<SEC-DOCUMENT>0001214659-22-008738.txt : 20220711
<SEC-HEADER>0001214659-22-008738.hdr.sgml : 20220711
<ACCEPTANCE-DATETIME>20220711110153
ACCESSION NUMBER:		0001214659-22-008738
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220711
DATE AS OF CHANGE:		20220711
EFFECTIVENESS DATE:		20220711

SUBJECT COMPANY:	

	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:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11255
		FILM NUMBER:		221076236

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GREEN CENTURY FUNDS
		CENTRAL INDEX KEY:			0000877232
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		114 STATE STREET
		STREET 2:		SUITE 200
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		617-482-0800

	MAIL ADDRESS:	
		STREET 1:		C/O UMB FUND SERVICES
		STREET 2:		803 WEST MICHIGAN STREET SUITE A
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53233
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
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<FILENAME>p710220px14a6g.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NAME OF REGISTRA<FONT STYLE="background-color: white">NT:</FONT></B><FONT STYLE="background-color: white">
AMERCO /NV/ </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NAME OF PERSON RELYING ON EXEMPTION:</B> Green Century Equity Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ADDRESS OF PERSON RELYING ON EXEMPTION:</B> 114 State Street, Suite
200, Boston, MA 02109</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1A1A1A"><B>Written materials are submitted pursuant to Rule
14a-6(g)(1) promulgated under the Securities Exchange Act of 1934.&nbsp;Submission is not required of this filer under the terms of the
Rule but is made voluntarily in the interest of public disclosure and consideration of these important issues.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1A1A1A"><B>&nbsp;</B></P>

<DIV STYLE="padding: 1pt 4pt 1pt 0in; border: black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Shareholder Proposal N<FONT STYLE="background-color: white">o.
4 on AMERCO&rsquo;s 2022</FONT> Proxy Statement:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Adopt Greenhouse Gas Emissions Reduction Targets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white"><B>AMERCO
NASDAQ Symbol: UHAL</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Filed by: Green Century Equity Fund</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Green Century Capital Management, Inc., (&ldquo;the
Proponent&rdquo;) as the investment advisor to the Green Century Equity Fund, seeks your support for the climate-related proposal filed
at <B>AMERCO</B> (hereby referred to as &ldquo;the Company&rdquo;) in the 2022 proxy statement asking the Company to adopt short, medium,
and long-term science-based greenhouse gas emissions reduction targets. The Proponent believes taking such action will serve the long-term
interests of the Company by mitigating potential competitive, physical, and regulatory risks (collectively climate risk) and thereby better
aligning with investor expectations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Resolved:</B> Shareholders request that AMERCO
adopt independently verified short, medium, and long-term science-based greenhouse gas emissions reduction targets, inclusive of emissions
from its full value chain, in order to achieve net-zero emissions by 2050 or sooner and to attain appropriate emissions reductions prior
to 2030, in line with the Paris Agreement&rsquo;s goal of maintaining global temperature rise to 1.5 degrees Celsius.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Supporting Statement:&nbsp;</B>In assessing
targets, we recommend, at management&rsquo;s discretion:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">Consideration of approaches used by advisory groups such as the Science Based Targets initiative;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">Establishing short, medium, and long-term zero emission vehicle procurement goals.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RATIONALE FOR A &ldquo;YES&rdquo; VOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify"><B>Competitive risk</B> &ndash; AMERCO&rsquo;s failure to publicly establish credible targets for emissions
reductions or goals to purchase zero emission vehicles risks alienating customers who are increasingly incorporating sustainability factors
into their purchasing decisions. Competitors with credible environmental goals may be more attractive to customers who are seeking sustainable
solutions to their moving and storage needs.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify"><B>Physical risk - </B>The greater frequency and strength of severe weather associated with climate change
may threaten AMERCO&rsquo;s physical assets such as its fleet of vehicles, trailers, and storage facilities and interfere with its supply
chains. Further, physical risk may create revenue disruptions that adversely impact AMERCO&rsquo;s profits.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify"><B>Regulatory risk</B> - Businesses that do not proactively plan for and adapt to evolving federal and
state regulations aimed at reducing greenhouse gas emissions run the risk of unplanned capital expenses and missed opportunities to take
advantage of incentives that lower the cost of purchasing clean energy technologies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify"><B>Failure to meet investor expectations for climate risk mitigation</B> &ndash; AMERCO has not publicly
disclosed its Scopes 1, 2 or 3 greenhouse gas emissions, its board&rsquo;s role in addressing climate risk, or management&rsquo;s strategies
