (the</font><font style="font-family:Arial; font-size:10pt"> &#8220;Record Date&#8221;). </font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; 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">Why am I being provided with these materials?</font></p>
            <p style="margin:0pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">Owners of record of AMERCO common stock as of the close of business on the Record Date are entitled to vote in connection with the Annual Meeting. As a stockholder, you are requested to vote </font><font style="font-family:Arial; font-size:10pt">on the proposals described in this Proxy Statement. This Proxy Statement describes the proposals presented for stockholder action at our Annual Meeting and includes information required to be disclosed to stockholders in connection with the Annual Meeting.</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Why have I received a Notice of Internet Availability of Proxy Materials?</font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">In accordance with applicable </font><font style="font-family:Arial; font-size:10pt">rules of the Securities and Exchange Commission (the &#8220;SEC&#8221;) governing the solicitation of proxies</font><font style="font-family:Arial; font-size:10pt">, we are permitted to furnish proxy materials to our </font><font style="font-family:Arial; font-size:10pt">stockholders on the internet, in lieu of mailing printed copies of the documents.&#160; You will not receive a printed copy of the proxy materials unless you request a printed copy. The Notice instructs you as to how to access the proxy materials on the interne</font><font style="font-family:Arial; font-size:10pt">t. The Notice also instructs you as to how to vote. If&#160; you would like to receive a printed copy of the proxy materials, please follow the instructions for requesting such materials included in the Notice.&#160; You may also download or print these materials, o</font><font style="font-family:Arial; font-size:10pt">r any portion thereof, from any computer with internet access and a printer.&#160; </font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Who can vote in connection with the Annual Meeting?</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">You may vote if you were the record or beneficial owner of AMERCO common stock as of the close of business on the Record Dat</font><font style="font-family:Arial; font-size:10pt">e.&#160; As of the Record Date, there </font><font style="font-family:Arial; font-size:10pt">were 19,607,788 shares of common</font><font style="font-family:Arial; font-size:10pt"> stock outstanding and entitled to vote.&#160; </font></p>
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            <p style="margin:0pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><a name="EDGAR_PAGE_START5"></a><font style="font-family:Arial; font-size:10pt; font-weight:bold">How do I attend the Annual Meeting?</font></p>
            <p style="margin:0pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Arial; font-size:10pt">The Annual Meeting will be webcast live over the internet </font><font style="font-family:Arial; font-size:10pt">at amerco.com and will be hosted at the U-Haul Central Towers, 2721 N. Central Avenue, Phoenix, Arizona 85004, at 9:00 a.m., local time, on </font><font style="font-family:Arial; font-size:10pt">August 25</font><font style="font-family:Arial; font-size:10pt">, 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt">.&#160; Rather than physically attending the Annual Meeting, we encourage stockholders to attend the Annua</font><font style="font-family:Arial; font-size:10pt">l Meeting via the live webcast. We believe this is one way to reduce the carbon footprint resulting from the Annual Meeting. In-person attendance at the Annual Meeting is limited to stockholders as of the Record Date or their legal proxies, and valid photo</font><font style="font-family:Arial; font-size:10pt"> identification and a copy of such proxy, if applicable, is required for any such attendee. If your shares are held in &#8220;street name&#8221; (for instance, through a brokerage firm or bank), you will also need to bring evidence of your beneficial ownership, such a</font><font style="font-family:Arial; font-size:10pt">s a recent statement from your brokerage account. We discuss holders in &#8220;street name&#8221; in more detail below. </font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">What am I voting on?</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">You are voting on:</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:-72pt; text-align:justify; widows:0; orphans:0; padding-left:72pt"><font style="font-family:Arial; font-size:10pt">Proposal 1:</font><font style="font-family:Arial; font-size:10pt">The election of the following </font><font style="font-family:Arial; font-size:10pt">Directors</font><font style="font-family:Arial; font-size:10pt">, each to hold office and serve as a member of the </font><font style="font-family:Arial; font-size:10pt">Board until the 201</font><font style="font-family:Arial; font-size:10pt">7</font><font style="font-family:Arial; font-size:10pt"> Annual Meeting of Stockholders: </font><font style="font-family:Arial; font-size:10pt">Edward J. Shoen</font><font style="font-family:Arial; font-size:10pt">, James E. Acridge, Charles J. Bayer, John P. Brogan, John M. Dodds, </font><font style="font-family:Arial; font-size:10pt">James J. Grogan</font><font style="font-family:Arial; font-size:10pt">, </font><font style="font-family:Arial; font-size:10pt">Karl A. Schmidt and Samuel J</font><font style="font-family:Arial; font-size:10pt">. Shoen.</font></p>
            <p style="margin:0pt; text-indent:-72pt; text-align:justify; widows:0; orphans:0; padding-left:72pt"><font style="font-family:Arial; font-size:10pt">Proposal 2: </font><font style="font-family:Arial; font-size:10pt">An advisory vote to approve the compensation paid to</font><font style="font-family:Arial; font-size:10pt"> the Company&#8217;s Named Executive Officers as disclosed in this Proxy Statement.&#160;&#160;&#160;&#160;&#160;&#160; </font></p>
            <p style="margin:0pt; text-indent:-72pt; text-align:justify; widows:0; orphans:0; padding-left:72pt"><font style="font-family:Arial; font-size:10pt">Proposal 3: </font><font style="font-family:Arial; font-size:10pt">The ratification of the appointment of BDO USA, LLP as the Company&#8217;s independent registered public accounting firm for Fiscal 201</font><font style="font-family:Arial; font-size:10pt">7</font><font style="font-family:Arial; font-size:10pt">.</font></p>
            <p style="margin:0pt; text-indent:-72pt; text-align:justify; widows:0; orphans:0; padding-left:72pt"><font style="font-family:Arial; font-size:10pt">Proposal 4:</font><font style="font-family:Arial; font-size:10pt">A proposal rec</font><font style="font-family:Arial; font-size:10pt">eived from Company stockholder proponents to ratify and affirm the decisions and actions taken by the Board and executive officers of the Company with respect to AMERCO and its subsidiaries, for Fiscal 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt">.</font></p>
            <p style="margin:0pt; text-indent:-72pt; text-align:justify; widows:0; orphans:0; padding-left:72pt"><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">In addition, stockholders may also vote on any </font><font style="font-family:Arial; font-size:10pt">other business as may properly come before the Annual Meeting or any continuation, postponement or adjournment thereof. On such other business, to the maximum extent allowed by the SEC&#8217;s proxy</font><font style="font-family:Arial; font-size:10pt"> rules</font><font style="font-family:Arial; font-size:10pt"> and NASDAQ </font><font style="font-family:Arial; font-size:10pt">Listing Rules</font><font style="font-family:Arial; font-size:10pt">, the proxy holders will vote as </font><font style="font-family:Arial; font-size:10pt">they determine in their discretion.</font></p>
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            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; font-weight:bold">How does the Board recommend that I vote my shares?</font></p>
            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">The Board recommendations are as follows: </font></p>
            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:-72pt; padding-left:72pt"><font style="font-family:Arial; font-size:10pt">Proposal 1:</font><font style="font-family:Arial; font-size:10pt">The Board recommends a vote &#8220;FOR&#8221; each of the director nominees named in this proxy statement;</font></p>
            <p style="margin:0pt; text-indent:-36pt; padding-left:36pt"><font style="font-family:Arial; font-size:10pt">Proposal 2:</font><font style="font-family:Arial; font-size:10pt">The </font><font style="font-family:Arial; font-size:10pt">Board recommends a vote &#8220;FOR&#8221; such proposal;</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">Proposal 3:</font><font style="font-family:Arial; font-size:10pt">The Board recommends a vote &#8220;FOR&#8221; such proposal; </font><font style="font-family:Arial; font-size:10pt">and</font></p>
            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Proposal 4:</font><font style="font-family:Arial; font-size:10pt">The Board recomm</font><font style="font-family:Arial; font-size:10pt">ends a vote &#8220;FOR&#8221; such proposal.</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-align:justify; page-break-inside:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">We encourage all stockholders to vote their shares.&#160; If you own your shares pursuant</font><font style="font-family:Arial; font-size:10pt"> to the AMERCO Employee Stock Ownership Plan (&#8220;ESOP&#8221;) and you do not vote, the ESOP Trustee will vote your shares on your behalf, in its discretion. If you own your shares in &#8220;street name&#8221; we encourage you to specifically direct your broker (or other recor</font><font style="font-family:Arial; font-size:10pt">d holder) to vote your shares by returning appropriate voting instructions which will be provided to you from such broker or other record holder.</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">What types of votes are permitted on each Item?</font></p>
            <p style="margin:0pt; text-indent:-72pt; text-align:justify; widows:0; orphans:0; padding-left:72pt"><font style="font-family:Arial; font-size:10pt">Proposal 1:</font><font style="font-family:Arial; font-size:10pt">You may either vote &#8220;FOR&#8221; all the nominees to the</font><font style="font-family:Arial; font-size:10pt"> Board, you may &#8220;WITHHOLD&#8221; for all nominees, or you may &#8220;WITHHOLD&#8221; your vote from any nominee you specify</font><font style="font-family:Arial; font-size:10pt">.</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">Proposal 2:</font><font style="font-family:Arial; font-size:10pt">You may vote &#8220;FOR,&#8221; &#8220;AGAINST&#8221; or &#8220;ABSTAIN&#8221;</font><font style="font-family:Arial; font-size:10pt">.</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">Proposal 3:</font><font style="font-family:Arial; font-size:10pt">You may vote &#8220;FOR,&#8221; &#8220;AGAINST&#8221; or &#8220;ABSTAIN&#8221;</font><font style="font-family:Arial; font-size:10pt">.</font></p>
            <p style="margin:0pt; text-indent:-72pt; text-align:justify; widows:0; orphans:0; padding-left:72pt"><font style="font-family:Arial; font-size:10pt">Proposal 4: </font><font style="font-family:Arial; font-size:10pt">You may vote &#8220;FOR,&#8221; &#8220;AGA</font><font style="font-family:Arial; font-size:10pt">INST&#8221; or &#8220;ABSTAIN&#8221;. </font></p>
            <p style="margin:0pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">If you vote &#8220;ABSTAIN&#8221; (in the case of Proposals 2,</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">3</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">or </font><font style="font-family:Arial; font-size:10pt">4) or &#8220;WITHHOLD&#8221; in the case of Proposal 1, your vote will not be counted as a vote cast on such Proposal</font><font style="font-family:Arial; font-size:10pt">. </font></p>
            <p style="margin:0pt; text-indent:-72pt; text-align:justify; widows:0; orphans:0; padding-left:72pt"><a name="EDGAR_PAGE_END5"></a><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
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            <p style="margin:0pt; text-indent:-72pt; text-align:justify; widows:0; orphans:0; padding-left:72pt"><a name="EDGAR_PAGE_START6"></a><font style="font-family:Arial; font-size:10pt; font-weight:bold">Who will pay the costs of soliciting these Proxies?</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:normal">The Board is sol</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">iciting proxies from stockholders and </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">Directors</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">, officers or other employees may assist in such effort by mail, email, telephone, facsimile or in </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">person. We are not paying any specific third-party to solicit proxies on behalf of the Board, but should any c</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">osts arise related to the solicitation of proxies then the Company shall bear such costs. We will not provide compensation, other than usual compensation to our </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">Directors</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">, officers and other employees who solicit proxies.</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">How many votes are needed to </font><font style="font-family:Arial; font-size:10pt; font-weight:bold">approve each Item?</font></p>
            <p style="margin:0pt; text-indent:-36pt; text-align:justify; widows:0; orphans:0; padding-left:36pt"><font style="font-family:Arial; font-size:10pt">Proposal 1:</font><font style="font-family:Arial; font-size:10pt">The eight nominees receiving the most &#8220;FOR&#8221; votes will be elected.&#160; </font></p>
            <p style="margin:0pt; text-indent:-36pt; text-align:justify; widows:0; orphans:0; padding-left:36pt"><font style="font-family:Arial; font-size:10pt">Proposal 2:</font><font style="font-family:Arial; font-size:10pt">There must be a &#8220;FOR&#8221; vote from the majority of votes cast.</font></p>
            <p style="margin:0pt; text-indent:-36pt; text-align:justify; widows:0; orphans:0; padding-left:36pt"><font style="font-family:Arial; font-size:10pt">Proposal 3:</font><font style="font-family:Arial; font-size:10pt">There must be a &#8220;FOR&#8221; vote from the majority of votes cast.</font></p>
            <p style="margin:0pt; text-indent:-36pt; text-align:justify; widows:0; orphans:0; padding-left:36pt"><font style="font-family:Arial; font-size:10pt">Proposal 4: </font><font style="font-family:Arial; font-size:10pt">There must be a &#8220;FOR&#8221; vote from the majority of votes cast.</font></p>
            <p style="margin:0pt; text-indent:-36pt; text-align:justify; widows:0; orphans:0; padding-left:36pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:-36pt; text-align:justify; widows:0; orphans:0; padding-left:36pt"><font style="font-family:Arial; font-size:10pt; font-weight:bold">What is an advisory </font><font style="font-family:Arial; font-size:10pt; font-weight:bold">stockholder</font><font style="font-family:Arial; font-size:10pt; font-weight:bold"> vote?</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">An advisory </font><font style="font-family:Arial; font-size:10pt">stockholder</font><font style="font-family:Arial; font-size:10pt"> vote is non-binding.&#160; Proposal 2</font><font style="font-family:Arial; font-size:10pt"> is</font><font style="font-family:Arial; font-size:10pt"> advisory.&#160; Such votes afford </font><font style="font-family:Arial; font-size:10pt">stockholder</font><font style="font-family:Arial; font-size:10pt">s the opportunity to provide the Board with feedback (th</font><font style="font-family:Arial; font-size:10pt">rough voting) as to the </font><font style="font-family:Arial; font-size:10pt">stockholder</font><font style="font-family:Arial; font-size:10pt">&#8217;s view on the proposal in question.&#160; </font><font style="font-family:Arial; font-size:10pt">Stockholder</font><font style="font-family:Arial; font-size:10pt"> approval or disapproval of an advisory proposal does not require particular Board action; however, </font><font style="font-family:Arial; font-size:10pt">stockholder</font><font style="font-family:Arial; font-size:10pt"> feedback pursuant to an advisory vote will be considered by </font><font style="font-family:Arial; font-size:10pt">the Board and addressed as deemed appropriate in the judgment of the Board.</font><font style="font-family:Arial; font-size:10pt">&#160;&#160;&#160; </font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">How many votes must be present, whether in person or by proxy, to hold the Annual Meeting?</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">In order for the Annual Meeting to proceed, holders of one-third of the outstanding </font><font style="font-family:Arial; font-size:10pt">shares of common stock of the Company entitled to vote must be present, in person or by proxy, at the meeting.&#160; This is referred to as a quorum.&#160; Abstentions, withheld votes, and broker non-votes are included and counted for purposes of establishing a quor</font><font style="font-family:Arial; font-size:10pt">um at the meeting.&#160; </font></p>
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            <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">What are broker non-votes?</font></p>
            <p style="margin:0pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">Broker non-votes occur with respect to shares held in &#8220;street name&#8221;, in cases where the record owner (for instance, the </font><font style="font-family:Arial; font-size:10pt">brokerage firm or bank) does not receive voting instructions from the beneficial owner and does not have discretionary voting authority with respect to a particular matter. Brokerage firms and banks have discretionary voting authority to vote with respect </font><font style="font-family:Arial; font-size:10pt">to &#8220;routine&#8221; matters; however they do not have discretionary authority to vote on &#8220;non-routine&#8221; matters. The following proposals will be considered &#8220;non-routine&#8221; and therefore your broker will not be able to vote your shares with respect to these proposals</font><font style="font-family:Arial; font-size:10pt"> unless the broker receives specific voting instructions from you: Proposal 1 (Election of Directors), Proposal 2 (Advisory Vote to Approve the Compensation Paid to the Company&#8217;s Named Executive Officers)</font><font style="font-family:Arial; font-size:10pt"> and</font><font style="font-family:Arial; font-size:10pt"> Proposal 4 (Stockholder Proposal to Ratify and </font><font style="font-family:Arial; font-size:10pt">Affirm the Decisions and Actions Taken by the Board and Executive Officers with respect to AMERCO and its Subsidiaries for Fiscal 201</font><font style="font-family:Arial; font-size:10pt">6)</font><font style="font-family:Arial; font-size:10pt">. </font><font style="font-family:Arial; font-size:10pt">Broker non-votes will not be counted towards any of the foregoing proposals and will have no effect on the outcome of s</font><font style="font-family:Arial; font-size:10pt">uch proposals. However, broker non-votes (as well as &#8220;abstain&#8221; </font><font style="font-family:Arial; font-size:10pt">and withheld </font><font style="font-family:Arial; font-size:10pt">votes) will be counted towards the presence of a quorum.</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
            <p style="margin:0pt; 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">What if my AMERCO shares are not registered directly in my name?</font></p>
            <p style="margin:0pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Arial; font-size:10pt">If the record owner of your shares is a brokerage firm or</font><font style="font-family:Arial; font-size:10pt"> bank, then your shares are considered to be held in &#8220;street name&#8221;. If at the Record Date your shares were held in &#8220;street name&#8221; or you otherwise were not the record holder of such shares, then you are the beneficial owner of such shares, and such shares a</font><font style="font-family:Arial; font-size:10pt">re not registered directly in your name. The organization holding your account is considered the stockholder of record for purposes of the Annual Meeting. As a beneficial owner, you have the right to direct that organization on how to vote the shares in yo</font><font style="font-family:Arial; font-size:10pt">ur account.&#160; You will receive the Notice and other proxy materials if requested, as well as voting instructions, directly from that organization. As discussed directly above, if you own your shares in &#8220;street name&#8221; and do not instruct your broker, banker o</font><font style="font-family:Arial; font-size:10pt">r other designated record holder of the shares as to how to vote, such person or entity will only have discretion to vote on Proposal 3</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">R</font><font style="font-family:Arial; font-size:10pt">atification of the </font><font style="font-family:Arial; font-size:10pt">A</font><font style="font-family:Arial; font-size:10pt">ppointment of BDO USA, LLP as the </font><font style="font-family:Arial; font-size:10pt">C</font><font style="font-family:Arial; font-size:10pt">ompany&#8217;s </font><font style="font-family:Arial; font-size:10pt">I</font><font style="font-family:Arial; font-size:10pt">ndependent </font><font style="font-family:Arial; font-size:10pt">R</font><font style="font-family:Arial; font-size:10pt">egistered </font><font style="font-family:Arial; font-size:10pt">P</font><font style="font-family:Arial; font-size:10pt">ublic </font><font style="font-family:Arial; font-size:10pt">A</font><font style="font-family:Arial; font-size:10pt">ccounting </font><font style="font-family:Arial; font-size:10pt">F</font><font style="font-family:Arial; font-size:10pt">irm for </font><font style="font-family:Arial; font-size:10pt">Fiscal 201</font><font style="font-family:Arial; font-size:10pt">7), </font><font style="font-family:Arial; font-size:10pt">which is considered to be a &#8220;routine&#8221; matter.&#160; We encourage you to specifically direct your broker (or other designated record holder) as to how to vote your shares by returning your voting instructions form or other documents so requested fr</font><font style="font-family:Arial; font-size:10pt">om your broker</font><font style="font-family:Arial; font-size:10pt"> or other designated record holder</font><font style="font-family:Arial; font-size:10pt">.</font></p>
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            <p style="margin:0pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><a name="EDGAR_PAGE_START7"></a><font style="font-family:Arial; font-size:10pt; font-weight:bold">If I am a stockholder of record of AMERCO, how do I cast my vote?</font></p>
            <p style="margin:0pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">There are several ways to cast your vote:</font></p>
            <p style="margin:0pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
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                <li style="margin:0pt 0pt 0pt 27.6pt; text-indent:0pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0; padding-left:8.4pt; font-family:serif; font-size:10pt"><font style="font-family:Arial; font-size:10pt">You may vote over the internet, by going to </font><font style="font-family:Arial; font-size:10pt">proxyvote.com</font><font style="font-family:Arial; font-size:10pt">.</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#160; </font><font style="font-family:Arial; font-size:10pt">You will need to</font><font style="font-family:Arial; font-size:10pt; font-weight:bold"> </font><font style="font-family:Arial; font-size:10pt">type in the control</font><font style="font-family:Arial; font-size:10pt"> number indicated on your proxy card and follow the instructions.</font></li>
                <li style="margin:0pt 0pt 0pt 27.6pt; text-indent:0pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0; padding-left:8.4pt; font-family:serif; font-size:10pt"><font style="font-family:Arial; font-size:10pt">You may vote over the telephone by dialing </font><font style="font-family:Arial; font-size:10pt">1-800-690-6903</font><font style="font-family:Arial; font-size:10pt"> and follow the recorded instructions. You will need the control number indicated on your proxy card.</font></li>
                <li style="margin:0pt 0pt 0pt 27.6pt; text-indent:0pt; text-align:justify; widows:0; orphans:0; padding-left:8.4pt; font-family:serif; font-size:10pt"><font style="font-family:Arial; font-size:10pt">You may vote by mailing in the </font><font style="font-family:Arial; font-size:10pt">proxy card ballot.&#160; To vote by mail, you must first request and obtain a paper copy of the materials, which will include a proxy card. Then, complete, sign and date your proxy card and mail it to </font><font style="font-family:Arial; font-size:10pt">Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, </font><font style="font-family:Arial; font-size:10pt">New York 11717</font><font style="font-family:Arial; font-size:10pt">.</font></li>
                <li style="margin:0pt 0pt 0pt 27.6pt; text-indent:0pt; text-align:justify; widows:0; orphans:0; padding-left:8.4pt; font-family:serif; font-size:10pt"><font style="font-family:Arial; font-size:10pt">You may vote in person, at the commencement of the Annual Meeting.&#160; </font></li>
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            <p style="margin:0pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">If you vote over the internet or telephone, your vote must be received by 11:59 p.m. Eastern Time on August 2</font><font style="font-family:Arial; font-size:10pt">4</font><font style="font-family:Arial; font-size:10pt">, 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> to be counted.&#160; If you vote by mail, please ensure th</font><font style="font-family:Arial; font-size:10pt">at your completed </font><font style="font-family:Arial; font-size:10pt">Proxy card</font><font style="font-family:Arial; font-size:10pt"> is mailed no later than August 1</font><font style="font-family:Arial; font-size:10pt">2</font><font style="font-family:Arial; font-size:10pt">, 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt">.</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">How do I vote if I hold my stock through the AMERCO ESOP?</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">If you hold your stock through the ESOP, you may vote in the same manner as stockholders of record, as described immediately </font><font style="font-family:Arial; font-size:10pt">above. If you do not vote your stock held through the ESOP, the ESOP Trustee will vote your shares for you, in the Trustee&#8217;s discretion. </font></p>
            <p style="margin:0pt; text-indent:-36pt; text-align:justify; widows:0; orphans:0; padding-left:36pt"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
            <p style="margin:0pt; 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">How many votes do I have?</font></p>
            <p style="margin:0pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">On each matter to be voted upon, </font><font style="font-family:Arial; font-size:10pt">and for each Director nominee </font><font style="font-family:Arial; font-size:10pt">you have one vote for each s</font><font style="font-family:Arial; font-size:10pt">hare of our common stock that you owned as of the close of business on the Record Date.&#160; </font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Who tabulates the votes cast at the Annual Meeting?</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">We have hired </font><font style="font-family:Arial; font-size:10pt">Broadridge Financial Solutions, Inc. or its designee (&#8220;Broadridge&#8221;)</font><font style="font-family:Arial; font-size:10pt"> to tabulate the votes cast in connection with the Annual Meeting.&#160; In addition, an employee of Broadridge or its designee will be present at the meeting to serve as the Inspector of Elections.</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Could other matters be decided at the Annual Meeting?</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">We are </font><font style="font-family:Arial; font-size:10pt">not aware of any other matters that will be considered at the Annual Meeting.&#160; If any other matters are properly brought before the Annual Meeting, all shares validly represented by proxies will be voted in accordance with the discretion of the appointed p</font><font style="font-family:Arial; font-size:10pt">roxy holder. </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">What does it mean if I receive more than one Notice or Proxy Card?</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">If you receive more than one Notice or </font><font style="font-family:Arial; font-size:10pt">Proxy card</font><font style="font-family:Arial; font-size:10pt">, your shares are owned in more than one name or in multiple accounts. In order to ensure that all of your shares are voted, </font><font style="font-family:Arial; font-size:10pt">you must follow the voting instructions included in each</font><font style="font-family:Arial; font-size:10pt; font-weight:bold"> </font><font style="font-family:Arial; font-size:10pt">Notice and </font><font style="font-family:Arial; font-size:10pt">Proxy card</font><font style="font-family:Arial; font-size:10pt">.</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">How will I know the voting results?</font></p>
            <p style="margin:0pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">Preliminary voting results will be announced at the Annual Meeting.&#160; Final results will be published on Form 8-K filed with the SEC </font><font style="font-family:Arial; font-size:10pt">within </font><font style="font-family:Arial; font-size:10pt">four business days</font><font style="font-family:Arial; font-size:10pt"> following the Annual Meeting.</font></p>
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            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; font-weight:bold">How can I access the Proxy Statement and Annual Report electronically?</font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">To access the Proxy Statement and Annual Report electronically, please visit </font><font style="font-family:Arial; font-size:10pt">proxyvote.com</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">or the Company&#8217;s Investor Relations website,</font><font style="font-family:Arial; font-size:10pt"> amerco.com.</font><font style="font-family:Arial; font-size:10pt; font-weight:bold"> </font><font style="font-family:Arial; font-size:10pt">You may also consent to receive all future Company proxy statements and annual reports electronically via e-mail. To sign up for e-delivery, please go to amerco.com, and click on the yellow &#8220;Electronic Delivery Enrollment&#8221; box toward the top o</font><font style="font-family:Arial; font-size:10pt">f the page and follow the instructions.&#160; </font></p>
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            <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><a name="EDGAR_PAGE_START8"></a><font style="font-family:Arial; font-size:10pt; font-weight:bold">How can I revoke my Proxy?</font></p>
            <p style="margin:0pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">You may change or revoke your vote by filing with the Company&#8217;s Secretary by the close of business on August 2</font><font style="font-family:Arial; font-size:10pt">4</font><font style="font-family:Arial; font-size:10pt">, 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt">, either a notice of revocation or a signed </font><font style="font-family:Arial; font-size:10pt">Proxy card</font><font style="font-family:Arial; font-size:10pt"> bearing a later date or by later re-voting by telephone or over the internet</font><font style="font-family:Arial; font-size:10pt"> no later than 11:59 p.m. Eastern Time on August 24, 2016</font><font style="font-family:Arial; font-size:10pt">. You may also revoke your vote with respect to your shares if you attend the Annual Meeting in person and so request, alt</font><font style="font-family:Arial; font-size:10pt">hough attendance at the meeting will not automatically revoke your proxy absent specific action on your part.</font></p>
            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-align:center; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">PROPOSAL 1</font></p>
            <p style="margin:0pt; text-align:center; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">THE ELECTION OF DIRECTORS</font></p>
            <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:'Times New Roman'; 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; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">The independent </font><font style="font-family:Arial; font-size:10pt">Directors</font><font style="font-family:Arial; font-size:10pt"> have nominated the following individuals to stand for election at this Annual Mee</font><font style="font-family:Arial; font-size:10pt">ting: </font><font style="font-family:Arial; font-size:10pt">Edward J. Shoen</font><font style="font-family:Arial; font-size:10pt">, James E. Acridge, Charles J. Bayer, John P. Brogan, John M. Dodds, </font><font style="font-family:Arial; font-size:10pt">James J. Grogan</font><font style="font-family:Arial; font-size:10pt">, </font><font style="font-family:Arial; font-size:10pt">Karl A. Schmidt and Samuel J</font><font style="font-family:Arial; font-size:10pt">. Shoen, and to serve as members of the Board until the 201</font><font style="font-family:Arial; font-size:10pt">7</font><font style="font-family:Arial; font-size:10pt"> Annual Meeting or until their respective successors are duly</font><font style="font-family:Arial; font-size:10pt"> elected and qualified or their earlier death, resignation or removal. </font><font style="font-family:Arial; font-size:10pt">As of the filing date of this Proxy Statement, each of the nominees is willing and able to serve as a director of the Company. See &#8220;Board of Directors and Corporate Governance - Directo</font><font style="font-family:Arial; font-size:10pt">rs&#8221; for information regarding each of the director nominees.</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The person named in the enclosed proxy will vote to elect all of the nominees as </font><font style="font-family:Arial; font-size:10pt">Directors</font><font style="font-family:Arial; font-size:10pt"> for term</font><font style="font-family:Arial; font-size:10pt">s</font><font style="font-family:Arial; font-size:10pt"> ending at the 201</font><font style="font-family:Arial; font-size:10pt">7</font><font style="font-family:Arial; font-size:10pt"> Annual Meeting</font><font style="font-family:Arial; font-size:10pt">,</font><font style="font-family:Arial; font-size:10pt"> unless you withhold authority to vote for any or all of the nominees by marking the proxy to that effect or so voting in person. If one or more of the eight (8) nominees becomes unavailable to serve prior to the date of the Annual Meeting, the person name</font><font style="font-family:Arial; font-size:10pt">d as proxy holder will vote those shares for the election of such other person(s) as the Board may recommend, unless the Board reduces the total number of </font><font style="font-family:Arial; font-size:10pt">Directors</font><font style="font-family:Arial; font-size:10pt">.</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify; page-break-inside:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">Directors are elected by a plurality of the shares </font><font style="font-family:Arial; font-size:10pt">cast</font><font style="font-family:Arial; font-size:10pt">, whether in person or by proxy. V</font><font style="font-family:Arial; font-size:10pt">otes may be cast &#8220;FOR&#8221; all nominees, &#8220;WITHHOLD&#8221; for all nominees, or &#8220;WITHHOLD&#8221; as to specific nominees. The eight nominees who receive the greatest number of votes cast &#8220;FOR&#8221; the election of such nominees shall be elected as </font><font style="font-family:Arial; font-size:10pt">Directors</font><font style="font-family:Arial; font-size:10pt">. </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 Board recomme</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">nds a vote &#8220;FOR&#8221; approval of </font><font style="font-family:Arial; font-size:10pt; font-weight:bold">P</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">roposal</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">, which includes a vote &#8220;for&#8221; each director nominee.</font></p>
            <p style="margin:0pt 0pt 6pt; text-align:center; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
            <p style="margin:0pt 0pt 6pt; text-align:center; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">PROPOSAL 2 &#8211; </font><font style="font-family:Arial; font-size:10pt; font-weight:bold; text-transform:uppercase">Advisory Vote TO APPROVE THE Compensation paid to the Company&#8217;s Named Executive Officers </font></p>
            <p style="margin:5pt 0pt; text-indent:36pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">In accordance with the requirements of Section</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">14A of the </font><font style="font-family:Arial; font-size:10pt">Exchange Act (which were added by the Dodd-Frank Wall Street Reform and Consumer Protection Act (the &#8220;Dodd-Frank Act&#8221;)) and the related rules of the SEC, the Company is providing stockholders the opportunity to vote on a non-binding, advisory resolution to</font><font style="font-family:Arial; font-size:10pt"> approve the compensation of the Named Executive Officers as disclosed below in this Proxy Statement (commonly referred to as &quot;say-on-pay&quot;), including the Compensation Discussion and Analysis (the &#8220;CD&amp;A&#8221;), the tabular disclosures regarding compensation of </font><font style="font-family:Arial; font-size:10pt">our Named Executive Officers and the narrative disclosure accompanying these tables.</font></p>
            <p style="margin:5pt 0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">At our 2011 annual meeting, our stockholders supported an annual frequency for this advisory vote. The Board has determined that, until the next required stockholder vote </font><font style="font-family:Arial; font-size:10pt">on the frequency of future stockholder advisory approvals of our executive compensation or until the Board determines that such vote shall be conducted at a different interval, the Company will seek advisory approval of our executive compensation on an ann</font><font style="font-family:Arial; font-size:10pt">ual basis.</font><a name="EDGAR_PAGE_END8"></a></p>
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                <p style="margin:0pt"><a name="EDGAR_HF_H_START_5"></a><a name="EDGAR_HF_H_END_6"></a><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
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            <p style="margin:5pt 0pt; text-indent:36pt; text-align:justify; page-break-inside:avoid; widows:0; orphans:0"><a name="EDGAR_PAGE_START9"></a><font style="font-family:Arial; font-size:10pt">As discussed </font><font style="font-family:Arial; font-size:10pt">in the CD&amp;A, we believe that our compensation policies and decisions are focused on pay-for-performance principles and are strongly aligned with the long-term interests of our stockholders. </font><font style="font-family:Arial; font-size:10pt">The objectives of the Company&#8217;s executive </font><font style="font-family:Arial; font-size:10pt">compensation program are to retain current executive officers, to encourage existing personnel to self-develop and magnify functional responsibilities and to entice qualified individuals to join the Company in executive positions as such positions are crea</font><font style="font-family:Arial; font-size:10pt">ted or vacated. Our compensation program is </font><font style="font-family:Arial; font-size:10pt">intended</font><font style="font-family:Arial; font-size:10pt"> to encourage an environment of teamwork, loyalty and fairness at all levels of the Company. This proposal gives you as a stockholder the opportunity to express your views regarding the Company&#8217;s executiv</font><font style="font-family:Arial; font-size:10pt">e compensation policies and procedures. The vote is not intended to address any specific item of compensation but rather the overall compensation of our Named Executive Officers and the policies and procedures described in this Proxy Statement.</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">Although th</font><font style="font-family:Arial; font-size:10pt">is advisory vote is non-binding, the Board and the Compensation Committee value the views of stockholders and will consider the outcome of the vote when making future compensation decisions for Named Executive Officers. </font></p>
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            <p style="margin:0pt; text-align:center; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">The Board recommends a vote &#8220;FOR&#8221; </font><font style="font-family:Arial; font-size:10pt; font-weight:bold">approval of </font><font style="font-family:Arial; font-size:10pt; font-weight:bold">Proposal 2, as follows: </font></p>
            <p style="margin:0pt; text-align:center; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Resolved, that the compensation paid to the Company&#8217;s named executive officers, as disclosed pursuant to Item 40</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">2</font><font style="font-family:Arial; font-size:10pt; font-weight:bold"> of Regulation S-K, including the Compensation Discussion and Analysis and compensation tables and narrati</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">ve discussion is hereby approved.</font></p>
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            <p style="margin:0pt; text-align:center; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">COMPENSATION DISCUSSION AND ANALYSIS</font></p>
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            <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">Overview</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">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">The purpose of this CD&amp;A is to provide material information about the Company&#8217;s compensation philosophy, objectives and other relevant policies and to explain and put into </font><font style="font-family:Arial; font-size:10pt">context the material elements of the disclosure that follows in this Proxy Statement with respect to the compensation of our Named Executive Officers.&#160; For Fiscal 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt">, the Company&#8217;s Named Executive Officers were:</font></p>
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            <p style="margin:0pt 0pt 0pt 36pt; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">Edward J. Shoen</font><font style="font-family:Arial; font-size:10pt">, Chairman and President o</font><font style="font-family:Arial; font-size:10pt">f AMERCO;</font></p>
            <p style="margin:0pt; text-indent:36pt; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">Jason A. Berg, </font><font style="font-family:Arial; font-size:10pt">Chief</font><font style="font-family:Arial; font-size:10pt"> Financial Officer of AMERCO;</font></p>
            <p style="margin:0pt; text-indent:36pt; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">James P. Shoen, Vice President of U-Haul Business Consultants</font><font style="font-family:Arial; font-size:10pt"> (1)</font><font style="font-family:Arial; font-size:10pt">;</font></p>
            <p style="margin:0pt; text-indent:36pt"><font style="font-family:Arial; font-size:10pt">Gary B. Horton</font><font style="font-family:Arial; font-size:10pt">,</font><font style="font-family:Arial; font-size:10pt"> Treasurer (2)</font><font style="font-family:Arial; font-size:10pt">;</font></p>
            <p style="margin:0pt; text-indent:36pt"><font style="font-family:Arial; font-size:10pt">Samuel J. Shoen, U-Box Project Manager; and</font></p>
            <p style="margin:0pt; text-indent:36pt"><font style="font-family:Arial; font-size:10pt">John C. Taylor, President of U-Haul International, Inc</font><font style="font-family:Arial; font-size:10pt"> (&#8220;U-Haul&#8221;).</font></p>
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            <p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">(1) Mr. James P. Shoen </font><font style="font-family:Arial; font-size:8pt">retired from the Company effective May 1, 2016.&#160; </font></p>
            <p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">(2) Mr. </font><font style="font-family:Arial; font-size:8pt">Gary B. </font><font style="font-family:Arial; font-size:8pt">Horton passed away on March 9, 2016.</font></p>
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            <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">Compensation Philosophy and Objectives</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">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">The objectives of the Company&#8217;s executive compensation program are to retai</font><font style="font-family:Arial; font-size:10pt">n current executive officers, to encourage existing personnel to self-develop and magnify functional responsibilities and to entice qualified individuals to join the Company in executive positions as such positions are created or vacated. The compensation </font><font style="font-family:Arial; font-size:10pt">program is </font><font style="font-family:Arial; font-size:10pt">intended</font><font style="font-family:Arial; font-size:10pt"> to encourage an environment of teamwork, loyalty and fairness at all levels of the Company.&#160;&#160;&#160; </font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">While this CD&amp;A focuses on the compensation of the Named Executive Officers, the philosophy and objectives we discuss are generally applica</font><font style="font-family:Arial; font-size:10pt">ble to all of the Company&#8217;s senior officers.&#160; </font></p>
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            <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><a name="EDGAR_PAGE_START10"></a><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">Implementation of Objectives</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">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">Throughout Fiscal 2016, i</font><font style="font-family:Arial; font-size:10pt">t </font><font style="font-family:Arial; font-size:10pt">has been </font><font style="font-family:Arial; font-size:10pt">the duty of the Compensation Committee to review and determine the annual compensation paid to the President and review regularly the general </font><font style="font-family:Arial; font-size:10pt">compensation policies for the Company&#8217;s other executive officers. The Compensation Committee and the President implement</font><font style="font-family:Arial; font-size:10pt">ed</font><font style="font-family:Arial; font-size:10pt"> these policies while keeping in mind the Company&#8217;s approach to overhead costs and such executive officer&#8217;s impact on the Company&#8217;s ob</font><font style="font-family:Arial; font-size:10pt">jective of providing customers with an affordable product and service. The Compensation Committee traditionally delegate</font><font style="font-family:Arial; font-size:10pt">d</font><font style="font-family:Arial; font-size:10pt"> significant responsibility to the President for establishing and reviewing the performance of the other Named Executive Officers, appr</font><font style="font-family:Arial; font-size:10pt">opriate levels and components of compensation, and any other items as the Compensation Committee may request.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The Compensation Committee evaluates the compensation of the President at least annually to ensure that it is fair, reasonable and alig</font><font style="font-family:Arial; font-size:10pt">ned with the Company&#8217;s overall objectives. </font><font style="font-family:Arial; font-size:10pt">In Fiscal 2016, t</font><font style="font-family:Arial; font-size:10pt">he President perform</font><font style="font-family:Arial; font-size:10pt">ed</font><font style="font-family:Arial; font-size:10pt"> this function for the remainder of the Named Executive Officers.&#160;&#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; text-indent:36pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">The Compensation Committee did not utilize any benchmarking measure in Fiscal 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> and traditionally ha</font><font style="font-family:Arial; font-size:10pt">s not tied compensation directly to a specific performance measurement, market value of the Company&#8217;s common stock or benchmark related to any established peer or industry group.&#160; Rather, the Company generally seeks to compensate individual executives comm</font><font style="font-family:Arial; font-size:10pt">ensurate with historic pay levels for such position, adjusted for time and tenure with the Company.&#160; Salary increases </font><font style="font-family:Arial; font-size:10pt">were</font><font style="font-family:Arial; font-size:10pt"> strongly correlated to the President&#8217;s assessment of each Named Executive Officer&#8217;s performance and his recommendation on the appropr</font><font style="font-family:Arial; font-size:10pt">iateness of any increase.&#160; The Company also generally seeks to increase or decrease compensation, as appropriate, based upon changes in an executive officer&#8217;s functional responsibilities within the Company.&#160;&#160;&#160;&#160; </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; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The intention of the Company has been to co</font><font style="font-family:Arial; font-size:10pt">mpensate the Named Executive Officers in a manner that maximizes the Company&#8217;s ability to deduct such compensation expenses for federal income tax purposes.&#160; However, the </font><font style="font-family:Arial; font-size:10pt">Company has </font><font style="font-family:Arial; font-size:10pt">the discretion to provide compensation that is not &#8220;performance-based&#8221; un</font><font style="font-family:Arial; font-size:10pt">der Section 162(m) of the Internal Revenue Code when </font><font style="font-family:Arial; font-size:10pt">it is determined </font><font style="font-family:Arial; font-size:10pt">that such compensation is in the best interests of the Company and its stockholders</font><font style="font-family:Arial; font-size:10pt"> and other constituencies</font><font style="font-family:Arial; font-size:10pt">.&#160; For Fiscal 201</font><font style="font-family:Arial; font-size:10pt">7</font><font style="font-family:Arial; font-size:10pt">, the Company expects to deduct most</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">of the compensation exp</font><font style="font-family:Arial; font-size:10pt">enses paid to the Named Executive Officers. </font></p>
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            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">Elements Used to Achieve Compensation Objectives</font></p>
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            <p style="margin:0pt; text-indent:36pt"><font style="font-family:Arial; font-size:10pt">The principal components of the Company&#8217;s compensation program in Fiscal 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> were:</font></p>
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                <li style="margin:0pt 0pt 0pt 81.6pt; text-indent:0pt; padding-left:8.4pt; font-family:serif; font-size:10pt"><font style="font-family:Arial; font-size:10pt">Certain long-term incentives; and</font></li>
                <li style="margin:0pt 0pt 0pt 81.6pt; text-indent:0pt; padding-left:8.4pt; font-family:serif; font-size:10pt"><font style="font-family:Arial; font-size:10pt">Oth</font><font style="font-family:Arial; font-size:10pt">er benefits.</font></li>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-style:italic">Base Salary</font><font style="font-family:Arial; font-size:10pt">.&#160; The Company pays its Named Executive Officers base salaries commensurate with the scope of their job responsibilities, individual experience, performance, and the period of time over which they have performed their duties.&#160; The</font><font style="font-family:Arial; font-size:10pt"> base salary is typically reviewed annually with adjustments made based upon an analysis of performance and the addition or removal of functional responsibilities.&#160; There are no guarantees of base salary adjustments.&#160; The amount of base salary paid to each</font><font style="font-family:Arial; font-size:10pt"> of the Named Executive Officers during Fiscal 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> is shown in the Summary Compensation Table (&#8220;SCT&#8221;). </font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-style:italic">Discretionary Cash Bonus</font><font style="font-family:Arial; font-size:10pt">.&#160; </font><font style="font-family:Arial; font-size:10pt">In Fiscal 2016, d</font><font style="font-family:Arial; font-size:10pt">iscretionary cash bonuses </font><font style="font-family:Arial; font-size:10pt">were</font><font style="font-family:Arial; font-size:10pt"> awarded on occasion to Named Executive Officers based upon subjective crite</font><font style="font-family:Arial; font-size:10pt">ria determined by the Compensation Committee or the President.&#160; These criteria may include such factors as level of responsibility, contributions to results, and retention considerations.&#160; The Company has not entered into any agreements stipulating or guar</font><font style="font-family:Arial; font-size:10pt">anteeing bonuses for any of its Named Executive Officers.&#160; The amount of discretionary cash bonuses paid to each of the Named Executive Officers during Fiscal 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> is shown in the SCT.</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify; page-break-inside:avoid; widows:0; orphans:0"><a name="EDGAR_PAGE_START11"></a><font style="font-family:Arial; font-size:10pt; font-style:italic">Certain Long-Term Incentives</font><font style="font-family:Arial; font-size:10pt">.&#160; The Company did not grant in Fiscal 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> equity interests to Named Executive Officers other than through its ESOP, which is available to all employees of the Company.&#160; The Company has not implemented any specific policy requiring its Named Executive Officers or other officers and/or employees t</font><font style="font-family:Arial; font-size:10pt">o own the Company&#8217;s common stock.&#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; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-style:italic">Other Benefits</font><font style="font-family:Arial; font-size:10pt">.&#160; The Named Executive Officers participate in employee benefits plans generally available to all full-time employees of the Company on a non-discriminatory basis including medical, dental, vision, and pre</font><font style="font-family:Arial; font-size:10pt">scription drug insurance, life insurance, accidental death and dismemberment insurance, disability insurance, a 401(k) plan, vacation and sick pay, and postretirement benefits.&#160; The Company does not provide other perquisites to its executive officers; ther</font><font style="font-family:Arial; font-size:10pt">efore such additional tables are not provided as they are inapplicable.&#160; </font></p>
            <p style="margin:13.5pt 0pt 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">Compensation Risk Assessment </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; text-indent:36pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">The Company has assessed the risks that could arise from its compensation policies for all employees, including employees who are not Named Executive O</font><font style="font-family:Arial; font-size:10pt">fficers, and does not believe that such polices are reasonably likely to have a material adverse effect on the Company.&#160; In consideration of these matters and after reviewing each element of the Company&#8217;s compensation programs including base salary, cash i</font><font style="font-family:Arial; font-size:10pt">ncentives and equity compensation, we determined that (i) our Named Executive Officers&#39; compensation, including incentive compensation, is not a significant percentage of revenue for the Company or any applicable subsidiary&#8217;s revenue, (ii) due in large par</font><font style="font-family:Arial; font-size:10pt">t to </font><font style="font-family:Arial; font-size:10pt">our</font><font style="font-family:Arial; font-size:10pt"> equity ownership </font><font style="font-family:Arial; font-size:10pt">structure, we believe that the </font><font style="font-family:Arial; font-size:10pt">interests of management and stockholders</font><font style="font-family:Arial; font-size:10pt"> are strongly aligned</font><font style="font-family:Arial; font-size:10pt">, and (iii) due to the limited nature of our incentive compensation and range of potential increases in salaries year over year, as well a</font><font style="font-family:Arial; font-size:10pt">s our overall conservative approach to compensation, our policies and programs do not encourage excessive risk-taking by our management or our Board and result in a strong alignment between the interests of management and stockholders.</font></p>
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                <p style="margin:0pt; text-align:center"><a name="EDGAR_HF_F_START_7"></a><font style="font-family:Arial; font-size:12pt">8</font><a name="EDGAR_HF_F_END_8"></a></p>
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                <p style="margin:0pt"><a name="EDGAR_HF_H_START_5"></a><a name="EDGAR_HF_H_END_6"></a><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
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            <p style="margin:0pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><a name="EDGAR_PAGE_START12"></a><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">201</font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">5</font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic"> Advisory Vot</font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">e on the Compensation of the Company&#8217;s Named Executive Officers</font></p>
            <p style="margin:0pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><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; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">AMERCO provided stockholders with an advisory vote on its compensation of the Company&#8217;s Named Executive Officers in 201</font><font style="font-family:Arial; font-size:10pt">5</font><font style="font-family:Arial; font-size:10pt">. At our 201</font><font style="font-family:Arial; font-size:10pt">5</font><font style="font-family:Arial; font-size:10pt"> annual meeting of stockholders, more than 99% of the vote</font><font style="font-family:Arial; font-size:10pt">s cast on this proposal were in favor of our executive compensation program and policies. The Compensation Committee evaluated the results of the vote and, due in large part to the substantial stockholder support of our executive compensation program, the </font><font style="font-family:Arial; font-size:10pt">Compensation Committee did not make any significant changes to our executive compensation program and policies for Fiscal 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> compensation. The Compensation Committee will continue to consider the outcome of future advisory votes when making future compen</font><font style="font-family:Arial; font-size:10pt">sation decisions for the Named Executive Officers.</font></p>
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            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">SUMMARY COMPENSATION TABLE</font></p>
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            <table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:576pt">
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Name and Principal Position</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Fiscal Year</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Salary</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Bonus</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Stock Awards (1)</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Other (2)</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Total Compensation</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:40.1pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:67.85pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:158.9pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Edward J. Shoen</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:1pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:28.2pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">2016</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:2.3pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:34.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">700,004</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:34.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">175,000</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:48.75pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">38,427</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:40.1pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">102,500</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:67.85pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,015,931</font></p>
                    </td>
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                <tr style="height:12pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:158.9pt">
                        <p style="margin:0pt; text-indent:12pt"><font style="font-family:Arial; font-size:9pt">Chairman and President of AMERCO</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:1pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:2.3pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:34.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:48.75pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:40.1pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:67.85pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:158.9pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:1pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:28.2pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">2015</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:2.3pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:34.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">675,104</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:34.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">200,000</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:48.75pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">11,083</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:40.1pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">102,500</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">2014</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:2.3pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">675,004</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:34.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">-</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">6,792</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">102,500</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">784,296</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                <tr style="height:12pt">
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Jason A. Berg</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:1pt">
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">2016</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:2.3pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">370,196</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">100,000</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">13,976</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">-</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:67.85pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">484,172</font></p>
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                </tr>
                <tr style="height:12pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:158.9pt">
                        <p style="margin:0pt; text-indent:12pt"><font style="font-family:Arial; font-size:9pt">Chief Financial Officer of AMERCO </font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:1pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:34.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:48.75pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:40.1pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:67.85pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:158.9pt">
                        <p style="margin:0pt; text-indent:12pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:1pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:28.2pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">2015</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:2.3pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">356,735</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:34.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">100,500</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:48.75pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">6,961</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:40.1pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">-</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:67.85pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">464,196</font></p>
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                </tr>
                <tr style="height:12pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:158.9pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:1pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:2.3pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:34.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:40.1pt">
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:67.85pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:1pt">
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:28.2pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">2014</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:2.3pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:34.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">356,735</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:34.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">100,000</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:48.75pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">6,792</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">-</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:67.85pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">463,527</font></p>
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                </tr>
                <tr style="height:12pt">
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:40.1pt">
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:67.85pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                <tr style="height:12pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:158.9pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">James P. Shoen</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:1pt">
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:28.2pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">2016</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:2.3pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:34.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">586,923</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:34.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">-</font></p>
                    </td>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">36,231</font></p>
                    </td>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">-</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:67.85pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">623,154</font></p>
                    </td>
                </tr>
                <tr style="height:12pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:158.9pt">
                        <p style="margin:0pt; text-indent:12pt"><font style="font-family:Arial; font-size:9pt">Vice President of U-Haul Business </font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:48.75pt">
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:40.1pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
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                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:67.85pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:158.9pt">
                        <p style="margin:0pt; text-indent:12pt"><font style="font-family:Arial; font-size:9pt">Consultants</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:1pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:28.2pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">2015</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:2.3pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:34.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">565,962</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:34.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">-</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:48.75pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">10,534</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:40.1pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">92,500</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:67.85pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">668,996</font></p>
                    </td>
                </tr>