to mitigate climate risk.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border: black 1pt solid"><B>This is not a solicitation of authority
to vote your proxy. Please DO NOT send us your proxy card; Green Century Equity Fund is not able to vote your proxies, nor does this communication
contemplate such an event. Green Century Equity Fund urges shareholders to vote for Proposal No. 4 following the instruction provided
on the management&rsquo;s proxy mailing.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>INTRODUCTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2018, the Intergovernmental Panel on Climate
Change updated the goals of the 2015 Paris Agreement to advise that net carbon emissions must fall 45 percent by 2030 and reach net-zero
by 2050 to limit warming below 1.5 degrees Celsius, thereby preventing the worst consequences of climate change. However, in 2020, the
UN reported that the world is &ldquo;way off-track&rdquo; from achieving these goals.<SUP>1</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The U.S. Environmental Protection Agency (EPA)
identifies the transportation sector as the largest producer of greenhouse gas (GHG) emissions in the United States and notes that emissions
from transportation are steadily increasing.<SUP>2 </SUP>In 2020, transportation emissions comprised 27 percent of all U.S. greenhouse
gas emissions.<SUP>3</SUP> AMERCO&rsquo;s U-Haul vans and trucks fall into the EPA&rsquo;s categories<SUP>4</SUP> of light duty<SUP>5</SUP>
and medium-duty<SUP>6</SUP> vehicles, which overall contributed 83 percent of transport-related emissions in 2020.<SUP>7</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> <FONT STYLE="color: #1155CC">https://library.wmo.int/doc_num.php?explnum_id=10211</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> <FONT STYLE="color: #1155CC">https://cfpub.epa.gov/ghgdata/inventoryexplorer/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> <FONT STYLE="color: #1155CC; background-color: white">https://www.epa.gov/system/files/documents/2022-06/420f22018.pdf</FONT><FONT STYLE="color: #3C4043; background-color: white">.
Pg 1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> https://afdc.energy.gov/data/10380#:~:text=These%20classes%2C%201%2D8%2C,(Class%207%2D8)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> https://trucksales.uhaul.com/Vehicles/Specs/TM?key=505</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> https://trucksales.uhaul.com/Vehicles/Specs/EL?key=205</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> https://www.epa.gov/greenvehicles/fast-facts-transportation-greenhouse-gas-emissions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Climate change impacts present ongoing risks to
investors.<SUP>8</SUP> A warming climate is associated with increased infrastructure damage, reduced resource availability, lost production,
reduced worker efficiency, and adverse health impacts.<SUP>9</SUP> Investors (including the over 200 asset managers with over $57 trillion
in assets under management who have signed on to the Net Zero Asset Managers Initiative)<SUP>10</SUP> increasingly expect corporations
to set and implement rigorous greenhouse gas emissions reduction targets in order to reduce climate risk to their operations, value chains,
and to the economy more broadly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Rather than proactively strategizing for a transition
to a low-carbon economy, particularly in respect to its rental fleet, AMERCO appears to view the transition as a threat rather than an
opportunity. For example, in its most recent 10-k, AMERCO notes that, &ldquo;The growing insistence that the future of the economy will
be based on an all-electric solution instead of a hybrid version or other alternative fuels may create an infrastructure in which personal
interstate travel will be uneconomical or severely regulated.&rdquo;<SUP>11</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Despite the apparent risk cited by AMERCO, the
Company has not seized the opportunity to publicly disclose plans to mitigate its climate risk, implement rigorous emissions reduction
targets, or incorporate zero emissions vehicles or renewable power into its short-, medium- or long-term strategic priorities.<SUP>12</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>COMPETITIVE RISK: AMERCO&rsquo;s failure to set greenhouse gas emissions
goals may result in competitive risk as consumers increasingly factor in corporate sustainability in purchasing decisions.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On the Company&rsquo;s sustainability webpage,
AMERCO&rsquo;s chairman of the board states that, &ldquo;All businesses should be held accountable for conducting themselves in a responsible
manner, vis-a-vis planet Earth,&rdquo; and that, &ldquo;Done well, rentals enhance sustainability.&rdquo;<SUP>13</SUP> Despite expressing
concern for the environment, the Company has not taken meaningful action to address climate change, which may damage the iconic U-Haul
brand.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> <FONT STYLE="color: #1155CC">https://cornerstonecapinc.com/wp-content/uploads/No-Place-to-Hide_Climate-Change-and-Systemic-Financial-Risk.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> <FONT STYLE="color: #1155CC">https://www.ipcc.ch/sr15/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> <FONT STYLE="color: #1155CC">https://www.netzeroassetmanagers.org/signatories/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> <FONT STYLE="color: #1155CC"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/4457/000000445722000041/uhal-20220331.htm">https://www.sec.gov/ix?doc=/Archives/edgar/data/4457/000000445722000041/uhal-20220331.htm</A></FONT>.