                <tr style="height:12pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:158.9pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:1pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:28.2pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:2.3pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:34.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:34.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:48.75pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:40.1pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:67.85pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:158.9pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:1pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:28.2pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">2014</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:2.3pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:34.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">565,962</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:34.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">-</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:48.75pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">6,792</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:40.1pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">92,500</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:67.85pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">665,254</font></p>
                    </td>
                </tr>
                <tr style="height:12pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:158.9pt">
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                    </td>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                <tr style="height:12pt">
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Samuel J. Shoen</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:1pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:28.2pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">2016</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:2.3pt">
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:34.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">215,389</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:34.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">300,500</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:48.75pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">12,485</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:40.1pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">71,875</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">600,249</font></p>
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                        <p style="margin:0pt; text-indent:12pt"><font style="font-family:Arial; font-size:9pt">U-Box </font><font style="font-family:Arial; font-size:9pt">Project Manager</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:67.85pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Gary B. Horton (3)</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:1pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:28.2pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">2016</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:2.3pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:34.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">305,820</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:34.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">220,000</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:48.75pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">12,327</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:40.1pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">-</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:67.85pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">538,147</font></p>
                    </td>
                </tr>
                <tr style="height:12pt">
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                        <p style="margin:0pt; text-indent:12pt"><font style="font-family:Arial; font-size:9pt">Treasurer</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:1pt">
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:2.3pt">
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
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                        <p style="margin:0pt; text-indent:12pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:1pt">
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:28.2pt">
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:2.3pt">
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:34.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
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                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:48.75pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:40.1pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:67.85pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:158.9pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">John C. Taylor</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:1pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:28.2pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">2016</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:2.3pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:34.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">296,138</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:34.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">200,000</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:48.75pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">21,369</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:40.1pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">10,000</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:67.85pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">527,507</font></p>
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                </tr>
                <tr style="height:12pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:158.9pt">
                        <p style="margin:0pt; text-indent:12pt"><font style="font-family:Arial; font-size:9pt">President of U-Haul</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:1pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:28.2pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:34.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:48.75pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:40.1pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:67.85pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:158.9pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:1pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:28.2pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">2015</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:2.3pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:34.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">285,581</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:34.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">200,000</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:48.75pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">8,060</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:40.1pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">10,000</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:67.85pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">503,641</font></p>
                    </td>
                </tr>
                <tr style="height:12pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:158.9pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:1pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:28.2pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:2.3pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:34.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:34.15pt">
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:48.75pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:40.1pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:67.85pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:158.9pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:1pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:28.2pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">2014</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:2.3pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:34.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">296,158</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:34.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">200,000</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:48.75pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">6,792</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:40.1pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">10,000</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:67.85pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">512,950</font></p>
                    </td>
                </tr>
            </table>
            <p style="margin:0pt; 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">&#xa0;</font></p>
            <p style="margin:0pt 0pt 0pt 36pt; text-align:justify"><font style="font-family:Arial; font-size:8pt">(1)&#160; Amounts in this column represent the compensation cost recognized for financial statement reporting purposes under ASC: </font><font style="font-family:Arial; font-size:8pt; font-style:italic; color:#1a1a1a">718 </font><font style="font-family:Arial; font-size:8pt; font-style:italic; color:#1a1a1a">Compensation&#8212;Stock Compensation</font><font style="font-family:Arial; font-size:8pt; color:#1a1a1a"> </font><font style="font-family:Arial; font-size:8pt">for Fiscal 201</font><font style="font-family:Arial; font-size:8pt">6</font><font style="font-family:Arial; font-size:8pt">, 201</font><font style="font-family:Arial; font-size:8pt">5</font><font style="font-family:Arial; font-size:8pt"> and 201</font><font style="font-family:Arial; font-size:8pt">4</font><font style="font-family:Arial; font-size:8pt"> with respect to common stock allocated under the ESOP. Grant date fair value is the closing price on date of grant for stock, and also includes the value of the shares purchased by the ESOP fro</font><font style="font-family:Arial; font-size:8pt">m the</font><font style="font-family:Arial; font-size:8pt"> $1.00, $3.00, $1.00, </font><font style="font-family:Arial; font-size:8pt">$1.00</font><font style="font-family:Arial; font-size:8pt"> and</font><font style="font-family:Arial; font-size:8pt"> $1.00 per share common stock dividend for the ESOP shares beneficially owned as of </font><font style="font-family:Arial; font-size:8pt">April 5, 2016, September 16, 2015, June 19, 2015, </font><font style="font-family:Arial; font-size:8pt">March 6, 2015</font><font style="font-family:Arial; font-size:8pt"> and</font><font style="font-family:Arial; font-size:8pt"> January 10, 2014, respectively, the record date</font><font style="font-family:Arial; font-size:8pt">s</font><font style="font-family:Arial; font-size:8pt"> for such dividends.</font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 0pt 36pt; text-align:justify"><font style="font-family:Arial; font-size:8pt">(2)&#160; Amounts in this column represent annual fees paid to each Named Executive Officer in his capacity as a director of the Company or U-Haul or as a member of a committee of the AMERCO Board.</font></p>
            <p style="margin:0pt 0pt 0pt 36pt; text-align:justify"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 0pt 36pt; text-align:justify"><font style="font-family:Arial; font-size:8pt">(3) Mr. Horton passed away on March 9, 2016.</font><a name="EDGAR_PAGE_END12"></a></p>
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                <p style="margin:0pt; text-align:center"><a name="EDGAR_HF_F_START_7"></a><font style="font-family:Arial; font-size:12pt">9</font><a name="EDGAR_HF_F_END_8"></a></p>
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                <p style="margin:0pt"><a name="EDGAR_HF_H_START_5"></a><a name="EDGAR_HF_H_END_6"></a><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
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            <p style="margin:0pt 0pt 0pt 36pt; text-align:justify"><a name="EDGAR_PAGE_START13"></a><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; 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">Analysis of </font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">Fiscal 201</font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic">6</font><font style="font-family:Arial; font-size:10pt; font-weight:bold; font-style:italic"> Compensation Decisions</font></p>
            <p style="margin:0pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><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; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">The compensation amounts for </font><font style="font-family:Arial; font-size:10pt">Edward J. Shoen</font><font style="font-family:Arial; font-size:10pt">, the Chairman and President of AMERCO, </font><font style="font-family:Arial; font-size:10pt">are</font><font style="font-family:Arial; font-size:10pt"> established by the Compensation Committee. </font><font style="font-family:Arial; font-size:10pt">For Fiscal 2016, t</font><font style="font-family:Arial; font-size:10pt">he compensation for the remaining Named Executive Officers </font><font style="font-family:Arial; font-size:10pt">wa</font><font style="font-family:Arial; font-size:10pt">s </font><font style="font-family:Arial; font-size:10pt">determined by the President. Base salaries for the Named Executive Officers did not materially change in Fiscal 201</font><font style="font-family:Arial; font-size:10pt">6</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:36pt; text-align:justify; page-break-inside:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">A </font><font style="font-family:Arial; font-size:10pt">discretionary bonus was paid to</font><font style="font-family:Arial; font-size:10pt"> Jason A. Berg</font><font style="font-family:Arial; font-size:10pt">, Gary B. Horton,</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">Samuel J. Shoen and John C. Taylor</font><font style="font-family:Arial; font-size:10pt"> in Fiscal 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> in recognition of the</font><font style="font-family:Arial; font-size:10pt">ir service to the Company</font><font style="font-family:Arial; font-size:10pt"> as determined by the President. The Company does not have an established bonus plan for its Named Executive Officers. S</font><font style="font-family:Arial; font-size:10pt">uch discretionary cash bonuses were</font><font style="font-family:Arial; font-size:10pt"> determined by the President using his best judgment in light of his evaluat</font><font style="font-family:Arial; font-size:10pt">ion of performance and existing facts and circumstances. </font></p>
            <p style="margin:0pt"><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">RELATIONSHIP WITH INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</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; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">BDO USA, LLP has served as the Company&#8217;s principal independent registered public accounting firm since August 2002 and the Audit Com</font><font style="font-family:Arial; font-size:10pt">mittee has selected BDO USA, LLP to audit AMERCO&#8217;s financial statements for Fiscal 201</font><font style="font-family:Arial; font-size:10pt">7</font><font style="font-family:Arial; font-size:10pt">. The following table shows the fees that AMERCO and its consolidated entities paid or accrued for the audit and other services provided by BDO USA, LLP for Fiscal 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">and 201</font><font style="font-family:Arial; font-size:10pt">5</font><font style="font-family:Arial; font-size:10pt">.</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-style:italic">&#xa0;</font></p>
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                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">March 31,</font></p>
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                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">201</font><font style="font-family:Arial; font-size:10pt; text-decoration:underline">6</font></p>
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                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">201</font><font style="font-family:Arial; font-size:10pt; text-decoration:underline">5</font></p>
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                            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:normal">(In thousands)</font></p>
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                            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Audit fees</font></p>
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                        <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top; width:81.45pt">
                            <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">$ 2,</font><font style="font-family:Arial; font-size:10pt">767</font></p>
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                            <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">$ 2,</font><font style="font-family:Arial; font-size:10pt">847</font></p>
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                            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Audit-related fees</font></p>
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                            <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">65</font></p>
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                            <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">65</font></p>
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                            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Tax fees</font></p>
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                            <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">-</font></p>
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                            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">All other fees</font></p>
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                            <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">-</font></p>
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                            <p style="margin:0pt 0pt 0pt 36pt"><font style="font-family:Arial; font-size:10pt">Total</font></p>
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                            <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">$ 2,</font><font style="font-family:Arial; font-size:10pt">832</font></p>
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                            <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">$ 2,</font><font style="font-family:Arial; font-size:10pt">912</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-style:italic">Audit Fees.</font><font style="font-family:Arial; font-size:10pt"> This category includes the audit of AMERCO&#8217;s annual financial statements included in the Annual Report on Form 10-K and the effectiveness of internal control over financial reporting as of fiscal year end, review of financial statements included in AMERCO</font><font style="font-family:Arial; font-size:10pt">&#8217;s Quarterly Reports on Form 10-Q, and services that are normally provided by the independent registered public accounting firm in connection with statutory and regulatory filings for those fiscal years. This category also includes advice on accounting mat</font><font style="font-family:Arial; font-size:10pt">ters that arose during, or as a result of, the audit or the review of interim financial statements, statutory audits required by U.S. jurisdictions and the preparation of an annual &#8220;management letter&#8221; on internal control matters. </font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-style:italic">Audit-Related Fees. </font><font style="font-family:Arial; font-size:10pt">This</font><font style="font-family:Arial; font-size:10pt"> category consists of assurance and related services provided by BDO USA, LLP that are reasonably related to the performance of the audit or review of AMERCO&#8217;s financial statements and are not reported above under &#8220;Audit Fees.&#8221; The services for the fees di</font><font style="font-family:Arial; font-size:10pt">sclosed under this category include benefit plan audits. </font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-style:italic">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-style:italic">Tax Fees. </font><font style="font-family:Arial; font-size:10pt">This category consists of professional services provided by BDO USA, LLP for tax compliance, tax advice and tax planning.</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-style:italic">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-style:italic">All Other Fees. </font><font style="font-family:Arial; font-size:10pt">This category consists of fees billed for any ot</font><font style="font-family:Arial; font-size:10pt">her products and services provided by BDO USA, LLP not covered under the other captions above.</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-style:italic">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; page-break-inside:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">Each year, the Audit Committee approves the annual audit engagement in advance.&#160; The Audit Committee also has established procedures to pre-approve all non-audi</font><font style="font-family:Arial; font-size:10pt">t services provided by the independent registered public accounting firm.&#160; All Fiscal 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> non-audit services listed above were pre-approved.&#160; The Audit Committee has determined that the provision of services by BDO USA, LLP described in the preceding para</font><font style="font-family:Arial; font-size:10pt">graphs were compatible with maintaining BDO USA, LLP&#8217;s independence as the Company&#8217;s principal independent registered public accounting firm.</font><a name="EDGAR_PAGE_END13"></a></p>
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            <p style="margin:0pt; text-align:center; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">PROPOSAL 3 - RATIFICATION OF APPOINTMENT OF INDEPENDENT </font></p>
            <p style="margin:0pt; text-align:center; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">REGISTERED PUBLIC ACCOUNTING FIRM</font></p>
            <p style="margin:0pt; page-break-after:avoid; widows:0; orphans:0"><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; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">BDO USA, LLP </font><font style="font-family:Arial; font-size:10pt">currently serves as the Company&#8217;s independent registered public accounting firm, and has conducted the audit of the Company&#8217;s accounts since 2002. The Audit Committee has appointed BDO USA, LLP to serve as the independent registered public accounting firm </font><font style="font-family:Arial; font-size:10pt">to conduct an audit of our accounts for Fiscal 201</font><font style="font-family:Arial; font-size:10pt">7</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:36pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">Selection of the Company&#8217;s independent registered public accounting firm is not required to be submitted to a vote of the stockholders for ratification. The Sarbanes-Oxley Act of 2002 requires the Audit</font><font style="font-family:Arial; font-size:10pt"> Committee to be directly responsible for the appointment, compensation and oversight of the audit work of the independent registered public accounting firm. However, the Board has elected to submit the selection of BDO USA, LLP as the Company&#8217;s independen</font><font style="font-family:Arial; font-size:10pt">t registered public accounting firm to stockholders for ratification as a matter of good corporate practice. Even if stockholders vote in favor of the appointment, the Audit Committee may, in its discretion, direct the appointment of a different independen</font><font style="font-family:Arial; font-size:10pt">t registered public accounting firm at any time during the year if it determines that such a change would be in the best interests of the Company</font><font style="font-family:Arial; font-size:10pt">,</font><font style="font-family:Arial; font-size:10pt"> our stockholders</font><font style="font-family:Arial; font-size:10pt"> and other constituencies</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:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Representatives of BDO USA, LLP are expected to be present at the</font><font style="font-family:Arial; font-size:10pt"> Annual Meeting. They will have the opportunity to make a statement if they desire to do so and are expected to be available to respond to appropriate questions. </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 Board recommends a vote &#8220;FOR&#8221; </font><font style="font-family:Arial; font-size:10pt; font-weight:bold">Proposal 3, the </font><font style="font-family:Arial; font-size:10pt; font-weight:bold">ratification of</font><font style="font-family:Arial; font-size:10pt; font-weight:bold"> the</font><font style="font-family:Arial; font-size:10pt; font-weight:bold"> appointment of</font><font style="font-family:Arial; font-size:10pt; font-weight:bold"> BDO USA</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">, LLP as</font><font style="font-family:Arial; font-size:10pt; font-weight:bold"> the Company&#8217;s independent registered public accounting firm</font><font style="font-family:Arial; font-size:10pt; font-weight:bold"> for Fiscal 2017</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">. </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; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">PROPOSAL 4 - STOCKHOLDER PROPOSAL REGARDING RATIFICATION OF THE DECISIONS AND ACTIONS OF THE BOARD OF DIRECTORS AND EXECUTIVE OFFICERS FOR FISCAL 201</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">6</font></p>
            <p style="margin:13.5pt 0pt 0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:normal">Proposal 4 for co</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">nsideration is a proposal from Company stockholders to ratify and affirm the decisions and actions taken by the Board and Executive Officers with respect to AMERCO and its subsidiaries for Fiscal 201</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">6</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">. This proposal originates from the stockholder proposal</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> originally received by the Company on September 24, 2008, approved at our 2009 Annual Meeting of Stockholders by a vote of 74% of shares voted, and which provided as follows:</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> </font></p>
            <p style="margin:13.5pt 0pt 0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#8220;Motion:</font></p>
            <p style="margin:13.5pt 0pt 0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:normal">We do hereby submit a proposal for inclusion in the AMERCO Annual Meet</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">ing Proxy statement, that AMERCO include on the ballot and in the annual meeting materials for such respective annual meetings a stockholder proposal from the undersigned stockholder&#160; proponents (or such other stockholder proponent(s) as may make the reque</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">st, or as a management proposal in the event the undersigned are no longer stockholders of the Company and no comparable proposal is received from another stockholder), that all decisions and actions made by the AMERCO Board of Directors and Executive Offi</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">cers, with respect to AMERCO and its subsidiaries, for the time frame of April 1 of the year prior to the date of such Proxy Statement through March 31 of the year of such Proxy Statement, be ratified and affirmed.</font><a name="EDGAR_PAGE_END14"></a></p>
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                <p style="margin:0pt; text-align:center"><a name="EDGAR_HF_F_START_7"></a><font style="font-family:Arial; font-size:12pt">11</font><a name="EDGAR_HF_F_END_8"></a></p>
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                <p style="margin:0pt"><a name="EDGAR_HF_H_START_5"></a><a name="EDGAR_HF_H_END_6"></a><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
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            <p style="margin:13.5pt 0pt 0pt; text-indent:36pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><a name="EDGAR_PAGE_START15"></a><font style="font-family:Arial; font-size:10pt; font-weight:bold">Reason for Making the Proposal:</font></p>
            <p style="margin:13.5pt 0pt 0pt; text-indent:36pt; 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:normal">To </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">support the AMERCO Board of Directors and Executive Officers on their decisions for these time periods. We believe the Company is headed in a positive direction due to their leadership and guidance.</font></p>
            <p style="margin:13.5pt 0pt 0pt; text-indent:36pt; 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">Relevant Notices:</font></p>
            <p style="margin:13.5pt 0pt 0pt; text-indent:36pt; 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:normal">1) We do not have any material interest</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> in the subject matter of the proposal.</font></p>
            <p style="margin:13.5pt 0pt 0pt; text-indent:36pt; 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:normal">2) We are not members of any partnership, limited partnership, syndicate or other group pursuant to any agreement, </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">arrangement, relationship, understanding, or otherwise, whether or not in writing, organized in whole</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> or in part for the purpose of acquiring, owning or voting shares of AMERCO stock.</font></p>
            <p style="margin:13.5pt 0pt 0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:normal">3) The above stockholders have continuously held at least $2,000 in market value of AMERCO shares and we intend to hold the stock through the date of the annual meeting.&#8221;</font></p>
            <p style="margin:5pt 0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">In</font><font style="font-family:Arial; font-size:10pt"> regard to this Proposal 4, reference is hereby made to the Company&#8217;s 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> Annual Report on Form 10-K, as well as the Company&#8217;s other public reports and other filings with the SEC, for disclosures relating to the Company.&#160; </font></p>
            <p style="margin:0pt; text-align:center; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">The Board recommends a vote &#8220;FOR</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#8221; approval of </font><font style="font-family:Arial; font-size:10pt; font-weight:bold">Proposal 4, </font><font style="font-family:Arial; font-size:10pt; font-weight:bold">regarding the ratification of the decisions and actions of the Board and executive officers</font><font style="font-family:Arial; font-size:10pt; font-weight:bold"> with respect to AMERCO and its subsidiaries</font><font style="font-family:Arial; font-size:10pt; font-weight:bold"> for Fiscal 201</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">6</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">.</font></p>
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            <h1 style="margin:12pt 0pt 3pt; text-align:center; page-break-after:avoid"><font style="font-family:Arial; font-size:10pt; font-weight:bold">B</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">OARD</font><font style="font-family:Arial; font-size:10pt; font-weight:bold"> </font><font style="font-family:Arial; font-size:10pt; font-weight:bold">OF</font><font style="font-family:Arial; font-size:10pt; font-weight:bold"> D</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">IRECTORS</font><font style="font-family:Arial; font-size:10pt; font-weight:bold"> </font><font style="font-family:Arial; font-size:10pt; font-weight:bold">AND</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">ORPORATE</font><font style="font-family:Arial; font-size:10pt; font-weight:bold"> G</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">OVERNANCE</font></h1>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Our Board currently consists of eight members.&#160; Upon the recommendation of our independent </font><font style="font-family:Arial; font-size:10pt">Directors</font><font style="font-family:Arial; font-size:10pt">, the Board has nominated the eight persons listed below to stand for election for a term expiring at the 201</font><font style="font-family:Arial; font-size:10pt">7</font><font style="font-family:Arial; font-size:10pt"> Annual Meeting of Stockholders, or until any </font><font style="font-family:Arial; font-size:10pt">of their respective successors is duly elected and qualified</font><font style="font-family:Arial; font-size:10pt"> or their earlier death, resignation or removal from office</font><font style="font-family:Arial; font-size:10pt">. </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 have set forth below information regarding each director nominated to stand for election, including the specific experience, quali</font><font style="font-family:Arial; font-size:10pt">fications, attributes, or skills that led the Board to conclude that such person should serve as a director. Our Board believes that the experience, qualifications, attributes, and skills of </font><font style="font-family:Arial; font-size:10pt">the director nominees will</font><font style="font-family:Arial; font-size:10pt"> provide the Company with the ability t</font><font style="font-family:Arial; font-size:10pt">o address the evolving needs of the Company and represent the best interests of our stockholders</font><font style="font-family:Arial; font-size:10pt"> and other constituencies</font><font style="font-family:Arial; font-size:10pt">. </font><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold">EDWARD J. (&#8220;JOE&#8221;) SHOEN</font><font style="font-family:Arial; font-size:10pt">, 6</font><font style="font-family:Arial; font-size:10pt">7</font><font style="font-family:Arial; font-size:10pt">, has served as Chairman of the Board since 1986 and President of the Company since 1987, as a Director</font><font style="font-family:Arial; font-size:10pt"> of U-Haul since 1990, as a Director of Amerco Real Estate Company (&#8220;Real Estate&#8221;) since 1988 and as a Director of Repwest Insurance Company (&#8220;Repwest&#8221;) since 1997. Mr. Shoen has been associated with the Company since 1971.&#160; Mr. Shoen&#8217;s length of service a</font><font style="font-family:Arial; font-size:10pt">nd substantial involvement with the day</font><font style="font-family:Arial; font-size:10pt">-</font><font style="font-family:Arial; font-size:10pt">to</font><font style="font-family:Arial; font-size:10pt">-</font><font style="font-family:Arial; font-size:10pt">day operations of the Company places him in a unique position of understanding the numerous aspects of the moving and </font><font style="font-family:Arial; font-size:10pt">self-</font><font style="font-family:Arial; font-size:10pt">storage business. Additionally, Mr. Shoen holds a significant equity ownership interest in the Company. Mr. Shoen holds an MBA from Harvard University and a Juris Doctor degree from Arizona State University. </font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify; page-break-inside:avoid; widows:0; orphans:0"><a name="EDGAR_PAGE_START16"></a><font style="font-family:Arial; font-size:10pt; font-weight:bold">JAMES E. ACRIDGE</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">, 7</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">6</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">, has served as a Director</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> of the Company since 2013.&#160; Since 2006, Mr. Acridge has been the chief executive officer of Quad Resources, LLC, a crude oil transportation company, with operations in Texas and New Mexico.&#160; In 1965, Mr. Acridge founded Giant Service Stations</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> (&#8220;Giant&#8221;)</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">, b</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">ased out of Scottsdale, Arizona, where he served as Giant&#8217;s chief executive officer until his departure in 2002.&#160; By 2002 Giant was traded on the New York Stock Exchange and had grown to 186 convenience stores/service stations, with 1,000 miles of crude oi</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">l pipelines, three oil refineries, approximately 3,000 employees, five product terminals and 180 truck transports.&#160; Mr. Acridge served on the Board of Directors of Real Estate from 2006 to 2013. </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">Mr. Acridge&#8217;s experience in real estate and transportation bri</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">ngs an additional value to the Board.</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify; page-break-inside:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">CHARLES J. BAYER</font><font style="font-family:Arial; font-size:10pt">, 7</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt">, has served as a Director of the Company since 1990 and has been associated with the Company since 1967. Mr. Bayer has served in various executive positions for the Company, including controller, </font><font style="font-family:Arial; font-size:10pt">director of U-Haul product design and as President of Real Estate from 1990 until his retirement in 2000. Mr. Bayer holds an MBA from Arizona State University W.P. Carey School of Business and has taken various continuing education courses through the SEC </font><font style="font-family:Arial; font-size:10pt">Institute. Mr. Bayer served two combat tours in Vietnam and commanded his own ship. His 4</font><font style="font-family:Arial; font-size:10pt">9</font><font style="font-family:Arial; font-size:10pt"> years of experience with the Company provide Mr. Bayer with a unique insight with respect to many of the Company&#8217;s product lines and the moving and </font><font style="font-family:Arial; font-size:10pt">self-</font><font style="font-family:Arial; font-size:10pt">storage indu</font><font style="font-family:Arial; font-size:10pt">stry. </font><font style="font-family:Arial; font-size:10pt; font-weight:bold"> </font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold">JOHN P. BROGAN</font><font style="font-family:Arial; font-size:10pt">, 7</font><font style="font-family:Arial; font-size:10pt">2</font><font style="font-family:Arial; font-size:10pt">, has served as a Director of the Company since 1998. Mr. Brogan holds an MBA from the University of Notre Dame and is a Fellow of the Massachusetts Society of Certified Public Accountants. Mr. Brogan had a seven year association</font><font style="font-family:Arial; font-size:10pt"> with Alamo Rent-A-Car that ended in 1986 and has been investing in private equity for over 35 years. Mr. Brogan has served as the Chairman of Muench-Kreuzer Candle Company since 1980.&#160; As an investor, he has been on the board of directors of several compa</font><font style="font-family:Arial; font-size:10pt">nies and understands the role of an independent director.&#160; </font></p>
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            <p style="margin:0pt; text-indent:36pt; 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">JOHN M. DODDS</font><font style="font-family:Arial; font-size:10pt">, 7</font><font style="font-family:Arial; font-size:10pt">9</font><font style="font-family:Arial; font-size:10pt">, has </font><font style="font-family:Arial; font-size:10pt">50</font><font style="font-family:Arial; font-size:10pt"> years of experience with the Company, including serving in various capacities as manager of numerous subsidiaries and operating divisions. This experience includes sever</font><font style="font-family:Arial; font-size:10pt">al years as senior executive vice president in charge of national field operations, placing him in a position of significant knowledge of the business. Mr. Dodds has served as a Director of the Company since 1987 and as Director of the Company&#8217;s subsidiari</font><font style="font-family:Arial; font-size:10pt">es, U-Haul and Real Estate since 1990. Mr. Dodds began his U-Haul affiliation as a service station operator and U-Haul dealer. He has served in numerous capacities at U-Haul. He served in regional field operations until 1986 and served in national field op</font><font style="font-family:Arial; font-size:10pt">erations until 1994. Mr. Dodds retired from the Company in 1994.</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold">JAMES J</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">.</font><font style="font-family:Arial; font-size:10pt; font-weight:bold"> GROGAN, </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">62, served</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> as a Director of the Company from 1998 to 2005. An attorney and successfu</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">l businessman, Mr. Grogan has served in </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">leadership</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> positions</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> in both public and private companies. He serves on the National Board of Cancer Treatment Centers of America (</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">&#8220;</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">CTCA</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">&#8221;</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">) and as President of the Board of CTCA at Western Regional Medical Center. Mr. Grogan is also a recognized real estate investor and develo</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">per with expertise in a wide range of asset classes. In 2000, he was appointed by the Governor of Arizona to the Board of the Arizona Tourism and Sports Authority and was a member of the 2015 Arizona Super Bowl Host Committee. Mr. Grogan also served as Pre</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">sident of Sterling Financial/Samoth Capital, a publicly traded, T</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">oronto </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">S</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">tock Exchange</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> company. From 1991 through 1996, Mr. Grogan was the managing attorney of Gallagher and Kennedy, a full service business law firm in Phoenix, Arizona. He currently serves</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> on the board of Drees Homes, one of the country&#8217;s largest privately-held homebuilding companies.</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:bold">KARL </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"> SCHMIDT, </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">56, has served as President and CEO of Belmark, Inc.</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> (&#8220;Belmark&#8221;)</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">, since 1994 providing solutions in the label, flexible packaging and folding</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> carton markets. </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">&#xa0;</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">Under Mr. Schmidt&#39;s leadership, Belmark grew from a regional label converter of 90 employees to a nationwide packaging company with over 750 employees. </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">&#xa0;</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">Mr. Schmidt has served on the Advisory Board of HP Indigo Labels &amp; Packaging since 20</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">10 and has been a member of the Wisconsin Manufacturing and Commerce Board since 2010. </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">&#xa0;</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">He also serves as a member of the Finance Committee of Bellin Health in Green Bay, Wisconsin. </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">Mr. Schmidt&#8217;s experience in the manufacturing industry brings a practical s</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">kill set to the Board.</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify; page-break-inside:avoid; widows:0; orphans:0"><a name="EDGAR_PAGE_START17"></a><font style="font-family:Arial; font-size:10pt; font-weight:bold">SAMUEL J. SHOEN</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">, 3</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">8</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">, has served as a Director of the Company since </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">April </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">2015</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">, and </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">as a Director of the Company&#8217;s subsidiaries, U-Haul</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">, Real Estate, Repwest and Oxford</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">Life Insurance Company (&#8220;Oxford&#8221;) </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">since</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> 2004, 2010, 2011 and 201</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">1</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">,</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">respectively.&#160; </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">Mr. Shoen has served as an employee of the Company or its affiliates since 1992, including serving in such capacities as U-Haul Webteam Manager, U-Haul Executive Vice President, President of Repwest, U-Haul Risk Management, and U-Box Proj</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">ect Manager. Mr. Shoen was recommended for election to the Board by the CEO and the independent Directors of the Board. Mr. Shoen&#8217;s extensive prior and current experience with the Company&#8217;s operations brings a unique and practical skill set to the Board.&#160; </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">Mr. Shoen is the son of Edward J. Shoen.&#160; </font></p>
            <p style="margin:13.5pt 0pt 0pt; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">B</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">oard Diversity </font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">The Company does not have a specific written policy regarding Board diversity as it relates to the selection of nominees for the Board.</font><font style="font-family:Arial; font-size:10pt"> However, Board diversity is considered by our Board to be de</font><font style="font-family:Arial; font-size:10pt">sirable. We believe Board diversity strengthens our alignment with our constituencies and fosters improved decision</font><font style="font-family:Arial; font-size:10pt">-</font><font style="font-family:Arial; font-size:10pt">making, goal setting and resource allocation. </font><font style="font-family:Arial; font-size:10pt">Board candidates are considered based upon various criteria, including, but not limited to, their broad-based business and professional skills and experiences, viewpoints and perspectives, concern for the long-term interests of our </font><font style="font-family:Arial; font-size:10pt">stockholders and </font><font style="font-family:Arial; font-size:10pt">constit</font><font style="font-family:Arial; font-size:10pt">uencies, and their personal integrity. The Board considers each nominee in the context of the Board as a whole, with the objective of assembling a Board that can best maintain the success of our business. For instance, we believe our </font><font style="font-family:Arial; font-size:10pt">Directors</font><font style="font-family:Arial; font-size:10pt"> are knowledg</font><font style="font-family:Arial; font-size:10pt">eable and experienced in various business sectors and governmental or academic endeavors, many of whom are serving or have served on other boards, which further illustrates the diversity present on our Board and the ultimate benefit to our Company</font><font style="font-family:Arial; font-size:10pt">,</font><font style="font-family:Arial; font-size:10pt"> stockho</font><font style="font-family:Arial; font-size:10pt">lders</font><font style="font-family:Arial; font-size:10pt"> and other constituencies</font><font style="font-family:Arial; font-size:10pt">.</font></p>
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            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Leadership Structure and the Board&#8217;s Role in Risk Oversight</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Currently, the roles of President and Board Chairman are combined, which we believe fosters clear accountability, effective decision-making, and alignment on corpo</font><font style="font-family:Arial; font-size:10pt">rate strategy. Specifically, our Board believes that its current leadership structure, with </font><font style="font-family:Arial; font-size:10pt">Edward J. Shoen</font><font style="font-family:Arial; font-size:10pt"> serving as both President and Board Chairman, is appropriate and best serves the interests of our Company</font><font style="font-family:Arial; font-size:10pt">,</font><font style="font-family:Arial; font-size:10pt"> stockholders</font><font style="font-family:Arial; font-size:10pt"> and other constituencies</font><font style="font-family:Arial; font-size:10pt">. Th</font><font style="font-family:Arial; font-size:10pt">e Company does not have a lead independent director.</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; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">Management is responsible for managing the risks that the Company faces. The Board is responsible for overseeing management&#8217;s approach to risk management and </font><font style="font-family:Arial; font-size:10pt">supports the achievement of the Company&#39;s ob</font><font style="font-family:Arial; font-size:10pt">jectives, including strategic objectives, to improve long-term performance and enhance stockholder value. </font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">A fundamental part of risk management is not only understanding the risks the Company faces and what steps management is taking to manage those risks</font><font style="font-family:Arial; font-size:10pt">, but also understanding what level of risk is appropriate for the Company. </font><font style="font-family:Arial; font-size:10pt">The involvement of the full Board in reviewing our strategic objectives and plans is a key part of the Board&#8217;s assessment of management&#8217;s approach and tolerance to risk. While the </font><font style="font-family:Arial; font-size:10pt">Board has ultimate oversight responsibility for overseeing management&#8217;s risk management process, various committees of the Board assist them in fulfilling that responsibility. </font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The Board has delegated to its various committees the oversight of risk manage</font><font style="font-family:Arial; font-size:10pt">ment practices for categories of risk relevant to their functions. For example, through its Audit Committee, our Board oversees the management by our financial reporting group of our financial statement disclosure controls, systems of internal control over</font><font style="font-family:Arial; font-size:10pt"> financial reporting, significant financial and accounting matters, as well as the Company&#8217;s compliance with legal and regulatory requirements. Through its Compensation Committee, our Board manages potential business risks inherent in our compensation prog</font><font style="font-family:Arial; font-size:10pt">rams to ensure that they do not encourage unacceptable levels of risk. The Executive Finance Committee oversees risks associated with the Company&#8217;s credit and debt positions and liquidity, monitors the level of risk associated with investment policies and </font><font style="font-family:Arial; font-size:10pt">investment portfolios, and evaluates current strategic endeavors by evaluating both short</font><font style="font-family:Arial; font-size:10pt">-</font><font style="font-family:Arial; font-size:10pt"> and long</font><font style="font-family:Arial; font-size:10pt">-</font><font style="font-family:Arial; font-size:10pt">term debt structures.</font></p>
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            <p style="margin:0pt 0pt 6pt; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><a name="EDGAR_PAGE_START18"></a><font style="font-family:Arial; font-size:10pt; font-weight:bold">Director Independence </font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0; background-color:#ffffff"><font style="font-family:Arial; font-size:10pt">O</font><font style="font-family:Arial; font-size:10pt">ur Board has affirmatively determined, based upon the recommendation of our Independent Governance Committee, that all of our </font><font style="font-family:Arial; font-size:10pt">Directors</font><font style="font-family:Arial; font-size:10pt">, except </font><font style="font-family:Arial; font-size:10pt">Edward J. Shoen</font><font style="font-family:Arial; font-size:10pt"> and </font><font style="font-family:Arial; font-size:10pt">Samuel J</font><font style="font-family:Arial; font-size:10pt">. Shoen, are &#8220;independent&#8221; under the NASDAQ Listing Rules. In addition, </font><font style="font-family:Arial; font-size:10pt">all of </font><font style="font-family:Arial; font-size:10pt">the </font><font style="font-family:Arial; font-size:10pt">D</font><font style="font-family:Arial; font-size:10pt">irectors</font><font style="font-family:Arial; font-size:10pt"> who serve on our Audit Committee</font><font style="font-family:Arial; font-size:10pt"> and Compensation Committee</font><font style="font-family:Arial; font-size:10pt"> each satisfy</font><font style="font-family:Arial; font-size:10pt"> the</font><font style="font-family:Arial; font-size:10pt"> standards established by the SEC providing that to qualify as &#8220;independent&#8221; for the purposes of membership on that committee, members of audit committees may not (1)</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">acce</font><font style="font-family:Arial; font-size:10pt">pt directly or indirectly any consulting, advisory, or other compensatory fee from the Company other than their director compensation or (2)</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">be an affiliated person of the Company or any of its subsidiaries.</font><font style="font-family:Arial; font-size:10pt"> In addition, all of the Directors who serve on o</font><font style="font-family:Arial; font-size:10pt">ur Audit Committee and Compensation Committee each satisfy the additional independence standards established by the NASDAQ Listing Rules.</font></p>
            <h1 style="margin:12pt 0pt 3pt; text-align:center; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#8220;NON - CONTROLLED COMPANY&#8221; STATUS </font></h1>
            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Prior to </font><font style="font-family:Arial; font-size:10pt">Ju</font><font style="font-family:Arial; font-size:10pt">ly 1</font><font style="font-family:Arial; font-size:10pt">, 2016, Willow Grove Holdings LP (&#8220;Willow Grove&#8221;), James P. Shoen, D</font><font style="font-family:Arial; font-size:10pt">avid L. Holmes as trustee, Rosemarie T. Donovan as trustee, Mark V. Shoen and Edward J. Shoen, directly and through controlled entities as applicable (collectively, the &#8220;Reporting Persons&#8221;) were parties to a stockholder agreement (the &#8220;Stockholder Agreemen</font><font style="font-family:Arial; font-size:10pt">t&#8221;), pursuant to which the Reporting Persons agreed to vote their collective 10,8</font><font style="font-family:Arial; font-size:10pt">4</font><font style="font-family:Arial; font-size:10pt">8,1</font><font style="font-family:Arial; font-size:10pt">61</font><font style="font-family:Arial; font-size:10pt"> shares of AMERCO common stock as one group. Pursuant to prior notice, each of James P. Shoen, Rosemarie T. Donovan as trustee, and David L. Holmes as trustee withdrew t</font><font style="font-family:Arial; font-size:10pt">heir shar</font><font style="font-family:Arial; font-size:10pt">es, constituting a total of 2,48</font><font style="font-family:Arial; font-size:10pt">8,6</font><font style="font-family:Arial; font-size:10pt">34</font><font style="font-family:Arial; font-size:10pt"> shares, from the Stockholder Agreement on June 30, 2016. The withdrawal of such shares from the Stockholder Agreement has resulted in the Company no longer being a &#8220;controlled company&#8221; pursuant to the </font><font style="font-family:Arial; font-size:10pt">NASDAQ</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">L</font><font style="font-family:Arial; font-size:10pt">isting R</font><font style="font-family:Arial; font-size:10pt">ules as of July 1, 2016. However, Willow Grove</font><font style="font-family:Arial; font-size:10pt">,</font><font style="font-family:Arial; font-size:10pt"> directly and through controlled entities, owns 8,359,5</font><font style="font-family:Arial; font-size:10pt">27</font><font style="font-family:Arial; font-size:10pt"> shares (approximately 42.6%) of AMERCO common stock. </font><font style="font-family:Arial; font-size:10pt">The general partner of Willow Grove is Foster Road, LLC (&#8220;Foster Road&#8221;). Foster Road contr</font><font style="font-family:Arial; font-size:10pt">ols the voting and disposition decisions with respect to the AMERCO common stock owned by Willow Grove, and is owned and managed by Edward J. Shoen and Mark V. Shoen.&#160; </font><font style="font-family:Arial; font-size:10pt">Accordingly, Edward J. Shoen and Mark V. Shoen, brothers, are in a position to significa</font><font style="font-family:Arial; font-size:10pt">ntly influence our business and policies, including the approval of certain significant transactions, the election of the members of our Board of Directors and other matters submitted to our stockholders. There can be no assurance that their interests will</font><font style="font-family:Arial; font-size:10pt"> not conflict with the interests o</font><font style="font-family:Arial; font-size:10pt">f</font><font style="font-family:Arial; font-size:10pt"> our other stockholders. For additional information on the Stockholder Agreement, refer to the Schedule</font><font style="font-family:Arial; font-size:10pt">s</font><font style="font-family:Arial; font-size:10pt"> 13D filed with the SEC on July 13, 2006, March 9, 2007, June 26, 2009, May 1, 2013, December 17, 2015 and on Februar</font><font style="font-family:Arial; font-size:10pt">y 12, 2016.</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; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">OTHER INFORMATION REGARDING THE BOARD OF DIRECTORS</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">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">The full Board of the Company met in regularly </font><font style="font-family:Arial; font-size:10pt">scheduled Board meetings six times during Fiscal 2016.&#160; For Fiscal 2016, each director attended at least 85% of the scheduled Board meetings</font><font style="font-family:Arial; font-size:10pt"> and meetings for the committees on which such respective individual served. The independent Directors met in executive session, without the presence of management, as part of each regularly scheduled Board meeting.</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Directors are encouraged to attend our </font><font style="font-family:Arial; font-size:10pt">annual meetings of stockholders. Participation via the webcast is encouraged, particularly in cases where travel from out of town would otherwise be required.&#160; </font><font style="font-family:Arial; font-size:10pt">All </font><font style="font-family:Arial; font-size:10pt">Directors</font><font style="font-family:Arial; font-size:10pt"> attended</font><font style="font-family:Arial; font-size:10pt"> our 201</font><font style="font-family:Arial; font-size:10pt">5</font><font style="font-family:Arial; font-size:10pt"> Annual Meeting of Stockholders, which was held on August 2</font><font style="font-family:Arial; font-size:10pt">7</font><font style="font-family:Arial; font-size:10pt">, 201</font><font style="font-family:Arial; font-size:10pt">5</font><font style="font-family:Arial; font-size:10pt">. </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; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">The Board has established the following standing committees: Audit Committee, Executive Finance Committee, Compensation Committee and Independent Governance Committee.</font><font style="font-family:Arial; font-size:10pt"> Additionally, the Board has formed an Advisory Board, to consist of non-Board membe</font><font style="font-family:Arial; font-size:10pt">rs, which will commence on August 25, 2016.</font><font style="font-family:Arial; font-size:10pt"> The Company does not have a nominating committee</font><font style="font-family:Arial; font-size:10pt">, and </font><font style="font-family:Arial; font-size:10pt">the responsibility for director nominations is vested in the independent </font><font style="font-family:Arial; font-size:10pt">Directors</font><font style="font-family:Arial; font-size:10pt">. The Board does not believe that a </font><font style="font-family:Arial; font-size:10pt">separate </font><font style="font-family:Arial; font-size:10pt">nominating committee is necessa</font><font style="font-family:Arial; font-size:10pt">ry because the independent </font><font style="font-family:Arial; font-size:10pt">Directors</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">effectively serve the function of a nominating committee</font><font style="font-family:Arial; font-size:10pt">. The Board has adopted a resolution addressing the director nomination process and related matters; however, the Board may, in the future, choose to change its di</font><font style="font-family:Arial; font-size:10pt">rector nomination policy, including its policy related to stockholder nomination of </font><font style="font-family:Arial; font-size:10pt">Directors</font><font style="font-family:Arial; font-size:10pt">. This process is described below, under the heading &#8220;Director Nomination Process.&#8221;&#160; </font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">See page </font><font style="font-family:Arial; font-size:10pt">21</font><font style="font-family:Arial; font-size:10pt"> of this Proxy Statement for a discussion of director compensatio</font><font style="font-family:Arial; font-size:10pt">n. </font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_PAGE_START19"></a><font style="font-family:Arial; font-size:10pt">Listed below are descriptions of the Company&#8217;s </font><font style="font-family:Arial; font-size:10pt">standing </font><font style="font-family:Arial; font-size:10pt">committees and the</font><font style="font-family:Arial; font-size:10pt"> current</font><font style="font-family:Arial; font-size:10pt"> memberships thereof. The charters for the Independent Governance Committee, Audit Committee and Compensation Committee are available at amerco.com.</font></p>
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            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:8pt">*Non-Director Members</font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">**</font><font style="font-family:Arial; font-size:8pt">Commencing as of August 25, 2016</font></p>
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Mullen.</font><font style="font-family:Arial; font-size:10pt"> Mr. Mullen will cease being a member of the Audit Committee in August 2016.</font><font style="font-family:Arial; font-size:10pt"> The Audit Committee assists the Board in fulfilling its oversight responsibilities </font><font style="font-family:Arial; font-size:10pt">pertaining</font><font style="font-family:Arial; font-size:10pt"> to financial reporting, audit functions</font><font style="font-family:Arial; font-size:10pt"> and risk management. The Aud</font><font style="font-family:Arial; font-size:10pt">it Committee monitors the financial information that is </font><font style="font-family:Arial; font-size:10pt">publicly disseminated to our stockholders and the public</font><font style="font-family:Arial; font-size:10pt">, the independence and performance of the Company&#8217;s independent Registered Public Accounting Firm and internal audit department and the systems </font><font style="font-family:Arial; font-size:10pt">of internal control established by management and the Board. The Audit Committee operates pursuant to a written charter approved by the Board that is available at amerco.com.&#160; The Board has determined that each member of the Audit Committee meets the appli</font><font style="font-family:Arial; font-size:10pt">cable requirements of audit committee members under</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">NASDAQ Listing Rules. </font><font style="font-family:Arial; font-size:10pt">Mr. </font><font style="font-family:Arial; font-size:10pt">Brogan</font><font style="font-family:Arial; font-size:10pt"> is designated the Audit Committee &#8220;financial expert&#8221; and is independent as defined by the rules of the SEC and the other similar financial sophistication rules under</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">ASDAQ </font><font style="font-family:Arial; font-size:10pt">Listing Rules</font><font style="font-family:Arial; font-size:10pt">. Stockholders should understand that this</font><font style="font-family:Arial; font-size:10pt"> designation is a disclosure requirement of the SEC related to </font><font style="font-family:Arial; font-size:10pt">Mr. </font><font style="font-family:Arial; font-size:10pt">Broga</font><font style="font-family:Arial; font-size:10pt">n&#8217;s</font><font style="font-family:Arial; font-size:10pt"> experience and understanding with respect to </font><font style="font-family:Arial; font-size:10pt">financial statements, </font><font style="font-family:Arial; font-size:10pt">certain accounting</font><font style="font-family:Arial; font-size:10pt"> principles</font><font style="font-family:Arial; font-size:10pt"> and auditing matters. </font><font style="font-family:Arial; font-size:10pt">The designation does not impose on </font><font style="font-family:Arial; font-size:10pt">Mr. </font><font style="font-family:Arial; font-size:10pt">Broga</font><font style="font-family:Arial; font-size:10pt">n any</font><font style="font-family:Arial; font-size:10pt"> duties, obligations or liabilit</font><font style="font-family:Arial; font-size:10pt">ies</font><font style="font-family:Arial; font-size:10pt"> that are greater than are generally imposed on him as a member of the Audit Committee and the Board, and his designation as an &#8220;audit committee financial expert&#8221; pursuant </font><font style="font-family:Arial; font-size:10pt">to SEC and NASDAQ requirements does not affect the duties, obligations or liability of any other member of the Audit Committee or the Board. Messrs. </font><font style="font-family:Arial; font-size:10pt">Mullen</font><font style="font-family:Arial; font-size:10pt"> and Bayer have been determined by the Board to meet the qualifications of &#8220;audit committee financial</font><font style="font-family:Arial; font-size:10pt"> expert&#8221; as well</font><font style="font-family:Arial; font-size:10pt">,</font><font style="font-family:Arial; font-size:10pt"> and are independent as defined by the rules of the SEC and the other similar financial sophistication rules under NASDAQ regulations.&#160; The Audit Committee </font><font style="font-family:Arial; font-size:10pt">met seven times</font><font style="font-family:Arial; font-size:10pt"> during Fiscal 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt">.</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify; page-break-inside:avoid; widows:0; orphans:0"><a name="EDGAR_PAGE_START20"></a><font style="font-family:Arial; font-size:10pt; font-style:italic">Compensation Committee</font><font style="font-family:Arial; font-size:10pt">. The </font><font style="font-family:Arial; font-size:10pt">Compensation Committee is comprised of James E. Acridge, John P. Brogan and John M. Dodds. The Compensation Committee reviews the Company&#8217;s executive compensation plans and policies, including benefits and incentives, to ensure that they are consistent wit</font><font style="font-family:Arial; font-size:10pt">h the goals and objectives of the Company and is responsible for determining, or recommending to the Board for determination, the compensation of the President and, commencing July 1, 2017, the compensation of all of the Company&#8217;s other executive officers.</font><font style="font-family:Arial; font-size:10pt"> Additionally, the Compensation Committee reviews and makes recommendations to the Board regarding management recommendations for changes in executive compensation and monitors management plans and programs for the retention, motivation and development of </font><font style="font-family:Arial; font-size:10pt">senior management.&#160; The Compensation Committee operates pursuant to a written charter that is available at amerco.com, and met one</font><font style="font-family:Arial; font-size:10pt"> time</font><font style="font-family:Arial; font-size:10pt"> during Fiscal 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt">.&#160; </font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify; page-break-inside:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-style:italic">Independent Governance Committee</font><font style="font-family:Arial; font-size:10pt">.&#160; The Independent Governance Committee is comprised </font><font style="font-family:Arial; font-size:10pt">of Paul A. B</font><font style="font-family:Arial; font-size:10pt">ible, Michael L. Gallagher </font><font style="font-family:Arial; font-size:10pt">and </font><font style="font-family:Arial; font-size:10pt">Thomas W. Hayes. </font><font style="font-family:Arial; font-size:10pt">In August 2016, </font><font style="font-family:Arial; font-size:10pt">Mr</font><font style="font-family:Arial; font-size:10pt">.</font><font style="font-family:Arial; font-size:10pt"> Bible </font><font style="font-family:Arial; font-size:10pt">and Mr. Gallagher </font><font style="font-family:Arial; font-size:10pt">will cease being member</font><font style="font-family:Arial; font-size:10pt">s</font><font style="font-family:Arial; font-size:10pt"> of the Independen</font><font style="font-family:Arial; font-size:10pt">t</font><font style="font-family:Arial; font-size:10pt"> Governance Committee, and a new appointee</font><font style="font-family:Arial; font-size:10pt">,</font><font style="font-family:Arial; font-size:10pt"> Dr. Amy </font><font style="font-family:Arial; font-size:10pt">J</font><font style="font-family:Arial; font-size:10pt">. Hillman</font><font style="font-family:Arial; font-size:10pt">,</font><font style="font-family:Arial; font-size:10pt"> wil</font><font style="font-family:Arial; font-size:10pt">l join the Independent Governance Committee. An indepe</font><font style="font-family:Arial; font-size:10pt">ndent Director will also be appointed to the Independent Governance Committee in August 2016. </font><font style="font-family:Arial; font-size:10pt">Mr. Hayes</font><font style="font-family:Arial; font-size:10pt"> and Dr. Hillman</font><font style="font-family:Arial; font-size:10pt"> are not members of the Company&#8217;s Board.