Pg 8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> https://www.uhaul.com/Articles/Sustainability/Vision-Goals-198/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> <FONT STYLE="background-color: white">https://www.uhaul.com/Articles/Sustainability/Truck-And-Trailer-Sharing-11582/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The American public now considers climate change
to be a significant concern, according to a 2021 Pew Research Center report<I>,</I> and a majority of Americans now prioritize reducing
the impacts of climate change.<SUP>14</SUP> Further, a 2020 Deloitte report summarizes the findings of a survey of more than 9,300 people
about their opinions on climate change,<SUP>15</SUP> reporting that sixty-five percent &ldquo;expect CEOs to do more to make progress
on societal issues, including reducing carbon emissions, tackling air pollution, and making business supply chains more sustainable.&rdquo;<SUP>16</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because AMERCO has not yet disclosed its Scopes
1, 2, and 3 greenhouse gas emissions, customers may raise concerns about AMERCO&rsquo;s commitment to the environment. As noted in the
Company&rsquo;s 2022 10-k, &ldquo;The truck rental industry is highly competitive and includes a number of significant national, regional
and local competitors.&rdquo;<SUP>17</SUP> Therefore, one can reasonably infer that customers have other choices and could choose to exercise
them if AMERCO&rsquo;s commitments fall short of their expectations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>AMERCO lags its competitors in addressing climate
change </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Customers may not view AMERCO&rsquo;s efforts
favorably compared to those of peers that are taking steps toward reducing their greenhouse gas emissions. Ryder better addresses its
climate-related risks by disclosing its greenhouse gas emissions to CDP (formerly known as the Carbon Disclosure Project)<SUP>18</SUP>
and setting emissions reduction targets inclusive of its full value chain. Not only has Ryder set goals to reduce its Scope 1 emissions
by 10%, and Scope 2 emissions by 30%, it has set a target to reduce its Scope 3 emissions (e.g., emissions from downstream leased assets)
by 15% by 2024.<SUP>19</SUP> Downstream leased assets comprise its rental trucks, which arguably generate the most difficult emissions
to mitigate. Additionally, in 2020, Ryder began to offer zero emission electric-powered vehicles for last-mile transportation.<SUP>20</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prospective customers may also look for more ambition
in greening the storage segment of AMERCO&rsquo;s business. An AMERCO competitor, Public Storage, has set near-term greenhouse gas reduction
goals,<SUP>21</SUP> is examining paths to achieve carbon neutrality,<SUP>22</SUP> and has put a plan in place to install solar panels
at 1,000 of its locations.<SUP>23</SUP> AMERCO could follow Public Storage&rsquo;s lead, increasing its ambition to counteract climate
change, while building customer goodwill.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>PHYSICAL RISK: Greenhouse gas emissions from AMERCO&rsquo;s operations, upstream, and downstream sources
(e.g., emissions from its rental vehicles) - magnify the effects of global warming and create physical risk. </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The greater frequency and strength of severe weather
may threaten AMERCO&rsquo;s physical assets such as its fleet of vehicles, trailers, and storage facilities and disrupt its supply chain,
which may also result in additional operational challenges. One of the most difficult-to-navigate risks posed by climate change-driven
extreme weather is the disruption of customers&rsquo; travel plans, which may result in unexpected dips in revenue and compromise AMERCO&rsquo;s
ability to predict future revenue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> <FONT STYLE="color: #1155CC">https://www.pewresearch.org/science/2021/05/26/climate-energy-and-environmental-policy/</FONT>.