&#160; The Independent Governance Committee monitors and evaluates the Company&#8217;s corporate governance </font><font style="font-family:Arial; font-size:10pt">principles and standards and proposes to the Board any modifications which are deemed appropriate for sound corporate governance</font><font style="font-family:Arial; font-size:10pt"> and compliance with relevant state corporate law, SEC rules and NASDAQ Listing Rules</font><font style="font-family:Arial; font-size:10pt">. The committee </font><font style="font-family:Arial; font-size:10pt">also </font><font style="font-family:Arial; font-size:10pt">review</font><font style="font-family:Arial; font-size:10pt">s</font><font style="font-family:Arial; font-size:10pt"> other matters </font><font style="font-family:Arial; font-size:10pt">as referred to it by the Board</font><font style="font-family:Arial; font-size:10pt"> from time to time</font><font style="font-family:Arial; font-size:10pt">. The committee has the authority and a budget from which to retain professionals. Each member of the Independent Governance Committee is determined by the Board to be free of any relationship that would inte</font><font style="font-family:Arial; font-size:10pt">rfere with his or her exercise of independent judgment as a member of this committee.&#160; The Independent Governance Committee </font><font style="font-family:Arial; font-size:10pt">met three</font><font style="font-family:Arial; font-size:10pt"> times during Fiscal 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt">.&#160; The non-Board members of the Independent Governance Committee are encouraged to attend all Boar</font><font style="font-family:Arial; font-size:10pt">d meetings of the Company.</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">Mr. Hayes has served as a member of the Independent Governance Committee since 2003 and brings to AMERCO over 30 years of broad executive and financial management experience. He is the former Treasurer, Auditor General and</font><font style="font-family:Arial; font-size:10pt"> Director of Finance for the State of California. He was also the President of a multibillion dollar investment management company and has held leadership positions in restructuring troubled public and private sector entities and is designated as an audit </font><font style="font-family:Arial; font-size:10pt">committee financial expert by Fremont General, a NYSE</font><font style="font-family:Arial; font-size:10pt">-</font><font style="font-family:Arial; font-size:10pt">listed firm. In addition, Mr. Hayes is a United States Marine Corps combat veteran.</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">Mr. Bible has served as a member of the Independent Governance Committee since 2003. He is </font><font style="font-family:Arial; font-size:10pt">a </font><font style="font-family:Arial; font-size:10pt">sole practitioner</font><font style="font-family:Arial; font-size:10pt"> attorney</font><font style="font-family:Arial; font-size:10pt"> and currently serves as chairman of the compliance committee for Jacobs Entertainment</font><font style="font-family:Arial; font-size:10pt">,</font><font style="font-family:Arial; font-size:10pt"> Inc. </font><font style="font-family:Arial; font-size:10pt">Mr. Bible </font><font style="font-family:Arial; font-size:10pt">has</font><font style="font-family:Arial; font-size:10pt"> also</font><font style="font-family:Arial; font-size:10pt"> served as chairman of the compliance committees for (i) H Group Holding, Inc., an affiliate of the Hyatt Corporation; (ii) Colony Resor</font><font style="font-family:Arial; font-size:10pt">ts LVH Acquisitions, LLC; and (iii) RIH Resorts, LLC. He is former chairman of the Nevada Gaming Commission, the Board of Trustees of the University of Nevada, Reno Foundation and Fisher Communications, Inc.</font><font style="font-family:Arial; font-size:10pt">,</font><font style="font-family:Arial; font-size:10pt"> a publicly traded communications company that o</font><font style="font-family:Arial; font-size:10pt">wned and managed radio and television stations. Mr. Bible is a veteran of the Vietnam conflict.</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Dr. Hillman is the Dean and Rusty Lyon Chair of Strategy at the Arizona State University W. P. Carey School of Business, one of the largest and highest ranked </font><font style="font-family:Arial; font-size:10pt">business schools in the United States. Prior to joining academia, Dr. Hillman was general manager of a retailing and manufacturing organization in the Southwest United States. An expert and consultant in the areas of corporate strategy, corporate political</font><font style="font-family:Arial; font-size:10pt"> strategy and boards of directors, Dr. Hillman also serves on the board and as chair of the Nominating/Governance Committee of </font><font style="font-family:Arial; font-size:10pt">NASDAQ</font><font style="font-family:Arial; font-size:10pt">-traded CDK Global, a</font><font style="font-family:Arial; font-size:10pt">nd on the non-profit boards of The Association to Advance Collegiate Schools of Business</font><font style="font-family:Arial; font-size:10pt"> and the ASU R</font><font style="font-family:Arial; font-size:10pt">esearch Park.</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify; page-break-inside:avoid; widows:0; orphans:0"><a name="EDGAR_PAGE_START21"></a><font style="font-family:Arial; font-size:10pt">Roberta &#8220;Sissie&#8221; Roberts Shank is the Chief Executive Officer and President of Chas Roberts A/C and Plumbing, and possesses extensive executive management experience. Ms. Shank also serves on the board of Knight Transportation Inc., a New Yo</font><font style="font-family:Arial; font-size:10pt">rk Stock Exchange company. Ms Shank has experience in leading her company through the rapid growth, downturn, and comeback of the construction market, while adjusting its scale and improving profitability. Moreover, she is experienced in managing a workfor</font><font style="font-family:Arial; font-size:10pt">ce with distributed, mobile employees and substantial hiring and retention challenges. In 2014, Ms. Shank was named CEO of the Year by the Arizona Corporate Excellence Awards for the state&#8217;s largest private businesses, and in 2013, she received the Greater</font><font style="font-family:Arial; font-size:10pt"> Phoenix Chamber of Commerce Impact Award. Ms. Shank has also served on several non-profit boards, including the Boys and Girls Club of Metro Phoenix.</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-style:italic">Special Committee</font><font style="font-family:Arial; font-size:10pt">.&#160; The Special Committee was formed </font><font style="font-family:Arial; font-size:10pt">in Fiscal 2016 </font><font style="font-family:Arial; font-size:10pt">to evaluate, negotiate and make dete</font><font style="font-family:Arial; font-size:10pt">rminations in respect of the transaction contemplated by the stockholder proposal from </font><font style="font-family:Arial; font-size:10pt">our </font><font style="font-family:Arial; font-size:10pt">2015 annual meeting of stockholders to declare and issue a </font><font style="font-family:Arial; font-size:10pt">non-voting stock dividend</font><font style="font-family:Arial; font-size:10pt">. The Special Committee was comprised of James E. Acridge, Charles J. Bayer, John</font><font style="font-family:Arial; font-size:10pt"> P. Brogan, Michael L. Gallagher and Daniel R. Mullen. Paul A. Bible and Thomas W. Hay</font><font style="font-family:Arial; font-size:10pt">e</font><font style="font-family:Arial; font-size:10pt">s were </font><font style="font-family:Arial; font-size:10pt">engaged </font><font style="font-family:Arial; font-size:10pt">as advisors to the Special Committee</font><font style="font-family:Arial; font-size:10pt">&#8217;s counsel</font><font style="font-family:Arial; font-size:10pt">. </font><font style="font-family:Arial; font-size:10pt">The Special Committee recommended to the Board that the Company take no action on the referenced matter.&#160; </font><font style="font-family:Arial; font-size:10pt">The Special Committee met </font><font style="font-family:Arial; font-size:10pt">13</font><font style="font-family:Arial; font-size:10pt"> times during Fiscal 2016.</font><font style="font-family:Arial; font-size:10pt"> As of this date, there are no members of the Special Committee.&#160; </font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-style:italic">Advisory Board</font><font style="font-family:Arial; font-size:10pt">. The Advisory Board was recently established by the Board and will commence in August 2016. The Advisory Board will be </font><font style="font-family:Arial; font-size:10pt">comprised of Roberta Shank and an additional member to be determined by the Board. Advisory Board members are not Directors and as such will not have the authority to vote on Board matters, but will be given full access to the affairs of the Board, includi</font><font style="font-family:Arial; font-size:10pt">ng Board materials and will be allowed full participation at Board meetings.&#160;&#160; The Board has authorized up to two Advisory Board members, who serve at the discretion of the Board.</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">See &#8220;Security Ownership of Certain Beneficial Owners and Management&#8221; and &#8220;C</font><font style="font-family:Arial; font-size:10pt">ertain Relationships and Related Transactions&#8221; for additional information relating to the </font><font style="font-family:Arial; font-size:10pt">Directors</font><font style="font-family:Arial; font-size:10pt">. </font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-style:italic">Director Qualifications</font><font style="font-family:Arial; font-size:10pt">. </font><font style="font-family:Arial; font-size:10pt">The responsibility for Director nominations are vested in the independent Directors.</font><font style="font-family:Arial; font-size:10pt"> Persons nominated to the Board must have personal integrity and high ethical character. A candidate should not have any interests that would materially impair his or her ability to exercise independent judgment or otherwise discharge the fiduciary duties </font><font style="font-family:Arial; font-size:10pt">owed by a </font><font style="font-family:Arial; font-size:10pt">D</font><font style="font-family:Arial; font-size:10pt">irector to the Company</font><font style="font-family:Arial; font-size:10pt">,</font><font style="font-family:Arial; font-size:10pt"> its stockholders</font><font style="font-family:Arial; font-size:10pt"> and other constituencies</font><font style="font-family:Arial; font-size:10pt">.&#160; Candidates must be able to represent fairly and equally all stockholders of the Company without favoring any particular stockholder</font><font style="font-family:Arial; font-size:10pt">, stockholder</font><font style="font-family:Arial; font-size:10pt"> group or other constituency of t</font><font style="font-family:Arial; font-size:10pt">he Company and must be prepared to devote adequate time to the Board and its committees.&#160; In selecting nominees for </font><font style="font-family:Arial; font-size:10pt">D</font><font style="font-family:Arial; font-size:10pt">irector, the </font><font style="font-family:Arial; font-size:10pt">independent Directors</font><font style="font-family:Arial; font-size:10pt"> will assure that:</font></p>
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            <p style="margin:0pt; text-indent:36pt"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font-family:Arial; font-size:10pt">a majority of the Board is independent under the applicable SEC and NASDAQ standa</font><font style="font-family:Arial; font-size:10pt">rds</font><font style="font-family:Arial; font-size:10pt">;</font></p>
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            <p style="margin:0pt; text-indent:36pt"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font-family:Arial; font-size:10pt">all Audit Committee members are independent under the applicable SEC and NASDAQ standards</font><font style="font-family:Arial; font-size:10pt">; </font></p>
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            <p style="margin:0pt; text-indent:36pt"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font-family:Arial; font-size:10pt">all Compensation Committee members are independent under the applicable SEC and NASDAQ standards</font><font style="font-family:Arial; font-size:10pt">; </font></p>
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            <p style="margin:0pt; text-indent:36pt"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font-family:Arial; font-size:10pt">at least three of the </font><font style="font-family:Arial; font-size:10pt">Directors</font><font style="font-family:Arial; font-size:10pt"> satisfy the financi</font><font style="font-family:Arial; font-size:10pt">al literacy requirements required for service on the Audit Committee; and</font></p>
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            <p style="margin:0pt; text-indent:36pt"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font-family:Arial; font-size:10pt">at least one of the </font><font style="font-family:Arial; font-size:10pt">Directors</font><font style="font-family:Arial; font-size:10pt"> qualifies as an audit committee financial expert under the rules of the SEC and NASDAQ rules and regulations.&#160; </font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify"><a name="EDGAR_PAGE_START22"></a><font style="font-family:Arial; font-size:10pt; font-style:italic">Identifying Director Candidates</font><font style="font-family:Arial; font-size:10pt">.&#160; The </font><font style="font-family:Arial; font-size:10pt">independent Directors</font><font style="font-family:Arial; font-size:10pt"> utilize a variety of methods for identifying and evaluating nominees to serve as </font><font style="font-family:Arial; font-size:10pt">Directors</font><font style="font-family:Arial; font-size:10pt">. The Board has a policy of re-nominating incumbent </font><font style="font-family:Arial; font-size:10pt">Directors</font><font style="font-family:Arial; font-size:10pt"> who continue to satisfy the Board&#8217;s criteria for membership and whom the </font><font style="font-family:Arial; font-size:10pt">in</font><font style="font-family:Arial; font-size:10pt">dependent Directors</font><font style="font-family:Arial; font-size:10pt"> believe continue to make important contributions to the Board and who consent to continue their service on the Board. </font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">In filling vacancies of the Board, the </font><font style="font-family:Arial; font-size:10pt">Directors</font><font style="font-family:Arial; font-size:10pt"> will solicit recommendations for nominees from the persons the </font><font style="font-family:Arial; font-size:10pt">Dire</font><font style="font-family:Arial; font-size:10pt">ctors</font><font style="font-family:Arial; font-size:10pt"> believe are likely to be familiar with (i) the needs of the Company and (ii) qualified candidates. These persons may include members of the Board and management of the Company. The </font><font style="font-family:Arial; font-size:10pt">Directors</font><font style="font-family:Arial; font-size:10pt"> may also engage a professional search firm to assist in ide</font><font style="font-family:Arial; font-size:10pt">ntifying qualified candidates.</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify; page-break-inside:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">In evaluating potential nominees, the </font><font style="font-family:Arial; font-size:10pt">Directors</font><font style="font-family:Arial; font-size:10pt"> will oversee the collection of information concerning the background and qualifications of the candidate and determine whether the candidate satisfies the minimum qualification</font><font style="font-family:Arial; font-size:10pt">s required by the Board for election as </font><font style="font-family:Arial; font-size:10pt">D</font><font style="font-family:Arial; font-size:10pt">irector and whether the candidate possesses the specific skills </font><font style="font-family:Arial; font-size:10pt">and</font><font style="font-family:Arial; font-size:10pt"> qualities that</font><font style="font-family:Arial; font-size:10pt">,</font><font style="font-family:Arial; font-size:10pt"> under the Board&#8217;s policies</font><font style="font-family:Arial; font-size:10pt">,</font><font style="font-family:Arial; font-size:10pt"> must be possessed by one or more members of the Board.&#160; </font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify; page-break-inside:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">The </font><font style="font-family:Arial; font-size:10pt">independent Directors</font><font style="font-family:Arial; font-size:10pt"> may interview any p</font><font style="font-family:Arial; font-size:10pt">roposed candidate and may solicit the views about the candidate&#8217;s qualifications and suitability from the Company&#8217;s President and other senior members of management.&#160; Diversity in terms of business and professional skills and experience, viewpoints, perspe</font><font style="font-family:Arial; font-size:10pt">ctive, education and other factors, is considered in the </font><font style="font-family:Arial; font-size:10pt">decision-making</font><font style="font-family:Arial; font-size:10pt"> process.</font></p>
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            <p style="margin: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">independent Directors</font><font style="font-family:Arial; font-size:10pt"> will make their selections based on all the available information and relevant considerations. The </font><font style="font-family:Arial; font-size:10pt">independent Directors</font><font style="font-family:Arial; font-size:10pt">&#8217; selection will be based o</font><font style="font-family:Arial; font-size:10pt">n who, in the view of the </font><font style="font-family:Arial; font-size:10pt">independent Directors</font><font style="font-family:Arial; font-size:10pt">, will be best suited for membership on the Board.&#160; </font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">In making </font><font style="font-family:Arial; font-size:10pt">their</font><font style="font-family:Arial; font-size:10pt"> selection, the </font><font style="font-family:Arial; font-size:10pt">independent Directors</font><font style="font-family:Arial; font-size:10pt"> will evaluate candidates proposed by stockholders under criteria similar to other candidates, except that the </font><font style="font-family:Arial; font-size:10pt">Directors</font><font style="font-family:Arial; font-size:10pt"> may consider, as one of the factors in their evaluation, the size and duration of the interest of the recommending stockholder in the s</font><font style="font-family:Arial; font-size:10pt">tock of the Company. The </font><font style="font-family:Arial; font-size:10pt">Directors</font><font style="font-family:Arial; font-size:10pt"> may also consider the extent to which the recommending stockholder intends to continue to hold its interest in the Company, including whether the recommending stockholder intends to continue holding its interest at least </font><font style="font-family:Arial; font-size:10pt">through the time of the meeting at which the candidate is to be elected.&#160; </font></p>
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            <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; text-indent:36pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font-family:Arial; font-size:10pt">the stockholder&#8217;s name and address;</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font-family:Arial; font-size:10pt">the number of shares of the Company&#8217;s stock owned by the recommending stockholder and the time </font><font style="font-family:Arial; font-size:10pt">period for which such shares have been held;</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font-family:Arial; font-size:10pt">if the recommending stockholder is not a stockholder of record, a statement from the record holder of the shares (usually a broker or bank) verifying the holdings of the stockholder and a statement from the r</font><font style="font-family:Arial; font-size:10pt">ecommending stockholder of the length of time that the shares have been held; and</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font-family:Arial; font-size:10pt">a statement from the stockholder as to whether the stockholder has a good faith intention to continue to hold the reported shares through the date of the next annual meeti</font><font style="font-family:Arial; font-size:10pt">ng at which the candidate would be elected.&#160; </font></p>
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                <p style="margin:0pt"><a name="EDGAR_HF_H_START_5"></a><a name="EDGAR_HF_H_END_6"></a><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
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            <p style="margin:0pt; text-indent:40.3pt; text-align:justify; page-break-inside:avoid; widows:0; orphans:0"><a name="EDGAR_PAGE_START23"></a><font style="font-family:Arial; font-size:10pt">If the recommendation is submitted by a group of two or more stockholders, the above information must be submitted with respect to each stockholder in the group. The recommendation must be received by the Comp</font><font style="font-family:Arial; font-size:10pt">any not later than 120 </font><font style="font-family:Arial; font-size:10pt">calendar </font><font style="font-family:Arial; font-size:10pt">days prior to the first anniversary of the date the</font><font style="font-family:Arial; font-size:10pt"> Company mailed its</font><font style="font-family:Arial; font-size:10pt"> proxy </font><font style="font-family:Arial; font-size:10pt">materials</font><font style="font-family:Arial; font-size:10pt"> for the prior</font><font style="font-family:Arial; font-size:10pt"> year&#8217;s</font><font style="font-family:Arial; font-size:10pt"> annual meeting, except in the event that the date of the annual meeting for the current year is moved more than 30</font><font style="font-family:Arial; font-size:10pt"> c</font><font style="font-family:Arial; font-size:10pt">alendar</font><font style="font-family:Arial; font-size:10pt"> days from the anniversary date of the annual meeting for the prior year,</font><font style="font-family:Arial; font-size:10pt"> or if the Company did not hold an annual meeting in the prior year,</font><font style="font-family:Arial; font-size:10pt"> the submission will be considered timely if it is submitted </font><font style="font-family:Arial; font-size:10pt">within </font><font style="font-family:Arial; font-size:10pt">a reasonable time in advance of the mail</font><font style="font-family:Arial; font-size:10pt">ing of the Company&#8217;s </font><font style="font-family:Arial; font-size:10pt">materials </font><font style="font-family:Arial; font-size:10pt">for the annual meeting for the current year</font><font style="font-family:Arial; font-size:10pt"> as specified by the Company in a Form 8-K filed under Item 5.08</font><font style="font-family:Arial; font-size:10pt">.&#160; The recommendation must be accompanied by consent of the proposed nominee to be interviewed by the independent </font><font style="font-family:Arial; font-size:10pt">Dire</font><font style="font-family:Arial; font-size:10pt">ctors</font><font style="font-family:Arial; font-size:10pt"> and other Board members and to serve as </font><font style="font-family:Arial; font-size:10pt">D</font><font style="font-family:Arial; font-size:10pt">irector of the Company.&#160; </font></p>
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            <p style="margin:0pt; text-indent:36pt"><font style="font-family:Arial; font-size:10pt">The recommendation must also contain information about the proposed nominee, including:</font></p>
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            <p style="margin:0pt; text-indent:36pt"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font-family:Arial; font-size:10pt">the proposed nominee&#8217;s name and address;</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify; page-break-inside:avoid; widows:0; orphans:0"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font-family:Arial; font-size:10pt">the information required by Items 401, 403 and</font><font style="font-family:Arial; font-size:10pt"> 404 of SEC Regulation S-K (generally providing for disclosure of arrangements or understandings regarding the nomination, the business experience of the proposed nominee, legal proceedings involving the proposed nominee, the proposed nominee&#8217;s ownership o</font><font style="font-family:Arial; font-size:10pt">f securities of the Company, and transactions and relationships between the proposed nominee and the Company);</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font-family:Arial; font-size:10pt">a description of all relationships between the proposed nominee and any of the Company&#8217;s competitors, customers, suppliers, labor unions or </font><font style="font-family:Arial; font-size:10pt">other persons with special interests regarding the Company;</font></p>
            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font-family:Arial; font-size:10pt">the qualifications of the proposed nominee; and</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Symbol; font-size:10pt"></font>&#8226;<font></font><font style="font-family:Arial; font-size:10pt">a statement from the recommending stockholder that in his or her view, the nominee, if elected, would represent all the stockholders and not s</font><font style="font-family:Arial; font-size:10pt">erve for the purpose of advancing or favoring any particular stockholder or other constituency of the Company.</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The secretary of the Company will forward all recommendations and nominations to the independent </font><font style="font-family:Arial; font-size:10pt">Directors</font><font style="font-family:Arial; font-size:10pt">.&#160; The acceptance of a recommendation </font><font style="font-family:Arial; font-size:10pt">from a stockholder does not imply that the independent </font><font style="font-family:Arial; font-size:10pt">Directors</font><font style="font-family:Arial; font-size:10pt"> will recommend to the Board the nomination of the </font><font style="font-family:Arial; font-size:10pt">individual recommended by the stockholder</font><font style="font-family:Arial; font-size:10pt">. In addition, the Company&#8217;s </font><font style="font-family:Arial; font-size:10pt">Restated </font><font style="font-family:Arial; font-size:10pt">Bylaws</font><font style="font-family:Arial; font-size:10pt"> (&#8220;Bylaws&#8221;)</font><font style="font-family:Arial; font-size:10pt"> permit stockholders to nominate </font><font style="font-family:Arial; font-size:10pt">Directors</font><font style="font-family:Arial; font-size:10pt"> at</font><font style="font-family:Arial; font-size:10pt"> an annual meeting and nothing in the above procedures is intended to conflict with the provisions of the Company&#8217;s Bylaws governing nominations by stockholders.&#160; </font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The information contained in this Proxy Statement about the Company&#8217;s</font><font style="font-family:Arial; font-size:10pt"> Director</font><font style="font-family:Arial; font-size:10pt"> nominations </font><font style="font-family:Arial; font-size:10pt">process is just a summary.&#160; A complete copy of the policies and procedures with respect to stockholder director nominations can be obtained from the Company, free of charge, by writing to our Secretary at the address </font><font style="font-family:Arial; font-size:10pt">provided herein under the caption &#8220;Stoc</font><font style="font-family:Arial; font-size:10pt">kholders Proposals For Next Annual Meeting&#8221;</font><font style="font-family:Arial; font-size:10pt">.</font></p>
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            <p style="margin:0pt 0pt 10pt; text-align:center; line-height:115%; font-size:10pt"><a name="EDGAR_PAGE_START24"></a><font style="font-family:Arial; font-size:10pt; font-weight:bold">Director Compensation</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 Company&#8217;s director compensation program is </font><font style="font-family:Arial; font-size:10pt">intended</font><font style="font-family:Arial; font-size:10pt"> to fairly pay </font><font style="font-family:Arial; font-size:10pt">Directors</font><font style="font-family:Arial; font-size:10pt"> for their time and efforts on behalf of AMERCO and its direct subsidiaries, as the case may be, in recognition of their fiduciary obligations to stockholders and for their liability exposure.&#160; </font><font style="font-family:Arial; font-size:10pt">Directors</font><font style="font-family:Arial; font-size:10pt"> are compensated in the form of a cash fee.&#160; The Comp</font><font style="font-family:Arial; font-size:10pt">any </font><font style="font-family:Arial; font-size:10pt">does not currently offer</font><font style="font-family:Arial; font-size:10pt"> stock options or </font><font style="font-family:Arial; font-size:10pt">equity </font><font style="font-family:Arial; font-size:10pt">grants to its </font><font style="font-family:Arial; font-size:10pt">Directors other than shares granted under the ESOP</font><font style="font-family:Arial; font-size:10pt">.&#160; For Fiscal 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt">, the annual fee for all services as a Director of the Company was $67,500. Additionally, Audit Committee and Independent</font><font style="font-family:Arial; font-size:10pt"> Governance Committee members</font><font style="font-family:Arial; font-size:10pt"> also</font><font style="font-family:Arial; font-size:10pt"> receive</font><font style="font-family:Arial; font-size:10pt">d</font><font style="font-family:Arial; font-size:10pt"> a $55,000 annual fee for service on </font><font style="font-family:Arial; font-size:10pt">each </font><font style="font-family:Arial; font-size:10pt">such committee, and Executive Finance Committee and Compensation Committee members receive</font><font style="font-family:Arial; font-size:10pt">d</font><font style="font-family:Arial; font-size:10pt"> a $25,000 annual fee</font><font style="font-family:Arial; font-size:10pt"> for service on each committee </font><font style="font-family:Arial; font-size:10pt">and Special Committee member</font><font style="font-family:Arial; font-size:10pt">s received $</font><font style="font-family:Arial; font-size:10pt">5</font><font style="font-family:Arial; font-size:10pt">,</font><font style="font-family:Arial; font-size:10pt">000</font><font style="font-family:Arial; font-size:10pt"> month</font><font style="font-family:Arial; font-size:10pt">ly for its duration</font><font style="font-family:Arial; font-size:10pt">. The</font><font style="font-family:Arial; font-size:10pt"> non-Board Independent Governance Committee members receive an annual fee of $67,500. These amounts are paid in equal monthly installments. The Company also reimburses Directors and the non-director committee </font><font style="font-family:Arial; font-size:10pt">members for the incidental costs associated with their attendance at Board and committee meetings.&#160; Director fees paid to </font><font style="font-family:Arial; font-size:10pt">Edward J. Shoen and Samuel J. Shoen are</font><font style="font-family:Arial; font-size:10pt"> included in the Summary Compensation Table</font><font style="font-family:Arial; font-size:10pt">.</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold; text-decoration:underline">Name of Director</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Total </font><font style="font-family:Arial; font-size:9pt; font-weight:bold; text-decoration:underline">Compensation</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:49.15pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:67.2pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:68.2pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:164.3pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">James E. Acridge (1), (4)</font><font style="font-family:Arial; font-size:9pt">, (9)</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:0.3pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:37.2pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">2016</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:44.2pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">112,500</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:49.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">-</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:67.2pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">-</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:68.2pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">112,500</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:164.3pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:0.3pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:37.2pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:44.2pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:49.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:67.2pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:68.2pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:164.3pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Charles J. Bayer (1), (2), (3)</font><font style="font-family:Arial; font-size:9pt">, (9)</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:0.3pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:37.2pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">2016</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:44.2pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">167,500</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:49.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">9,466</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:67.2pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">-</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:68.2pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">176,966</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:164.3pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:0.3pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:37.2pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:44.2pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:49.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:67.2pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:68.2pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:164.3pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">John P. Brogan (1), (2), (3), (4)</font><font style="font-family:Arial; font-size:9pt">, (9)</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:0.3pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:37.2pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">2016</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:44.2pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">192,500</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:49.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">-</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:67.2pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">-</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:68.2pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">192,500</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:164.3pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:0.3pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:37.2pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:44.2pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:49.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:67.2pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:68.2pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:164.3pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">John M. Dodds (1), (2), (4), (</font><font style="font-family:Arial; font-size:9pt">6</font><font style="font-family:Arial; font-size:9pt">), (</font><font style="font-family:Arial; font-size:9pt">8</font><font style="font-family:Arial; font-size:9pt">)</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:0.3pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:37.2pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">2016</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:44.2pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">157,500</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:49.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">-</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:67.2pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">-</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:68.2pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">157,500</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:164.3pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:0.3pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:37.2pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:44.2pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:49.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:67.2pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:68.2pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:164.3pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Michael L. Gallagher (1), (5)</font><font style="font-family:Arial; font-size:9pt">, (9)</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:0.3pt">
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:37.2pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">2016</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:44.2pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">142,500</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:49.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">-</font></p>
                    </td>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p>
                    </td>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">-</font></p>
                    </td>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:68.2pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">142,500</font></p>
                    </td>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:164.3pt">
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:67.2pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:68.2pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
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                <tr style="height:12.75pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:164.3pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Daniel R. Mullen (1), (2), (</font><font style="font-family:Arial; font-size:9pt">6</font><font style="font-family:Arial; font-size:9pt">), (</font><font style="font-family:Arial; font-size:9pt">7</font><font style="font-family:Arial; font-size:9pt">), (</font><font style="font-family:Arial; font-size:9pt">8</font><font style="font-family:Arial; font-size:9pt">)</font><font style="font-family:Arial; font-size:9pt">, (9)</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:0.3pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:37.2pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">2016</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:44.2pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">138,500</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:49.15pt">
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                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:67.2pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">-</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:68.2pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">138,500</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:164.3pt">
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:67.2pt">
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                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:68.2pt">
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                <tr style="height:12.75pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:164.3pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Paul A. Bible (5)</font><font style="font-family:Arial; font-size:9pt">, (9)</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:0.3pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:37.2pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">2016</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:44.2pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">87,500</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:49.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">-</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:67.2pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">-</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:68.2pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">87,500</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:164.3pt">
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:37.2pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
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                    </td>
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                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:49.15pt">
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                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:67.2pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:68.2pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</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:164.3pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Thomas W. Hayes (5)</font><font style="font-family:Arial; font-size:9pt">, (9)</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:0.3pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:37.2pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">2016</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:44.2pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">87,500</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:49.15pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">-</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:67.2pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">-</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:5.05pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:68.2pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">87,500</font></p>
                    </td>
                </tr>
            </table>
            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
            <table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:446.4pt">
                <tr style="height:12.15pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:223.2pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">(1) AMERCO </font><font style="font-family:Arial; font-size:8pt">Board Member</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:201.6pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">(6) U-Haul Board Member</font></p>
                    </td>
                </tr>
                <tr style="height:13.5pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:223.2pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">(2) Audit Committee Member</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:201.6pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">(7) Oxford Board Member</font></p>
                    </td>
                </tr>
                <tr style="height:13.5pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:223.2pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">(3) Executive Finance Committee Member</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:201.6pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">(8) Real Estate Board Member</font></p>
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                <tr style="height:13.5pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:223.2pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">(4) Compensation Committee Member</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:201.6pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">(9) Special Committee Member</font><font style="font-family:Arial; font-size:8pt"> or advisor</font></p>
                    </td>
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                <tr style="height:13.5pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:223.2pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">(5) Independent Governance Committe</font><font style="font-family:Arial; font-size:8pt">e Member</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:201.6pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p>
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            <p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">(a)</font><font style="font-family:Arial; font-size:8pt"> Includes the value of the shares purchased by the ESOP from the $1.00, $3.00, $1.00 and $1.00 per share common stock dividends for the ESOP shares beneficially owned as of the April 5, 2016, September 16, 2015, June 19, 2015 and March 6, 20</font><font style="font-family:Arial; font-size:8pt">15 record dates for such dividends.</font></p>
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                <p style="margin:0pt; text-align:center"><a name="EDGAR_HF_F_START_7"></a><font style="font-family:Arial; font-size:12pt">21</font><a name="EDGAR_HF_F_END_8"></a></p>
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            <p style="margin:0pt; text-align:center"><a name="EDGAR_PAGE_START25"></a><font style="font-family:Arial; font-size:10pt; font-weight:bold">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS</font><br /><font style="font-family:Arial; font-size:10pt; font-weight:bold">AND MANAGEMENT</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">To the best of the Company&#8217;s knowledge, the following table lists, as of </font><font style="font-family:Arial; font-size:10pt">July 1, 2016,</font><font style="font-family:Arial; font-size:10pt"> the beneficial ownership of the Company&#8217;s common stock of each </font><font style="font-family:Arial; font-size:10pt">D</font><font style="font-family:Arial; font-size:10pt">irector, director nominee and </font><font style="font-family:Arial; font-size:10pt">N</font><font style="font-family:Arial; font-size:10pt">amed </font><font style="font-family:Arial; font-size:10pt">E</font><font style="font-family:Arial; font-size:10pt">xecutive </font><font style="font-family:Arial; font-size:10pt">O</font><font style="font-family:Arial; font-size:10pt">fficer of the Company; and all </font><font style="font-family:Arial; font-size:10pt">Directors</font><font style="font-family:Arial; font-size:10pt"> and executive officers of the Company as a group. The table also lists, to the best of the Company&#8217;s knowledge, those persons who beneficially own more than five percen</font><font style="font-family:Arial; font-size:10pt">t (5%) of the Company&#8217;s common stock</font><font style="font-family:Arial; font-size:10pt"> issued and outstanding</font><font style="font-family:Arial; font-size:10pt">. The percentages of class amounts set forth in the following table are based </font><font style="font-family:Arial; font-size:10pt">on 19,607,788</font><font style="font-family:Arial; font-size:10pt"> shares of the Company&#8217;s common stock outstanding</font><font style="font-family:Arial; font-size:10pt"> issued and outstanding</font><font style="font-family:Arial; font-size:10pt"> on </font><font style="font-family:Arial; font-size:10pt">July 1, 2016</font><font style="font-family:Arial; font-size:10pt">. </font><font style="font-family:Arial; font-size:10pt">Except as otherw</font><font style="font-family:Arial; font-size:10pt">ise indicated, each stockholder listed below possesses sole voting and investment power with respect to the shares indicated as being beneficially owned.</font></p>
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                        <p style="margin:0pt"><a name="_Hlk202169769"><font style="font-family:Arial; font-size:10pt; font-weight:bold; text-decoration:underline">Name and Address of Beneficial Owner</font><font style="font-family:Arial; font-size:10pt; font-weight:bold; text-decoration:underline"> </font><font style="font-family:Arial; font-size:10pt; font-weight:bold; text-decoration:underline">(1)</font><font style="font-family:Arial; font-size:10pt; font-weight:bold; text-decoration:underline">:</font></a></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Shares of Common Stock Beneficially </font><font style="font-family:Arial; font-size:10pt; font-weight:bold; text-decoration:underline">Owned</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Percentage of Com</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">mon</font></p>
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Stock</font></p>
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold; text-decoration:underline">Class</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Directors, Director Nominees and Named Executive Officers:</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">James E. Acridge</font><font style="font-family:Arial; font-size:10pt">, </font><font style="font-family:Arial; font-size:10pt">Director/Director Nominee</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top; width:78.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">-</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Charles J. Bayer</font><font style="font-family:Arial; font-size:10pt">,</font><font style="font-family:Arial; font-size:10pt"> Director/Director Nominee </font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top; width:78.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1,</font><font style="font-family:Arial; font-size:10pt">191</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">John P. Brogan</font><font style="font-family:Arial; font-size:10pt">,</font><font style="font-family:Arial; font-size:10pt"> Director/Director Nominee </font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top; width:78.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">6,000</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">John M. Dodds</font><font style="font-family:Arial; font-size:10pt">,</font><font style="font-family:Arial; font-size:10pt"> Director/Director Nominee</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Michael L. Gallagher, Director </font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">James J. Grogan, Director Nominee&#160; </font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">-</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Daniel R. Mullen (2), Director </font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">5</font><font style="font-family:Arial; font-size:10pt">,000</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">**</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Edward J. Shoen</font><font style="font-family:Arial; font-size:10pt"> (</font><font style="font-family:Arial; font-size:10pt">3</font><font style="font-family:Arial; font-size:10pt">)</font><font style="font-family:Arial; font-size:10pt">(8),</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">Director/Director Nominee, Principal Executive </font><font style="font-family:Arial; font-size:10pt">Officer and 5% Beneficial Owner</font><font style="font-family:Arial; font-size:10pt"> </font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">8,359,527</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">42.</font><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">Samuel J. Shoen,</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">Director/Director Nominee/Named Executive Officer</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">3,2</font><font style="font-family:Arial; font-size:10pt">96</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Karl</font><font style="font-family:Arial; font-size:10pt"> </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">Schmidt</font><font style="font-family:Arial; font-size:10pt">, Director Nominee&#160; </font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top; width:78.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">-</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top; width:81.25pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">**</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Jason A. Berg</font><font style="font-family:Arial; font-size:10pt">, Chief</font><font style="font-family:Arial; font-size:10pt"> Financial Officer </font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top; width:78.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">8</font><font style="font-family:Arial; font-size:10pt">98</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top; width:81.25pt">
                        <p style="margin:0pt; text-align:right"><a name="OLE_LINK5"><font style="font-family:Arial; font-size:10pt">**</font></a></p>
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                        <p style="margin:0pt"><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">Gary B. Horton, Named </font><font style="font-family:Arial; font-size:10pt">Executive Officer (11)</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top; width:78.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">3,564</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top; width:81.25pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">**</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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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">John C. Taylor, Named Executive Officer</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top; width:78.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">2,302</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top; width:81.25pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">**</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Directors </font><font style="font-family:Arial; font-size:10pt">and executive officers </font><font style="font-family:Arial; font-size:10pt">as a group </font><font style="font-family:Arial; font-size:10pt">- 1</font><font style="font-family:Arial; font-size:10pt">8</font><font style="font-family:Arial; font-size:10pt"> persons</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">4</font><font style="font-family:Arial; font-size:10pt">)</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top; width:78.05pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">10,204,846</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">52.0</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_HF_F_START_7"></a><font style="font-family:Arial; font-size:12pt">22</font><a name="EDGAR_HF_F_END_8"></a></p>
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        <div class="header" style="clear:both">
                <p style="margin:0pt"><a name="EDGAR_HF_H_START_5"></a><a name="EDGAR_HF_H_END_6"></a><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; font-weight:bold; text-decoration:underline">5% Beneficial Owners</font><font style="font-family:Arial; font-size:10pt; font-weight:bold; text-decoration:underline"> (1)</font><font style="font-family:Arial; font-size:10pt; font-weight:bold; text-decoration:underline">:</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:88.7pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Shares of Common Stock Beneficially </font><font style="font-family:Arial; font-size:10pt; font-weight:bold; text-decoration:underline">Owned</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:81.25pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Percentage</font><font style="font-family:Arial; font-size:10pt; font-weight:bold"> of Common</font></p>
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Stock</font></p>
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold; text-decoration:underline">Class</font></p>
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                        <p style="margin:0pt; text-align:right"><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">Willow Grove Holdings LP (5)(8)</font></p>
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">1250 E. Missouri Ave.</font></p>
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Phoenix, AZ 85014</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">8,359,527</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">42.</font><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">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top; width:81.25pt">
                        <p style="margin:0pt; text-align:right"><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">Foster Road LLC (5)(8)</font></p>
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">1250 E. Missouri Ave.</font></p>
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Phoenix, AZ 85014</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top; width:88.7pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">8,359,527</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top; width:81.25pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">42.</font><font style="font-family:Arial; font-size:10pt">6%</font></p>
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                <tr style="height:6.85pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top; width:262.05pt">
                        <p style="margin:0pt"><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; width:88.7pt">
                        <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:5.4pt; padding-right:5.4pt; vertical-align:top; width:81.25pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
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                <tr style="height:6.85pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top; width:262.05pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Mark V. Shoen (</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt">)</font><font style="font-family:Arial; font-size:10pt">(8)</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top; width:88.7pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">8,359,527</font></p>
                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top; width:81.25pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">42.</font><font style="font-family:Arial; font-size:10pt">6%</font></p>
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                <tr style="height:6.85pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:262.05pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:88.7pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:81.25pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">James P. Shoen </font><font style="font-family:Arial; font-size:10pt">(7),</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">5% Beneficial Owner</font><font style="font-family:Arial; font-size:10pt"> </font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top; width:88.7pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1,816,958</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top; width:81.25pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">9.3</font><font style="font-family:Arial; font-size:10pt">%</font></p>
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                        <p style="margin:0pt"><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:bottom; width:88.7pt">
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:bottom; width:81.25pt">
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top; width:262.05pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">The AMERCO Emp</font><font style="font-family:Arial; font-size:10pt">loyee Stock Ownership Plan (9</font><font style="font-family:Arial; font-size:10pt">)&#160;&#160; </font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top; width:88.7pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1,22</font><font style="font-family:Arial; font-size:10pt">1</font><font style="font-family:Arial; font-size:10pt">,</font><font style="font-family:Arial; font-size:10pt">949</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top; width:81.25pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">6.</font><font style="font-family:Arial; font-size:10pt">5</font><font style="font-family:Arial; font-size:10pt">%</font></p>
                    </td>
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                <tr style="height:6.85pt">
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top; width:262.05pt">
                        <p style="margin:0pt"><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; width:88.7pt">
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                    </td>
                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top; width:81.25pt">
                        <p style="margin:0pt; text-align:right"><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">Sophia M. Shoen</font><font style="font-family:Arial; font-size:10pt"> (10)</font></p>
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">5104 N. 32nd Street</font></p>
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Phoenix, Arizona 85018</font></p>
                        <p style="margin:0pt"><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; width:88.7pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1,377,413</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top; width:81.25pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">7.0%</font></p>
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            <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">**The percentage of the referenced class beneficially owned is less than one percent.&#160; </font></p>
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            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:9pt">(1) Except as otherwise indicated, addresses are c/o</font><font style="font-family:Arial; font-size:9pt">&#xa0;</font><font style="font-family:Arial; font-size:9pt">AMERCO, 2727 N. Central Avenue, Phoenix, Arizona 85004.</font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:9pt">(2) Daniel Mullen disclaims beneficial ownership of such </font><font style="font-family:Arial; font-size:9pt">shares. Such shares are owned by Continental Leasing Co., an entity</font><font style="font-family:Arial; font-size:9pt"> for</font><font style="font-family:Arial; font-size:9pt"> which Mr. Mullen is Treasurer and a Director.</font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:9pt">(3) Edward J. Shoen </font><font style="font-family:Arial; font-size:9pt">owns 24,9</font><font style="font-family:Arial; font-size:9pt">23</font><font style="font-family:Arial; font-size:9pt"> shares.&#160; This consists of 5,0</font><font style="font-family:Arial; font-size:9pt">14</font><font style="font-family:Arial; font-size:9pt"> shares pursuant to the ESOP, and 19,909 shares owned in his individual capacity.</font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:9pt">(4) The 10,204,846 shares constitute the shares beneficially owned by the Directors and executive officers of the Company as a group, including the 8,359,527 shares subject to the Stockholder Agreement discussed in footnote 8 below. </font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:9pt">(5) Willow Grove is a</font><font style="font-family:Arial; font-size:9pt"> Delaware limited partnership.&#160; It is owned by Mark V. Shoen and various trusts associated with Edward J. Shoen and Mark V. Shoen.&#160; It owns, directly and </font><font style="font-family:Arial; font-size:9pt">indirectly, 8,307,584 shares</font><font style="font-family:Arial; font-size:9pt">.&#160; The general partner of Willow Grove is Foster Road LLC, a Delaware limi</font><font style="font-family:Arial; font-size:9pt">ted liability company (&#8220;Foster Road&#8221;).&#160; Foster Road owns a 0.1% general partner interest in Willow Grove and controls all voting and disposition decisions with respect to the AMERCO common stock owned directly or indirectly by Willow Grove.&#160; Foster Road is</font><font style="font-family:Arial; font-size:9pt"> managed by Edward J. Shoen and Mark V. Shoen </font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:9pt">(6) Mark V. Shoen </font><font style="font-family:Arial; font-size:9pt">owns 27,0</font><font style="font-family:Arial; font-size:9pt">20</font><font style="font-family:Arial; font-size:9pt"> shares. This consists of 4,</font><font style="font-family:Arial; font-size:9pt">604</font><font style="font-family:Arial; font-size:9pt"> shares pursuant to the ESOP, and 22,416 shares</font><font style="font-family:Arial; font-size:9pt"> owned in his individual capacity.</font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:9pt">(7) James P. Shoen owns 1,81</font><font style="font-family:Arial; font-size:9pt">6,9</font><font style="font-family:Arial; font-size:9pt">58</font><font style="font-family:Arial; font-size:9pt"> shares. This consists of 4,6</font><font style="font-family:Arial; font-size:9pt">44</font><font style="font-family:Arial; font-size:9pt"> </font><font style="font-family:Arial; font-size:9pt">shar</font><font style="font-family:Arial; font-size:9pt">es pursuant to the ESOP and 1,81</font><font style="font-family:Arial; font-size:9pt">2,314 shares</font><font style="font-family:Arial; font-size:9pt"> pursuant to a limited partnership. James P. Shoen retired from the Company effective May 1, 2016.</font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:9pt">(8) This consists of 8,359,527 shares subject to the Stockholder Agreement, which includes shares owned, dir</font><font style="font-family:Arial; font-size:9pt">ectly or indirectly, as the case may be, by Edward J. Shoen, Mark V. Shoen and Willow Grove. </font></p>
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                <p style="margin:0pt"><a name="EDGAR_HF_H_START_5"></a><a name="EDGAR_HF_H_END_6"></a><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
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            <p style="margin:0pt; text-align:justify; page-break-inside:avoid; widows:0; orphans:0"><a name="EDGAR_PAGE_START27"></a><font style="font-family:Arial; font-size:9pt">(9) The ESOP Trustee consists of three individuals appointed by the Company&#8217;s Board. Each participant (or such participant&#8217;s beneficiary) in the ESOP is entitled</font><font style="font-family:Arial; font-size:9pt"> to direct the ESOP Trustee as to how to vote the shares allocated to such participant&#8217;s ESOP account. In the event such participant does not provide such direction to the ESOP Trustee, the ESOP Trustee may vote such participant&#8217;s shares as determined by t</font><font style="font-family:Arial; font-size:9pt">he ESOP Trustee in its discretion.&#160; In addition, all shares in the ESOP not allocated to participants are voted by the ESOP Trustee in the ESOP Trustee&#8217;s discretion. As of July 1, 2016, of </font><font style="font-family:Arial; font-size:9pt">the 1,22</font><font style="font-family:Arial; font-size:9pt">1</font><font style="font-family:Arial; font-size:9pt">,</font><font style="font-family:Arial; font-size:9pt">949</font><font style="font-family:Arial; font-size:9pt"> shares</font><font style="font-family:Arial; font-size:9pt"> of common stock held by the </font><font style="font-family:Arial; font-size:9pt">ESOP, 1,1</font><font style="font-family:Arial; font-size:9pt">88</font><font style="font-family:Arial; font-size:9pt">,</font><font style="font-family:Arial; font-size:9pt">183</font><font style="font-family:Arial; font-size:9pt"> sh</font><font style="font-family:Arial; font-size:9pt">ares were allocated to participants and 3</font><font style="font-family:Arial; font-size:9pt">3</font><font style="font-family:Arial; font-size:9pt">,</font><font style="font-family:Arial; font-size:9pt">766 shares remained unallocated. These figures include the ESOP shares allocated to Directors and Named Executive Officers as identified in the table above.&#160; The Company encourages all ESOP participants to vote.&#160; </font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:9pt">(10) Based upon information provided by the Company&#8217;s stock transfer agent.&#160; </font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:9pt">(11) Mr. Horton passed away on March 9, 2016.</font></p>
            <p style="margin:0pt; text-align:justify"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:normal">To the best of the Company&#8217;s knowledge, there are no arrangements giving any stockholder the right to acquire the beneficial own</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">ership of any shares owned by any other stockholder.</font></p>
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            <p style="margin:0pt; text-align:center; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">COMPENSATION COMMITTEE REPORT</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">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">The Compensation Committee has reviewed and discussed with management the CD&amp;A prepared by management and included in this Proxy Statement for the Annual Meeting. In </font><font style="font-family:Arial; font-size:10pt">reliance on these reviews and discussions with management, the Compensation Committee recommended to the Board, and the Board has approved, that the CD&amp;A be included in the Proxy Statement for the Annual Meeting for filing with the SEC. </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">This report is su</font><font style="font-family:Arial; font-size:10pt">bmitted by the Compensation Committee.</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">James E. Acridge</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top; width:164.7pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">John P. Brogan</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">John M. Dodds</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Pursuant to </font><font style="font-family:Arial; font-size:10pt">Instruction 2 to </font><font style="font-family:Arial; font-size:10pt">Item 407(e)(5) of Regulation S-K this &#8220;Compensation Committee Report&#8221; shall not be deemed to be filed with the SEC for purposes of the Secu</font><font style="font-family:Arial; font-size:10pt">rities Exchange Act of 1934, as amended (&#8220;Exchange Act&#8221;), nor shall such report be deemed to be incorporated by reference in any past or future filing by the Company under the Exchange Act or the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), u</font><font style="font-family:Arial; font-size:10pt">nless the intention to do so is expressly indicated.</font></p>