First bar chart.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> <FONT STYLE="color: #1155CC">https://www2.deloitte.com/content/dam/Deloitte/global/Documents/Risk/gx-get-out-infront-final.pdf?id=us:2el:3dp:wsjspon:awa:WSJCMO:2021:WSJFY21</FONT>.
Pg 16.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> <FONT STYLE="color: #1155CC">https://deloitte.wsj.com/articles/consumers-expect-brands-to-address-climate-change-01618945334</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> <FONT STYLE="color: #1155CC"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/4457/000000445722000041/uhal-20220331.htm">https://www.sec.gov/ix?doc=/Archives/edgar/data/4457/000000445722000041/uhal-20220331.htm</A></FONT>.
Pg 8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> <FONT STYLE="color: #1155CC">https://rydercsr.com/wp-content/uploads/2021/04/CDP-Climate-Questionaire-2020_ADA.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> <FONT STYLE="color: #1155CC">https://rydercsr.com/environmental-stewardship-2/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP> Ibid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>21</SUP> <FONT STYLE="color: #1155CC; background-color: white">https://s1.q4cdn.com/588671402/files/doc_downloads/2021/06/2020-Sustainability-Report-vF2.pdf</FONT><FONT STYLE="background-color: white">.
Pg 10.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>22</SUP> <FONT STYLE="color: #1155CC">https://s1.q4cdn.com/588671402/files/doc_financials/2021/ar/Public-Storage-Annual-Report-2021-vF.pdf</FONT>.
Pg 11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>23</SUP> <FONT STYLE="background-color: white">Ibid.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AMERCO&rsquo;s U-Haul centers are widely distributed
across the United States and Canada - a network comprising 21,000 U-Haul centers in fifty U.S. states and ten Canadian provinces.<SUP>24</SUP>
Given the equally wide distribution of severe weather<SUP>25</SUP> in the U.S.<SUP>26</SUP> and Canada,<SUP>27</SUP> AMERCO may frequently
have to manage physical damage to its property and disruption of customer travel plans, which may require the investment of time, effort,
and funds to fully address.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Asset owners<SUP>28</SUP> and managers<SUP>29</SUP>
are often counseled to consider their asset portfolios&rsquo; exposure to climate change risk. For example, in March 2022, J.P. Morgan
Asset Management advised the broader investment community to &ldquo;...bake into asset allocation decisions [on] physical risk, including
the threat to asset prices posed by climate-related natural disasters, such as flooding, or hurricanes.&rdquo;<SUP>30</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>REGULATORY RISK: Companies lacking strategies to transition to a low-carbon economy may be exposed
to regulatory risk.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Laws and regulations aimed at slowing the emissions
of greenhouse gasses have recently been enacted at federal and state levels that set short-, medium- and long-term emissions reduction
targets and mandate a transition to zero emission vehicles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2021, the U.S. officially rejoined
the Paris Agreement, and, two months later, the Biden administration announced a new national target: a 50-52 percent economy-wide reduction
in net greenhouse gas pollution by 2030 from a 2005 baseline.<SUP>31</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>24</SUP> <FONT STYLE="color: #1155CC">https://www.amerco.com/history.aspx</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>25</SUP> According to the National Oceanic and Atmospheric Administration
(NOAA), financial losses from climate change-enhanced hurricanes, floods, droughts, and wildfires have trended up in recent years. NOAA
reports that in 2021, there were 20 weather/climate disaster events in the United States resulting in losses exceeding $1 billion each,
724 deaths, significant economic effects on the areas impacted.(<FONT STYLE="color: #1155CC">https://www.ncei.noaa.gov/access/billions/</FONT>)
Losses from natural disasters have been trended up. The average economic damage from natural disasters was $49 billion per year from 1980
to 2019. Average losses from 2019 to 2021 were $102 billion per year. (https://www.ncei.noaa.gov/access/billions/summary-stats).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>26</SUP> <FONT STYLE="color: #1155CC">https://www.climate.gov/news-features/blogs/beyond-data/2021-us-billion-dollar-weather-and-climate-disasters-historical</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>27</SUP> <FONT STYLE="color: #1155CC">https://www.theweathernetwork.com/ca/news/article/2x-faster-severe-weather-events-are-a-new-canadian-normal-climate-change</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>28</SUP> <FONT STYLE="color: #1155CC">https://www.unpri.org/download?ac=10843</FONT>.