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            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold; text-transform:uppercase">Compensation Committee Interlocks and Insiders Participation</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">During Fiscal 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt">, our Compensation Committee was comprised of </font><font style="font-family:Arial; font-size:10pt">James E. Acridge, </font><font style="font-family:Arial; font-size:10pt">John P. Brogan</font><font style="font-family:Arial; font-size:10pt"> and</font><font style="font-family:Arial; font-size:10pt"> John M. Dodds. None of the </font><font style="font-family:Arial; font-size:10pt">Directors</font><font style="font-family:Arial; font-size:10pt"> th</font><font style="font-family:Arial; font-size:10pt">at were a member of the Compensation Committee during Fiscal 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">were</font><font style="font-family:Arial; font-size:10pt"> officer</font><font style="font-family:Arial; font-size:10pt">s</font><font style="font-family:Arial; font-size:10pt"> or employee</font><font style="font-family:Arial; font-size:10pt">s</font><font style="font-family:Arial; font-size:10pt"> of the Company, formerly officer</font><font style="font-family:Arial; font-size:10pt">s</font><font style="font-family:Arial; font-size:10pt"> or employee</font><font style="font-family:Arial; font-size:10pt">s (except for Mr. Dodds who retired from the Company in 1994)</font><font style="font-family:Arial; font-size:10pt"> or involved in any related person transactions requiring</font><font style="font-family:Arial; font-size:10pt"> disclosure in this Proxy Statement. No executive officer of the Company served (i)</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">as a member of the Compensation Committee (or other Board committee performing equivalent functions or, in the absence of any such committee, the entire Board) of another e</font><font style="font-family:Arial; font-size:10pt">ntity, one of whose executive officers served on the Compensation Committee of the Company, (ii)</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">as a director of another entity, one of whose executive officers served on the Compensation Committee of the Company, or (iii)</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt">as a member of the Compensation </font><font style="font-family:Arial; font-size:10pt">Committee (or other Board committee performing equivalent functions or, in the absence of any such committee, the entire Board) of another entity, one of whose executive officers served as a </font><font style="font-family:Arial; font-size:10pt">D</font><font style="font-family:Arial; font-size:10pt">irector of the Company.</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-align:center; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">AUDIT COMMITTEE REPORT</font></p>
            <p style="margin:0pt; text-align:center; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><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; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">Management is </font><font style="font-family:Arial; font-size:10pt">responsible for the Company&#8217;s internal controls and the financial reporting process.&#160; The independent Registered Public Accounting Firm is responsible for performing an independent audit of the Company&#8217;s consolidated financial statements in accordance with</font><font style="font-family:Arial; font-size:10pt"> the standards of the Public Company Accounting Oversight Board (United States) and to issue a report thereon.&#160; The Audit Committee&#8217;s responsibility is to monitor and oversee these processes.</font></p>
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                <p style="margin:0pt"><a name="EDGAR_HF_H_START_5"></a><a name="EDGAR_HF_H_END_6"></a><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify; page-break-inside:avoid; widows:0; orphans:0"><a name="EDGAR_PAGE_START28"></a><font style="font-family:Arial; font-size:10pt">In this context, management represented to the Audit Committee </font><font style="font-family:Arial; font-size:10pt">that the Company&#8217;s consolidated financial statements were prepared in accordance with generally accepted accounting principles</font><font style="font-family:Arial; font-size:10pt"> in the United States</font><font style="font-family:Arial; font-size:10pt"> and the Audit Committee has reviewed and discussed the consolidated financial statements with management and the independent Registered Public Accounting Firm. The Audit Committee reviewed and discussed with the independent Registered Public Accounting Fi</font><font style="font-family:Arial; font-size:10pt">rm the matters required to be discussed by Auditing Standards No. </font><font style="font-family:Arial; font-size:10pt">16</font><font style="font-family:Arial; font-size:10pt">,</font><font style="font-family:Arial; font-size:10pt"> as amended,</font><font style="font-family:Arial; font-size:10pt"> as adopted by the Public Company Accounting Oversight Board.</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; text-indent:36pt; text-align:justify; page-break-inside:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">The Company&#8217;s independent Registered Public Accounting Firm also provided to the Audit Committee the written dis</font><font style="font-family:Arial; font-size:10pt">closures and the letter required by Rule 3526 (Communication with Audit Committee Concerning Independence) as adopted by the Public Company Accounting Oversight Board and the Audit Committee discussed with the independent Registered Public Accounting Firm </font><font style="font-family:Arial; font-size:10pt">that firm&#8217;s independence.</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; text-indent:36pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">Based on the Audit Committee&#8217;s discussions with management and the independent Registered Public Accounting Firm</font><font style="font-family:Arial; font-size:10pt">,</font><font style="font-family:Arial; font-size:10pt"> and its review of the representation of management and the report of the independent Registered Public Accounting F</font><font style="font-family:Arial; font-size:10pt">irm to the Audit Committee, the Audit Committee recommended that the Board include the audited consolidated financial statements in the Company&#8217;s Annual Report on Form 10-K for the year ended March 31, 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> as filed with the SEC</font><font style="font-family:Arial; font-size:10pt"> on May 25, 2016</font><font style="font-family:Arial; font-size:10pt">.</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">Charles J</font><font style="font-family:Arial; font-size:10pt">. Bayer</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">John P. Brogan</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">John M. Dodds</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">Daniel R. Mullen</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Pursuant to Instruction 1 to Item 407(d) of Regulation S-K, the information set forth under &#8220;Audit Committee Report&#8221; shall not be deemed to be &#8220;soliciting material&#8221; or to be &#8220;filed&#8221; with the SEC or </font><font style="font-family:Arial; font-size:10pt">subject to Regulation 14A or 14C, other than as provided in Item 407 of Regulation S-K, or to the liabilities of Section 18 of the Exchange Act, except to the extent that we specifically request that the information be treated as soliciting material or spe</font><font style="font-family:Arial; font-size:10pt">cifically incorporate it by reference into a document filed under the Securities Act or the Exchange Act. Such information will not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent we sp</font><font style="font-family:Arial; font-size:10pt">ecifically incorporate it by reference.</font></p>
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            <p style="margin:0pt; text-align:center; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">EXECUTIVE OFFICERS OF THE COMPANY</font></p>
            <p style="margin:0pt; text-align:center; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</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">The Company&#8217;s executive officers </font><font style="font-family:Arial; font-size:10pt">as of July 11, 2016 </font><font style="font-family:Arial; font-size:10pt">are:</font></p>
            <p style="margin:0pt"><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; text-decoration:underline">Name</font><a name="_Hlk169666758"></a></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">Age *</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; text-decoration:underline">Office</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Edward J. Shoen</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt">7</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top; width:335.7pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Chairman of the Board and President of AMERCO</font></p>
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                        <p style="margin:0pt"><font style="-aw-bookmark-end:_Hlk169666758"></font><font style="font-family:Arial; font-size:10pt">Douglas M. Bell</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top; width:29.7pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">5</font><font style="font-family:Arial; font-size:10pt">7</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top; width:335.7pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">President of </font><font style="font-family:Arial; font-size:10pt">Repwest Insurance Company</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Jason A. Berg</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top; width:29.7pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">4</font><font style="font-family:Arial; font-size:10pt">3</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top; width:335.7pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Chief</font><font style="font-family:Arial; font-size:10pt"> Financial Officer of AMERCO</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Laurence J. De Respino</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">5</font><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">General Counsel</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Mark A. Haydukovich</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">5</font><font style="font-family:Arial; font-size:10pt">9</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">President of Oxford Life Insurance Company</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Samuel J. Shoen</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top; width:29.7pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">3</font><font style="font-family:Arial; font-size:10pt">8</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">U-Box Project Manager </font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">John C.</font><font style="font-family:Arial; font-size:10pt"> (&#8220;JT&#8221;)</font><font style="font-family:Arial; font-size:10pt"> Taylor</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top; width:29.7pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">5</font><font style="font-family:Arial; font-size:10pt">8</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">President of U-Haul </font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Mary K</font><font style="font-family:Arial; font-size:10pt">.</font><font style="font-family:Arial; font-size:10pt"> Thompson</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">35</font></p>
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                    <td style="padding-left:5.4pt; padding-right:5.4pt; vertical-align:top; width:335.7pt">
                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Chief Accounting Officer of AMERCO</font><font style="font-family:Arial; font-size:10pt"> </font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Carlos Vizcarra</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt">9</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">President of Amerco Real Estate Company</font></p>
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                        <p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">* Ages are as of </font><font style="font-family:Arial; font-size:10pt">July 11, 2016</font><font style="font-family:Arial; font-size:10pt">.</font></p>
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            <p style="margin:0pt; text-indent:36pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt"><font style="font-family:Arial; font-size:10pt">See &#8220;</font><font style="font-family:Arial; font-size:10pt">Board of Directors and Corporate Governance</font><font style="font-family:Arial; font-size:10pt">&#8221; for biographical information regarding </font><font style="font-family:Arial; font-size:10pt">Edward J. Shoen</font><font style="font-family:Arial; font-size:10pt"> and </font><font style="font-family:Arial; font-size:10pt">Samuel J. Shoen</font><font style="font-family:Arial; font-size:10pt">. </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; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Douglas M. Bell was appointed President of Repwest in February 2013. From 2003 to 2013 he served as Vice President of Underwriting for Repwest. Mr. Bell has also served on the </font><font style="font-family:Arial; font-size:10pt">Repwest Board since 2012.</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; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Jason A. Berg </font><font style="font-family:Arial; font-size:10pt">was appointed Chief Financial Officer in June 2016. From 2005 to 2016 he</font><font style="font-family:Arial; font-size:10pt"> served as Principal Financial Officer and Chief Accounting Officer of the Company. </font><font style="font-family:Arial; font-size:10pt">Mr. Berg previously</font><font style="font-family:Arial; font-size:10pt"> served as Treasurer and Secretary of Ox</font><font style="font-family:Arial; font-size:10pt">ford. He has been with the Company since 1996.</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify"><a name="EDGAR_PAGE_END28"></a><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
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                <p style="margin:0pt; text-align:center"><a name="EDGAR_HF_F_START_7"></a><font style="font-family:Arial; font-size:12pt">25</font><a name="EDGAR_HF_F_END_8"></a></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify"><a name="EDGAR_PAGE_START29"></a><font style="font-family:Arial; font-size:10pt">Laurence J. De Respino has served as General Counsel for the Company since 2005.&#160; He has been an attorney for the Company since 2000.</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-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Mark A. Haydukovich has served as President of Oxford since 1997. From 19</font><font style="font-family:Arial; font-size:10pt">80 to 1997 he served as Vice President of Oxford.</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; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">John C. (</font><font style="font-family:Arial; font-size:10pt">&#8220;</font><font style="font-family:Arial; font-size:10pt">JT</font><font style="font-family:Arial; font-size:10pt">&#8221;</font><font style="font-family:Arial; font-size:10pt">) Taylor has served as </font><font style="font-family:Arial; font-size:10pt">a </font><font style="font-family:Arial; font-size:10pt">Director of U-Haul since 1990. He has been associated with the Company since 1981 and was appointed as President of U-Haul in 2006.</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; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Mary K. Thompson was appointed Chi</font><font style="font-family:Arial; font-size:10pt">ef Accounting Officer in July 2016. From 2014 to 2016 she served as Chief Financial Officer of Repwest. Mrs. Thompson previously served as director of corporate compliance for AMERCO from 2005 to 2007.</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; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Carlos Vizcarra has served as President of Real </font><font style="font-family:Arial; font-size:10pt">Estate since 2000.&#160; He began his previous position as Vice President/Storage Product Group for U-Haul in 1988.</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; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Edward J. Shoen</font><font style="font-family:Arial; font-size:10pt">, Mark V. Shoen, and James P. Shoen are brothers. Samuel J. Shoen </font><font style="font-family:Arial; font-size:10pt">and Stuart M. Shoen are </font><font style="font-family:Arial; font-size:10pt">son</font><font style="font-family:Arial; font-size:10pt">s</font><font style="font-family:Arial; font-size:10pt"> of </font><font style="font-family:Arial; font-size:10pt">Edward J. Shoen</font><font style="font-family:Arial; font-size:10pt">. </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-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">CERTAIN RELA</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">TIONSHIPS AND RELATED TRANSACTIONS</font></p>
            <p style="margin:0pt; text-align:center; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><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; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">As set forth in the Audit Committee Charter and consistent with NASDAQ </font><font style="font-family:Arial; font-size:10pt">l</font><font style="font-family:Arial; font-size:10pt">isting </font><font style="font-family:Arial; font-size:10pt">r</font><font style="font-family:Arial; font-size:10pt">ules, the Company&#8217;s Audit Committee reviews and maintains oversight over related party transactions which are required to be disclosed under</font><font style="font-family:Arial; font-size:10pt"> the SEC rules and regulations</font><font style="font-family:Arial; font-size:10pt"> and in accordance with generally accepted accounting principles in the United States</font><font style="font-family:Arial; font-size:10pt">. Accordingly, all such related party transactions are submitted to the Audit Committee for ongoing review and oversight.&#160; The Company&#8217;s inte</font><font style="font-family:Arial; font-size:10pt">rnal processes</font><font style="font-family:Arial; font-size:10pt"> are designed to</font><font style="font-family:Arial; font-size:10pt"> ensure that the Company&#8217;s legal and/or finance departments identify and monitor potential related party transactions </font><font style="font-family:Arial; font-size:10pt">that</font><font style="font-family:Arial; font-size:10pt"> may require disclosure and Audit Committee oversight.</font></p>
            <p style="margin:6pt 0pt 0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:normal">AMERCO has engaged in related party transactions,</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> and has continuing related party interests with certain major stockholders, </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">Directors</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> and officers of the consolidated group as disclosed below. Management believes that the transactions described below were completed on terms </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">substantially </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">equivalent to those that would prevail in </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">third party, </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">arm&#8217;s-length transactions. </font></p>
            <p style="margin:6pt 0pt 0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Stuart M. Shoen </font><font style="font-family:Arial; font-size:10pt">is </font><font style="font-family:Arial; font-size:10pt">the son of </font><font style="font-family:Arial; font-size:10pt">Edward J. Shoen and</font><font style="font-family:Arial; font-size:10pt"> is Executive Vice President of U-Haul. Mr. Shoen was paid an aggregate salary</font><font style="font-family:Arial; font-size:10pt">, annual U-Haul Board fees</font><font style="font-family:Arial; font-size:10pt"> and bonus of $</font><font style="font-family:Arial; font-size:10pt">228,5</font><font style="font-family:Arial; font-size:10pt">96</font><font style="font-family:Arial; font-size:10pt"> for his services during Fiscal 201</font><font style="font-family:Arial; font-size:10pt">6</font><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:normal">During Fiscal 201</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">6</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">, the Company purchased $</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">0.3</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> million of refinishing supplies from Space Age Auto Paint Store Inc.&#160; </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">Edward J. Shoen</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">, a </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">significant</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> stockholder, officer and </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">D</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">irector of AMERCO, owns Space Age Auto Pai</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">nt Store Inc.&#160; </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; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">SAC Holding Corporation and SAC Holding II Corporation (collectively, &#8220;SAC Holdings&#8221;) were established in order to acquire and develop self-storage properties. These properties are managed by the Company pursuant to management agreements. </font><font style="font-family:Arial; font-size:10pt">In the past, the Company has sold real estate and various self-storage properties to SAC Holdings, and such sales provided significant cash flows to the Company. </font></p>
            <p style="margin:6pt 0pt 0pt; text-indent:36pt; text-align:justify; page-break-inside:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:normal">During Fiscal 201</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">6, a subsidiary</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> of the Company held </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">a </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">junior unsecured note of SAC Holdings.</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> Substantially all of the equity interest</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">s</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> of SAC Holdings </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">are</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> controlled by Blackwater Investments, Inc. (&#8220;Blackwater&#8221;)</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">. Blackwater is </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">wholly-owned by</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> Willow Grove, which is owned by</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> Mark V. Shoen </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">(</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">a significant stockholder</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">), and various trusts associated</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> with Edward J. Shoen (our Chairman of the Board, President and a significant stockholder) and Mark V. Shoen</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">. The Company does not have an equity ownership interest in SAC Holdings. The Company recorded interest income of $</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">5.0</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> million, $</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">5.9</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> million and $</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">7.</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">1</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> million, and received cash interest payments of $</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">4.6</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> million, $</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">5.7</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> million and $</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">17.2</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> million, from SAC Holdings during Fiscal 201</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">6</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">, 201</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">5</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> and 201</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">4</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">, respectively.</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">The largest aggregate amount of notes receivable outstanding during Fiscal 201</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">6</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> was $</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">50.4</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> mil</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">lion and the aggregate notes receivable balance at March 31, 201</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">6</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> was $</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">49.3</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> million. In accordance with the terms of these notes, SAC Holdings may prepay the notes without penalty or premium at any time. </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">The scheduled maturity of this note is 2017.</font><a name="EDGAR_PAGE_END29"></a></p>
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            <p style="margin:13.5pt 0pt 0pt; text-indent:36pt; text-align:justify"><a name="EDGAR_PAGE_START30"></a><font style="font-family:Arial; font-size:10pt; font-weight:normal">During </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">Fiscal 201</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">6</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">, AMERCO held </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">a </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">junior note </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">issued by </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">Private Mini Storage Realty, L.P. (&#8220;Private Mini&#8221;). The equity interests of Private Mini are controlled by Blackwater. </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">The Company does not have an equity ownership interest in Private Mini.&#160; </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">The Company rec</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">orded interest income of $</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">1.1</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> million, $</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">4.9</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> million and $5.</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">3</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> million, and received cash interest payments of $</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">1.5</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> million, $5.</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">1</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> million and $5.4 million, from Private Mini during Fiscal 201</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">6</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">, 201</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">5</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> and 201</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">4</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">, respectively. The largest aggregate amount outsta</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">nding during Fiscal 201</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">6</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> was $</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">56.5</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> million</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">.</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">In July 2015, we received a repayment of $56.8 million on these notes and interest receivable.</font></p>
            <p style="margin:13.5pt 0pt 0pt; text-indent:36pt; 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:normal">The Company currently manages the self-storage properties owned or leased by SAC Holdings, Mercury Partners, L.P. </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">(&#8220;Mercury&#8221;), Four SAC Self-Storage Corporation (&#8220;4 SAC&#8221;), Five SAC Self-Storage Corporation (&#8220;5 SAC&#8221;), Galaxy Investments, L.P. (&#8220;Galaxy&#8221;), and Private Mini pursuant to a standard form of management agreement, under which the Company receives a management </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">fee of between 4% and 10% of the gross receipts plus reimbursement for certain expenses. The Company received management fees, exclusive of reimbursed expenses, of $2</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">7.1</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> million, $2</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">5</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">.</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">8</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> million and $2</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">5</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">.</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">8</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> million from the above mentioned entities during Fisc</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">al 201</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">6</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">, 201</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">5</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> and 201</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">4</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">, respectively. This management fee is consistent with the fee received for other properties the Company previously managed for third parties. SAC Holdings, 4 SAC, 5 SAC, Galaxy and Private Mini are substantially controlled by Blackwa</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">ter. </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">Mark V. Shoen controls the general partner of Mercury. The limited partner interests of Mercury are indirectly owned by James P. Shoen (a significant stockholder), Mark V. Shoen and a trust benefitting the children and grandchild of Edward J. Shoen</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">. </font></p>
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            <p style="margin:0pt 0pt 6pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">The Company leases space for marketing company offices, vehicle repair shops and hitch installation centers from subsidiaries of SAC Holdings, 5 SAC and Galaxy. Total lease payments pursuant to such leases were $2.6 million </font><font style="font-family:Arial; font-size:10pt">in each of</font><font style="font-family:Arial; font-size:10pt"> Fiscal 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt">, 201</font><font style="font-family:Arial; font-size:10pt">5</font><font style="font-family:Arial; font-size:10pt"> an</font><font style="font-family:Arial; font-size:10pt">d 201</font><font style="font-family:Arial; font-size:10pt">4</font><font style="font-family:Arial; font-size:10pt">. The terms of the leases are similar to the terms of leases for other properties owned by unrelated parties that are leased to the Company. </font></p>
            <p style="margin:13.5pt 0pt 0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt; font-weight:normal">At March 31, 201</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">6</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">, subsidiaries of SAC Holdings, 4 SAC, 5 SAC, Galaxy and Private Mini acted as U-Haul indep</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">endent dealers. The financial and other terms of the dealership contracts with the aforementioned companies and their subsidiaries are substantially identical to the terms of those with the Company&#8217;s other independent dealers whereby commissions are paid b</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">y the Company based upon equipment rental revenue. However, in some instances the dealership contracts with these entities is for a specified term of years, as opposed to being on a month-by-month term. The Company paid the above mentioned entities $</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">54.7</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> m</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">illion, $</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">52.1</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> million and $</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">49.9</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> million in commissions pursuant to such dealership contract</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">s</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> during Fiscal 201</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">6</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">, 201</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">5</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> and 201</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">4</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">, respectively.</font></p>
            <p style="margin:13.5pt 0pt 0pt; text-indent:36pt; text-align:justify; page-break-inside:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:normal">These agreements and notes with subsidiaries of SAC Holdings, 4 SAC, 5 SAC, Galaxy and Private Mini, excluding </font><font style="font-family:Arial; font-size:10pt; font-weight:normal">Dealer Agreements, provided revenue of $</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">28.1</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> million, expenses of $2.6 million and cash flows of $</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">83.8</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> million during Fiscal 201</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">6</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">. Revenues and commission expenses related to the Dealer Agreements were $</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">254.7</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> million and $</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">54.7</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> million, respectively for Fis</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">cal 201</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">5</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">.</font><font style="font-family:Arial; font-size:10pt; font-weight:normal"> </font></p>