Pg 2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>29</SUP> https://manifestclimate.com/blog/climate-risks-for-asset-managers/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>30</SUP> https://am.jpmorgan.com/us/en/asset-management/adv/investment-strategies/sustainable-investing/climate-change/climate-change-investment-risk/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>31</SUP> <FONT STYLE="color: #1155CC">https://www.whitehouse.gov/briefing-room/statements-releases/2021/04/22/fact-sheet-president-biden-sets-2030-greenhouse-gas-pollution-reduction-target-aimed-at-creating-good-paying-union-jobs-and-securing-u-s-leadership-on-clean-energy-technologies/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Similarly, state governments have passed a number
of laws or issued executive orders in the last few years requiring the adoption of emissions reduction targets and timeframes, often with
interim, time-bound targets. States with the most ambitious climate targets include New York<SUP>32</SUP> and California,<SUP>33</SUP>
but even states that have vested interests in oil and gas development or in manufacturing gasoline-fueled vehicles, such as Louisiana,<SUP>34</SUP>
Colorado,<SUP>35</SUP> and Michigan,<SUP>36</SUP> are committed to significant, economy-wide emissions reduction as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">Louisiana: 50% by 2030 (2005 baseline); net-zero by 2050<SUP>37</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">Colorado: 26% by 2025; 50% by 2030; 90% by 2050 (2005 baseline)<SUP>38</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #1A1A1A">Michigan: 28% below 2005 levels by 2025 and net-zero by 2050<SUP>39</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Currently, twelve states employ carbon pricing
programs to accelerate emissions reductions in line with their individual targets.<SUP>40</SUP> Their programs have focused on the reduction
of power sector emissions;<SUP>41</SUP> however, the greatest source of emissions is the U.S. transportation sector.<SUP>42</SUP> Therefore,
it is likely that states will have to implement additional programs to address transportation emissions from passenger cars and the types
of light- to medium-duty vehicles that AMERCO rents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Businesses that do not proactively adapt to evolving
federal and state regulations run the risk of unplanned capital expenses. Likewise, businesses that do not take advantage of federal and
state incentives for clean technologies such as electric vehicles and charging infrastructure may risk falling behind by peers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In its 2021 10-k, the company acknowledges that
it is ill-prepared for conditions that could impact its fleet rotation program and the sale of its used rental equipment, saying:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The sale of used equipment provides
us with funds that can be used to purchase new equipment. Conditions may arise that could lead to the decrease in demand and/or resale
values for our used equipment. This could have a material adverse effect on our financial results, which could result in substantial losses
on the sale of equipment and decreases in cash flows from the sales of equipment.<SUP>43</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>32</SUP> NY https://ccci.berkeley.edu/states-climate-action-map</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>33</SUP> <FONT STYLE="color: #1155CC">https://www.vox.com/energy-and-environment/2018/9/11/17844896/california-jerry-brown-carbon-neutral-2045-climate-change</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>34</SUP> https://www.eia.gov/state/print.php?sid=LA</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>35</SUP> https://www.eia.gov/state/analysis.php?sid=CO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>36</SUP> https://www.michiganbusiness.org/industries/mobility-and-automotive-manufacturing/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>37</SUP> https://www.c2es.org/content/state-climate-policy/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>38</SUP> https://www.ncsl.org/research/energy/greenhouse-gas-emissions-reduction-targets-and-market-based-policies.aspx</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>39</SUP> https://www.c2es.org/content/state-climate-policy/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>40</SUP> https://www.c2es.org/document/us-state-carbon-pricing-policies/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>41</SUP> Ibid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>42</SUP> C:\Users\AbrahamPurganan.AzureAD\Securex Filings LLC\Filing
Department - Documents\Green Century Equity Fund_Amerco PX14A6G 07102022\WC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>43</SUP> <FONT STYLE="color: #1155CC"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/4457/000000445722000041/uhal-20220331.htm">https://www.sec.gov/ix?doc=/Archives/edgar/data/4457/000000445722000041/uhal-20220331.htm</A></FONT>.