            <p style="margin:13.5pt 0pt 0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">In February 2011, the Company and U.S. Bank N.A. (the &#8220;Trustee&#8221;) entered into the U-Haul Investors Club</font><font style="font-family:Arial; font-size:8pt; vertical-align:3pt">&#174;</font><font style="font-family:Arial; font-size:10pt"> Indenture. The Company and the Trustee entered into this indenture to provide for the issuance of notes (&#8220;U-Notes&#8221;) by the Company directly </font><font style="font-family:Arial; font-size:10pt">to investors over the Company&#8217;s proprietary website, uhaulinvestorsclub.com. The U-Notes</font><font style="font-family:Arial; font-size:8pt; vertical-align:3pt">&#174;</font><font style="font-family:Arial; font-size:10pt"> are secured by various types of collateral including rental equipment and real estate. U-Notes are issued in series that vary as to principal amount, interest rate an</font><font style="font-family:Arial; font-size:10pt">d maturity. U-Notes are obligations of the Company and are secured by the associated collateral; they are not guaranteed by any of the Company&#8217;s affiliates or subsidiaries. </font><a name="EDGAR_PAGE_END30"></a></p>
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                <p style="margin:0pt"><a name="EDGAR_HF_H_START_5"></a><a name="EDGAR_HF_H_END_6"></a><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
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            <p style="margin:13.5pt 0pt 0pt; text-indent:36pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><a name="EDGAR_PAGE_START31"></a><font style="font-family:Arial; font-size:10pt">As of March 31, 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt">, the following related parties invested in U-Notes, in amount</font><font style="font-family:Arial; font-size:10pt">s in excess of $120,000, upon the following terms. </font><font style="font-family:Arial; font-size:10pt">Edward J. Shoen</font><font style="font-family:Arial; font-size:10pt">, individually and pursuant to a trust agreement, loaned to the Company $</font><font style="font-family:Arial; font-size:10pt">8.2</font><font style="font-family:Arial; font-size:10pt"> million by investing in the Company&#8217;s U-Notes with interest rates </font><font style="font-family:Arial; font-size:10pt">between </font><font style="font-family:Arial; font-size:10pt">3</font><font style="font-family:Arial; font-size:10pt">.</font><font style="font-family:Arial; font-size:10pt">0</font><font style="font-family:Arial; font-size:10pt">0% and 8.00%,</font><font style="font-family:Arial; font-size:10pt"> with the largest aggregate amount outstanding during Fiscal 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> being $</font><font style="font-family:Arial; font-size:10pt">8.2</font><font style="font-family:Arial; font-size:10pt"> million, and during Fiscal 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> he received principal repayments of $</font><font style="font-family:Arial; font-size:10pt">0.7</font><font style="font-family:Arial; font-size:10pt"> million. Stuart M. Shoen loaned to the Company $</font><font style="font-family:Arial; font-size:10pt">0.6</font><font style="font-family:Arial; font-size:10pt"> million by investing in the Company&#8217;s U-Notes with int</font><font style="font-family:Arial; font-size:10pt">erest rates between </font><font style="font-family:Arial; font-size:10pt">5.32% and 8.00</font><font style="font-family:Arial; font-size:10pt">%, with the largest aggregate amount outstanding during Fiscal 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> being </font><font style="font-family:Arial; font-size:10pt">$0.6</font><font style="font-family:Arial; font-size:10pt"> million, and during Fiscal 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> he received principal repayments of $</font><font style="font-family:Arial; font-size:10pt">77 thousand</font><font style="font-family:Arial; font-size:10pt">. Samuel J. Shoen</font><font style="font-family:Arial; font-size:10pt">, including investments by or on behalf of his</font><font style="font-family:Arial; font-size:10pt"> child,</font><font style="font-family:Arial; font-size:10pt"> loaned to the Company $</font><font style="font-family:Arial; font-size:10pt">2.3</font><font style="font-family:Arial; font-size:10pt"> million by investing in the Company&#8217;s U-Notes with interest rates </font><font style="font-family:Arial; font-size:10pt">between </font><font style="font-family:Arial; font-size:10pt">3</font><font style="font-family:Arial; font-size:10pt">.</font><font style="font-family:Arial; font-size:10pt">75</font><font style="font-family:Arial; font-size:10pt">% and 8.00</font><font style="font-family:Arial; font-size:10pt">%, with the largest aggregate amount outstanding during Fiscal 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> being $</font><font style="font-family:Arial; font-size:10pt">2.3</font><font style="font-family:Arial; font-size:10pt"> million, and during Fiscal 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> he received principal </font><font style="font-family:Arial; font-size:10pt">repayments of $</font><font style="font-family:Arial; font-size:10pt">88</font><font style="font-family:Arial; font-size:10pt"> thousand. James P. Shoen, including investments by or on behalf of his children, loaned to the Company $</font><font style="font-family:Arial; font-size:10pt">21.1</font><font style="font-family:Arial; font-size:10pt"> million by investing in the Company&#8217;s U-Notes with interest rates between </font><font style="font-family:Arial; font-size:10pt">3.00% and 8.00%,</font><font style="font-family:Arial; font-size:10pt"> with the largest aggregate amount outs</font><font style="font-family:Arial; font-size:10pt">tanding during Fiscal 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> being $</font><font style="font-family:Arial; font-size:10pt">21.1</font><font style="font-family:Arial; font-size:10pt"> million, and during Fiscal 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> he received principal repayments of $</font><font style="font-family:Arial; font-size:10pt">0.9</font><font style="font-family:Arial; font-size:10pt"> million. David Holmes, as trustee under the &#8220;C&#8221; Irrevocable Trusts</font><font style="font-family:Arial; font-size:10pt"> with Edward J. Shoen, Mark V. Shoen and James P. Shoen each as grantors</font><font style="font-family:Arial; font-size:10pt">, loan</font><font style="font-family:Arial; font-size:10pt">ed to the Company $</font><font style="font-family:Arial; font-size:10pt">13.5</font><font style="font-family:Arial; font-size:10pt"> million by investing in the Company&#8217;s U-Notes with interest rates between </font><font style="font-family:Arial; font-size:10pt">3.00% and 8.00%,</font><font style="font-family:Arial; font-size:10pt"> with the largest aggregate amount outstanding during Fiscal 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> being $</font><font style="font-family:Arial; font-size:10pt">13.8</font><font style="font-family:Arial; font-size:10pt"> million, and during Fiscal 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> he received principal repayments</font><font style="font-family:Arial; font-size:10pt"> of $</font><font style="font-family:Arial; font-size:10pt">3.1</font><font style="font-family:Arial; font-size:10pt"> million. </font><font style="font-family:Arial; font-size:10pt">Daniel R. Mullen</font><font style="font-family:Arial; font-size:10pt"> loaned to the Company $</font><font style="font-family:Arial; font-size:10pt">0.5</font><font style="font-family:Arial; font-size:10pt"> million by investing in the Company&#8217;s U-Notes with interest rates </font><font style="font-family:Arial; font-size:10pt">between </font><font style="font-family:Arial; font-size:10pt">3</font><font style="font-family:Arial; font-size:10pt">.</font><font style="font-family:Arial; font-size:10pt">00</font><font style="font-family:Arial; font-size:10pt">% and 8.00</font><font style="font-family:Arial; font-size:10pt">%, with the largest aggregate amount outstanding during Fiscal 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> being $</font><font style="font-family:Arial; font-size:10pt">0.5</font><font style="font-family:Arial; font-size:10pt"> million, and during Fiscal 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> he received principal repayments of $</font><font style="font-family:Arial; font-size:10pt">9</font><font style="font-family:Arial; font-size:10pt"> thousand. </font><font style="font-family:Arial; font-size:10pt">John C. (&#8220;JT&#8221;) Taylor</font><font style="font-family:Arial; font-size:10pt"> loaned to the Company $</font><font style="font-family:Arial; font-size:10pt">0.2</font><font style="font-family:Arial; font-size:10pt"> million by investing in the Company&#8217;s U-Notes with interest rates </font><font style="font-family:Arial; font-size:10pt">between </font><font style="font-family:Arial; font-size:10pt">3</font><font style="font-family:Arial; font-size:10pt">.</font><font style="font-family:Arial; font-size:10pt">00</font><font style="font-family:Arial; font-size:10pt">% and </font><font style="font-family:Arial; font-size:10pt">7</font><font style="font-family:Arial; font-size:10pt">.</font><font style="font-family:Arial; font-size:10pt">75</font><font style="font-family:Arial; font-size:10pt">%, with the largest aggregate amount </font><font style="font-family:Arial; font-size:10pt">outstanding during Fiscal 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> being $</font><font style="font-family:Arial; font-size:10pt">0.2</font><font style="font-family:Arial; font-size:10pt"> million, and during Fiscal 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> he received principal repayments of $</font><font style="font-family:Arial; font-size:10pt">23</font><font style="font-family:Arial; font-size:10pt"> thousand. </font><font style="font-family:Arial; font-size:10pt">John P. Brogan</font><font style="font-family:Arial; font-size:10pt"> loaned to the Company $</font><font style="font-family:Arial; font-size:10pt">0.2</font><font style="font-family:Arial; font-size:10pt"> million by investing in the Company&#8217;s U-Notes with interest rates </font><font style="font-family:Arial; font-size:10pt">between </font><font style="font-family:Arial; font-size:10pt">3</font><font style="font-family:Arial; font-size:10pt">.</font><font style="font-family:Arial; font-size:10pt">00</font><font style="font-family:Arial; font-size:10pt">% and </font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt">.</font><font style="font-family:Arial; font-size:10pt">37</font><font style="font-family:Arial; font-size:10pt">%,</font><font style="font-family:Arial; font-size:10pt"> with the largest aggregate amount outstanding during Fiscal 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> being $</font><font style="font-family:Arial; font-size:10pt">0.2</font><font style="font-family:Arial; font-size:10pt"> million, and during Fiscal 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> he received principal repayments of $</font><font style="font-family:Arial; font-size:10pt">37</font><font style="font-family:Arial; font-size:10pt"> thousand. </font><font style="font-family:Arial; font-size:10pt">Repwest loaned to the Company $5.1 million by investing in the Company&#8217;s U-Notes with interest ra</font><font style="font-family:Arial; font-size:10pt">tes between 3.00% and 8.00%, with the largest aggregate amount outstanding during Fiscal 2016 being $6.1 million, and during Fiscal 2016 it received principal repayments of $1.2 million. Oxford Life Insurance Company loaned to the Company $0.6 million by i</font><font style="font-family:Arial; font-size:10pt">nvesting in the Company&#8217;s U-Notes with interest rates between 3.00% and 7.00%, with the largest aggregate amount outstanding during Fiscal 2016 being $0.6 million, and during Fiscal 2016 it received principal repayments of $0.2 million. </font><font style="font-family:Arial; font-size:10pt"> </font></p>
            <p style="margin:13.5pt 0pt 0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">There are no fees</font><font style="font-family:Arial; font-size:10pt"> to join or maintain a membership with the U-Haul Investors Club.&#160; The U-Haul Investors Club operates through its proprietary website, uhaulinvestorsclub.com, and is open to all US residents and entities organized under the laws of a US jurisdiction, and a</font><font style="font-family:Arial; font-size:10pt">ccepts investments as low as $100.&#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">SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE</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; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Section 16(a) of the Exchange Act requires the Company&#8217;s </font><font style="font-family:Arial; font-size:10pt">Directors</font><font style="font-family:Arial; font-size:10pt"> and executive officers, and persons who own more than 10% of a registered class of the Company&#8217;s equity securities, to file reports of ownership of, and transactions in, the Company&#8217;s securities with the SEC.&#160; Such </font><font style="font-family:Arial; font-size:10pt">Directors</font><font style="font-family:Arial; font-size:10pt">, executive officers and 10% st</font><font style="font-family:Arial; font-size:10pt">ockholders are also required to furnish the Company with copies of all Section 16(a) forms they file.&#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; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">Based solely on a review of the copies of such forms received by it, the Company believes that during Fiscal 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> all Section 16(a) filings applicable to its </font><font style="font-family:Arial; font-size:10pt">Directors</font><font style="font-family:Arial; font-size:10pt">, officers and 10% stockholders were filed on a timely basis.</font></p>
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            <p style="margin:0pt; text-align:center; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">COMMUNICATIONS WITH THE BOARD OF DIRECTORS</font></p>
            <p style="margin:0pt; text-align:center; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><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; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">Stockholders may communicate with the Board by addressing communications to the Board of Direc</font><font style="font-family:Arial; font-size:10pt">tors of AMERCO c/o the Secretary of AMERCO at 2721 N. Central Avenue, Phoenix, Arizona 85004.&#160; All such communications, or summaries thereof, will be relayed to the Board.</font></p>
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            <p style="margin:0pt; text-align:center; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><a name="EDGAR_PAGE_START32"></a><font style="font-family:Arial; font-size:10pt; font-weight:bold">STOCKHOLDER PROPOSALS FOR NEXT ANNUAL MEETING</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">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">For inclusion in the proxy statement</font><font style="font-family:Arial; font-size:10pt"> and form of proxy relating to the 201</font><font style="font-family:Arial; font-size:10pt">7</font><font style="font-family:Arial; font-size:10pt"> Annual Meeting of Stockholders of AMERCO, a stockholder proposal intended for presentation at that meeting must be submitted in accordance with the applicable rules of the SEC </font><font style="font-family:Arial; font-size:10pt">and the Company&#8217;s Bylaws </font><font style="font-family:Arial; font-size:10pt">and received by</font><font style="font-family:Arial; font-size:10pt"> the Secretary of AMERCO, c/o U-Haul International, Inc., 2721 North Central Avenue, Phoenix, Arizona 85004, on or before March </font><font style="font-family:Arial; font-size:10pt">17</font><font style="font-family:Arial; font-size:10pt">, 201</font><font style="font-family:Arial; font-size:10pt">7</font><font style="font-family:Arial; font-size:10pt">. Proposals to be presented at the 201</font><font style="font-family:Arial; font-size:10pt">7</font><font style="font-family:Arial; font-size:10pt"> Annual Meeting of Stockholders of AMERCO that are not intended for inclusion in </font><font style="font-family:Arial; font-size:10pt">the proxy statement and form of proxy must </font><font style="font-family:Arial; font-size:10pt">also </font><font style="font-family:Arial; font-size:10pt">be submitted by </font><font style="font-family:Arial; font-size:10pt">March 17, 2017</font><font style="font-family:Arial; font-size:10pt"> and in accordance with the applicable pro</font><font style="font-family:Arial; font-size:10pt">visions of the Company&#8217;s Bylaws.</font><font style="font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">A</font><font style="font-family:Arial; font-size:10pt"> copy</font><font style="font-family:Arial; font-size:10pt"> of the Bylaws</font><font style="font-family:Arial; font-size:10pt"> is available upon written request, delivered to the Secretary of AMERCO at the add</font><font style="font-family:Arial; font-size:10pt">ress in the preceding sentence. </font><font style="font-family:Arial; font-size:10pt">If a stockholder proposal is introduced at the 2017 Annual Meeting of Stockholders, without any discussion of the proposal in the Company&#8217;s proxy statement and the stockholder does not notify the Company on or before May 31,</font><font style="font-family:Arial; font-size:10pt"> 2017 as required by SEC Rule 14a-4(c)(1), of the intent to raise such proposal at the 2017 Annual Meeting of Stockholders then proxies received by the Company for the 2017 Annual Meeting of Stockholders will be voted by the persons named in such proxies i</font><font style="font-family:Arial; font-size:10pt">n their discretion with respect to such proposal. Notice of such proposal is to be sent to the above address</font><font style="font-family:Arial; font-size:10pt">.</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><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; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">The Company suggests that proponents submit their proposals to the Secretary of AMERCO by Certified Mail-Return Receipt Requested.</font></p>
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            <p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">OTHER MATTERS</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">A copy of the Company&#8217;s Annual Report for the year ended March 31, 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> may be viewed and downloaded from proxyvote.com, from the Company&#8217;s Investor Relations website at amerco.com, may be requested via e-mail through either such website, or requested te</font><font style="font-family:Arial; font-size:10pt">lephonically at </font><font style="font-family:Arial; font-size:10pt">1-800-579-1639</font><font style="font-family:Arial; font-size:10pt">. The Annual Report is not to be regarded as proxy solicitation material.</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">With respect to Company stockholders&#8217; meetings following the Annual Meeting, the Company anticipates </font><font style="font-family:Arial; font-size:10pt">it will</font><font style="font-family:Arial; font-size:10pt"> continue furnishing proxy materials to st</font><font style="font-family:Arial; font-size:10pt">ockholders by posting such materials on an internet website in accordance with applicable laws, and providing stockholders with notice of internet availability of such materials. Paper copies of such materials will be available to stockholders on request, </font><font style="font-family:Arial; font-size:10pt">for a period of one year, at no cost, in accordance with applicable laws.</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify"><font style="font-family:Arial; font-size:10pt">UPON REQUEST, THE COMPANY WILL PROVIDE BY FIRST CLASS U.S. MAIL, TO EACH STOCKHOLDER OF RECORD AS OF THE RECORD DATE, WITHOUT CHARGE, A COPY OF THIS PROXY STATEMENT, THE PROXY CARD,</font><font style="font-family:Arial; font-size:10pt"> AND THE COMPANY&#8217;S ANNUAL REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED MARCH 31, 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt">, INCLUDING THE REQUIRED FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULES. WRITTEN REQUESTS FOR THIS INFORMATION SHOULD BE DIRECTED TO: DIRECTOR, FINANCIAL REPORTIN</font><font style="font-family:Arial; font-size:10pt">G, U-HAUL INTERNATIONAL, INC., P.O. BOX 21502, PHOENIX, ARIZONA 85036-1502.</font></p>
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            <p style="margin:0pt; text-align:center"><a name="EDGAR_PAGE_START33"></a><font style="font-family:Arial; font-size:10pt; font-weight:bold">EXHIBIT A</font></p>
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            <p style="margin:0pt; text-align:center; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">AMERCO 201</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">6</font><font style="font-family:Arial; font-size:10pt; font-weight:bold"> ANNUAL MEETING OF STOCKHOLDERS</font></p>
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            <p style="margin:0pt; text-align:center; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">August 25</font><font style="font-family:Arial; font-size:10pt; font-weight:normal">, </font><font style="font-family:Arial; font-size:10pt; font-weight:bold">201</font><font style="font-family:Arial; font-size:10pt; font-weight:bold">6</font></p>
            <p style="margin:0pt; text-align:center; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
            <p style="margin:0pt; text-align:center; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Phoenix, Arizona</font></p>
            <p style="margin:0pt; text-align:center; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p>
            <p style="margin:0pt; text-align:center; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">MEETING PROCEDURES</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">In fairness to all </font><font style="font-family:Arial; font-size:10pt">stockholders attending the 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt"> Annual Meeting of Stockholders (&#8220;Annual Meeting&#8221;) of AMERCO, and in the interest of an orderly meeting, we ask you to honor the following:</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">A. The meeting will not be open to the public. Pursuant to Section 6 of Article II </font><font style="font-family:Arial; font-size:10pt">of AMERCO&#8217;s Restated Bylaws (the &#8220;Bylaws&#8221;), attendance at the Annual Meeting is limited to (i) stockholders entitled to vote at the Annual Meeting and (ii) the persons upon whom proxies valid for purposes of the meeting have been conferred or their duly ap</font><font style="font-family:Arial; font-size:10pt">pointed substitutes (if the related proxies confer a power of substitution). A person otherwise entitled to attend the Annual Meeting will cease to be so entitled if, in the judgment of the chairman of the meeting, such person engages in disorderly conduct</font><font style="font-family:Arial; font-size:10pt"> impeding the proper conduct of the Annual Meeting. Stockholders of record or their proxies and beneficial owners may be asked to show proof of entitlement to attend the Annual Meeting. Stockholders of record voting by proxy will not be admitted to the mee</font><font style="font-family:Arial; font-size:10pt">ting unless their proxies are revoked, in which case the holders of the revoked proxies will not be permitted to attend the meeting. In addition, the media will not be given access to the meeting. The meeting will be webcast over the internet at amerco.com</font><font style="font-family:Arial; font-size:10pt"> and such webcast will be open to the public. We encourage stockholders and other stakeholders and media members to watch the Annual Meeting via our webcast. We believe this is one way to reduce the carbon footprint attributable to the Annual Meeting.</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">B. </font><font style="font-family:Arial; font-size:10pt">With the exception of cameras and recording devices provided by the Company, cameras and recording devices of all kinds (including stenographic) are prohibited in the meeting room.</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">C. Pursuant to Article II, Section 9 of the Bylaws after calling the meeti</font><font style="font-family:Arial; font-size:10pt">ng to order, the Chairman will require the registration of all stockholders intending to vote in person, and the filing of all proxies with the Inspector of Elections. After the announced time for such filing of proxies has ended, no further proxies or cha</font><font style="font-family:Arial; font-size:10pt">nges, substitutions, or revocations of proxies will be accepted. </font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">D. Pursuant to Article II, Section 9 of the Bylaws the Chairman of the meeting has, among other things, absolute authority to determine the order of business to be conducted at the Annual M</font><font style="font-family:Arial; font-size:10pt">eeting and to establish rules for, and appoint personnel to assist in, preserving the orderly conduct of the business of the Annual Meeting (including any informal, or question-and answer, portions thereof). </font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">E. When an item is before the Annual Meeting </font><font style="font-family:Arial; font-size:10pt">for consideration, questions and comments are to be confined to that item only.</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><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; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">F. Pursuant to Article II, Section 5 of the Bylaws, only such business (including director nominations) as shall have been properly brought before the meeting shall be conduct</font><font style="font-family:Arial; font-size:10pt">ed.</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">Pursuant to the Bylaws, in order to be properly brought before the meeting, such business must have either been (1) specified in the written notice of the meeting given to stockholders on the record date for such meeting by or at the direction of the </font><font style="font-family:Arial; font-size:10pt">Board of Directors of the Company (the &#8220;Board&#8221;), (2) brought before the meeting at the direction of the Board of</font><a name="EDGAR_PAGE_END33"></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_START34"></a><font style="font-family:Arial; font-size:10pt">Directors or the Chairman of the Annual Meeting, or (3) specified in a written notice given by or on behalf of a stockholder on the record date</font><font style="font-family:Arial; font-size:10pt"> for such meeting entitled to vote thereat or a duly authorized proxy for such stockholder, in accordance with all of the following requirements.</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 0pt 72pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">a) Such notice must have been delivered personally to, or mailed to and received at, the principal executive </font><font style="font-family:Arial; font-size:10pt">office of the corporation, addressed to the attention of the Secretary no later than </font><font style="font-family:Arial; font-size:10pt">March </font><font style="font-family:Arial; font-size:10pt">19</font><font style="font-family:Arial; font-size:10pt">, 201</font><font style="font-family:Arial; font-size:10pt">6</font><font style="font-family:Arial; font-size:10pt">.</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 0pt 36pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">b) Such notice must have set forth:</font></p>
            <p style="margin:0pt 0pt 0pt 108pt; text-indent:-36pt; text-align:justify; widows:0; orphans:0; padding-left:36pt"><font style="font-family:Arial; font-size:10pt">i.</font><font style="font-family:Arial; font-size:10pt">a full description of each such item of business proposed to be brought before the meeting and the reasons for cond</font><font style="font-family:Arial; font-size:10pt">ucting such business at such meeting,</font></p>
            <p style="margin:0pt 0pt 0pt 108pt; text-indent:-36pt; text-align:justify; widows:0; orphans:0; padding-left:36pt"><font style="font-family:Arial; font-size:10pt">ii.</font><font style="font-family:Arial; font-size:10pt">the name and address of the person proposing to bring such business before the meeting,</font></p>
            <p style="margin:0pt 0pt 0pt 108pt; text-indent:-36pt; text-align:justify; widows:0; orphans:0; padding-left:36pt"><font style="font-family:Arial; font-size:10pt">iii. </font><font style="font-family:Arial; font-size:10pt">the class and number of shares held of record, held beneficially, and represented by proxy by such person as of the reco</font><font style="font-family:Arial; font-size:10pt">rd date for the meeting, </font></p>
            <p style="margin:0pt 0pt 0pt 108pt; text-indent:-36pt; text-align:justify; widows:0; orphans:0; padding-left:36pt"><font style="font-family:Arial; font-size:10pt">iv.</font><font style="font-family:Arial; font-size:10pt">if any item of such business involves a nomination for director, all information regarding each such nominee that would be required to be set forth in a definitive proxy statement filed with the Securities and Exchange Commiss</font><font style="font-family:Arial; font-size:10pt">ion pursuant to Section 14 of the Exchange Act, as amended, or any successor thereto (the &quot;Exchange Act&quot;), and the written consent of each such nominee to serve if elected,</font></p>
            <p style="margin:0pt 0pt 0pt 108pt; text-indent:-36pt; text-align:justify; widows:0; orphans:0; padding-left:36pt"><font style="font-family:Arial; font-size:10pt">v. </font><font style="font-family:Arial; font-size:10pt">any material interest of such stockholder in the specified business,</font></p>
            <p style="margin:0pt 0pt 0pt 108pt; text-indent:-36pt; text-align:justify; widows:0; orphans:0; padding-left:36pt"><font style="font-family:Arial; font-size:10pt">vi. </font><font style="font-family:Arial; font-size:10pt">wheth</font><font style="font-family:Arial; font-size:10pt">er or not such stockholder is a member of any partnership, limited partnership, syndicate, or other group pursuant to any agreement, arrangement, relationship, understanding, or otherwise, whether or not in writing, organized in whole or in part for the pu</font><font style="font-family:Arial; font-size:10pt">rpose of acquiring, owning, or voting shares of the corporation, and</font></p>
            <p style="margin:0pt 0pt 0pt 108pt; text-indent:-36pt; text-align:justify; widows:0; orphans:0; padding-left:36pt"><font style="font-family:Arial; font-size:10pt">vii. </font><font style="font-family:Arial; font-size:10pt">all other information that would be required to be filed with the SEC if, with respect to the business proposed to be brought before the meeting, the person proposing such business </font><font style="font-family:Arial; font-size:10pt">was a participant in a solicitation subject to the Exchange Act.</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><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; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">No business shall be brought before any meeting of the Company&#39;s stockholders otherwise than as provided in this Section. The Chairman of the meeting may, if the facts warrant, determine tha</font><font style="font-family:Arial; font-size:10pt">t any proposed item of business or nomination as director was not brought before the meeting in accordance with the foregoing procedure, and if he should so determine, he shall so declare to the meeting and the improper item of business or nomination shall</font><font style="font-family:Arial; font-size:10pt"> be disregarded.</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">G.&#160; At the appropriate time, any stockholder who wishes to address the Annual Meeting should do so only upon being recognized by the Chairman of the meeting. After such recognition, please state your name, whether you are a stockholder or</font><font style="font-family:Arial; font-size:10pt"> a proxy for a stockholder, and, if you are a proxy, name the stockholder you represent. All matters should be concisely presented.</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">H. Pursuant to Article II, Section 6 of the Bylaws, a person otherwise entitled to attend the Annual Meeting will cease to </font><font style="font-family:Arial; font-size:10pt">be so entitled if, in the judgment of the Chairman of the meeting, such person engages in disorderly conduct impeding the proper conduct of the meeting against the interests of all stockholders as a group. </font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><a name="EDGAR_PAGE_END34"></a><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
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                <p style="margin:0pt"><a name="EDGAR_HF_H_START_5"></a><a name="EDGAR_HF_H_END_6"></a><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
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            <p style="margin:0pt; text-indent:36pt; text-align:justify; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><a name="EDGAR_PAGE_START35"></a><font style="font-family:Arial; font-size:10pt">I. If there are any question&#8217;s remaining after t</font><font style="font-family:Arial; font-size:10pt">he meeting is adjourned, please take them up with the representatives of the Company at the Secretary&#39;s desk. Also, any matters of a personal nature that concern you as a stockholder should be referred to these representatives after such meeting.</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">J. Pursu</font><font style="font-family:Arial; font-size:10pt">ant to Article II, Section 12 of the Bylaws, all informalities or irregularities in any call or notice of a meeting, or in the areas of credentials, proxies, quorums, voting, and similar matters, will be deemed waived if no objection is made at the Annual </font><font style="font-family:Arial; font-size:10pt">Meeting.</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">K. The views, constructive comments and criticisms from stockholders are welcome. However, it is requested that no matter be brought up that is irrelevant to the business of the Company.</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">L.&#160; It is requested that common courtesy be observed at al</font><font style="font-family:Arial; font-size:10pt">l times.</font></p>
            <p style="margin:0pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:36pt; text-align:justify; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt">Our objective is to (1) encourage open communication and the free expression of ideas that are conducive to the best interests of stockholders of the Company, and (2) to conduct an informative and meaningful meeting in a fair and orderly manner. </font><font style="font-family:Arial; font-size:10pt">Your cooperation in accomplishing these objectives will be sincerely appreciated by the Company and its stockholders.</font></p>
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            <p style="margin:0pt; text-align:center"><a name="EDGAR_PAGE_START36"></a><font style="font-family:Arial; font-size:10pt; font-weight:bold">EXHIBIT </font><font style="font-family:Arial; font-size:10pt; font-weight:bold">B</font></p>
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            <p style="margin:0pt; widows:0; orphans:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Proxy card 1 of 2</font></p>
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<DOCUMENT>
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<DESCRIPTION>PROXY CARD 2 OF 2
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