Pg 8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Therefore, a disruptive, nationwide shift to zero
emission vehicles could pose a financial threat to AMERCO by ultimately decreasing the resale value of its used vehicles and its ability
to purchase new vehicles if the Company lags in its adoption of electric vehicles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company further posits that implementation
of carbon taxes by the federal government <SUP>44</SUP> could add costs to customers because AMERCO&rsquo;s &ldquo;truck rental fleet
burns gasoline, a carbon intensive fuel.&rdquo;<SUP>45</SUP> Regarding the imposition of carbon taxes, the Company states, &ldquo;We have
no evidence to support a belief that &lsquo;do-it-yourself&rsquo; moving customers are willing to accept these additional costs.&rdquo;<SUP>46</SUP>
Interestingly, if one looks at national data on energy costs from July 2021 to March 2022, the average cost of conventional retail gasoline<SUP>47</SUP>
increased by 33 percent while the average retail cost of electricity<SUP>48</SUP> remained flat.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is mounting regulatory pressure at the state
level to transform vehicles in the trucking industry from gasoline and diesel fueled to zero emission. For example, the California Air
Resources Board has now approved its Advanced Clean Trucks rule, which requires every new truck sold in California be zero emission by
2045.<SUP>49</SUP> The rule has now been adopted by Massachusetts, New York, New Jersey, Oregon and Washington state.<SUP>50</SUP> Recently,
fifteen states and Washington D.C. agreed to require 100% of all new medium- and heavy-duty vehicles sales be zero emission by 2050.<SUP>51</SUP>
<FONT STYLE="background-color: white">While the time until these rules are fully implemented may seem distant, AMERCO could work to integrate
more zero emission vehicles in its fleet to avoid the eventual decline in resale value of its gasoline-powered vehicles.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>44</SUP> Ibid. Pg 13.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>45</SUP> Ibid. Pg 13.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>46</SUP> Ibid. Pg 13.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>47</SUP> <FONT STYLE="color: #1155CC">https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&amp;s=emm_epm0u_pte_nus_dpg&amp;f=m</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>48</SUP>
<FONT STYLE="color: #1155CC">https://www.eia.gov/electricity/data/browser/#/topic/7?agg=0,1&amp;geo=g&amp;endsec=vg&amp;linechart=ELEC.PRICE.US-ALL.M~ELEC.PRICE.US-RES.M~ELEC.PRICE.US-COM.M~ELEC.PRICE.US-IND.M&amp;columnchart=ELEC.PRICE.US-ALL.M~ELEC.PRICE.US-RES.M~ELEC.PRICE.US-COM.M~ELEC.PRICE.US-IND.M&amp;map=ELEC.PRICE.US-ALL.M&amp;freq=M&amp;start=202106&amp;end=202203&amp;ctype=linechart&amp;ltype=pin&amp;rtype=s&amp;maptype=0&amp;rse=0&amp;pin</FONT></FONT><FONT STYLE="color: #1155CC">=</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>49</SUP> <FONT STYLE="color: #1155CC">https://landline.media/california-will-require-100-zero-emission-truck-sales-by-2045/#:~:text=Nearly%20tee%20months%20after%20the,emissions%20standards%20for%20manufacturers%2C%20Gov</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>50</SUP> <FONT STYLE="color: #1155CC">https://www.ttnews.com/articles/six-states-adopt-clean-truck-rule</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>51</SUP> <FONT STYLE="color: #1155CC">https://ww2.arb.ca.gov/news/15-states-and-district-columbia-join-forces-accelerate-bus-and-truck-electrification</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In March 2022, the SEC released a proposed rule
entitled, &ldquo;The Enhancement and Standardization of Climate-Related Disclosures for Investors&rdquo;, meant to increase the transparency
and consistency of climate risk disclosures by issuers.<SUP>52</SUP> It specifically proposes the reporting of Scopes 1 and 2 greenhouse
gas emissions and Scope 3, if material.<SUP>53</SUP> If finalized, the rule would require AMERCO to publish its Scopes 1 and 2 emissions,
and some portion of its Scope 3 emissions. At this juncture, the Company does not appear to be prepared to comply with the rule, which,
for large accelerated filers like AMERCO, requires the reporting of Scope 1 and 2 emissions for Fiscal Year 23 and Scopes 1 - 3 emissions
for Fiscal Year 24 and beyond.<SUP>54</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify"><B>AMERCO&rsquo;s lack of ambition in addressing its Scope 1, 2, and 3 greenhouse gas emissions may fail
to meet investor expectations for climate risk mitigation.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">Today, both
large and small asset managers are focusing on how investee companies address climate risk, including how they account for their full
value chain&rsquo;s greenhouse gas emissions and whether they have adopted plans to significantly reduce emissions. In their most recent
proxy voting guidelines, top AMERCO investors BlackRock<SUP>55</SUP> and Vanguard<SUP>56</SUP> outline an expectation that issuers will
publish reports aligned with the Task Force on Climate-related Financial Disclosures in order to facilitate &ldquo;disclosing strategy,
risk management, governance, metrics, and targets.&rdquo;<SUP>57</SUP> AMERCO has yet to publish such a report.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investors are increasingly expecting companies
to set targets for mitigating climate risk, such as setting science-based greenhouse gas emission reduction targets aligned with achieving
net-zero emissions by 2050 to limit average global warming to 1.5 degrees Celsius. <FONT STYLE="background-color: white">For example,
in his 2022 letter to CEOs, BlackRock CEO Larry Fink stated that &ldquo;we are asking [investee] companies to set short-, medium-, and
long-term targets for greenhouse gas reductions. These targets, and the quality of plans to meet them, are critical to the long-term economic
interests of your shareholders.&rdquo;<SUP>58</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CONCLUSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While AMERCO has identified a modicum of risks
that a transition to a low-carbon economy may bring, it has not yet publicly disclosed or relayed how reputational, physical, or regulatory
risks may affect its bottom line.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">By contrast,
many corporations now publicly recognize these risks and are adjusting both their near- and long-term strategies to align with a net-zero
emissions future. More than 3,200 companies have set or committed to set science-based targets for their full value chains, and AMERCO
could too.<SUP>59</SUP> Doing so would provide better investor confidence that AMERCO is identifying climate-related risk and proactively
addressing it. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white"><B>Shareholders
are urged to vote FOR the proposal asking AMERCO to adopt greenhouse gas emissions reduction targets.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><I>_____________________________</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><I><SUP>52</SUP></I></FONT> <FONT STYLE="color: #1155CC">https://www.sec.gov/news/press-release/2022-46</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><I><SUP>53</SUP></I></FONT> <FONT STYLE="color: #1155CC">https://www.sec.gov/files/33-11042-fact-sheet.pdf</FONT>
Pg 2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><I><SUP>54</SUP></I></FONT> Ibid.
Pg 3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><I><SUP>55</SUP></I></FONT> <FONT STYLE="color: #1155CC">https://www.blackrock.com/corporate/investor-relations/larry-fink-ceo-letter</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><I><SUP>56</SUP></I> <FONT STYLE="color: #1155CC">https://corporate.vanguard.com/content/dam/corp/advocate/investment-stewardship/pdf/perspectives-and-commentary/ISCLRG_062020.pdf</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><I><SUP>57</SUP></I></FONT> Ibid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><I><SUP>58</SUP></I></FONT> <FONT STYLE="color: #1155CC">https://www.blackrock.com/corporate/investor-relations/larry-fink-ceo-letter</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><I><SUP>59</SUP></I></FONT> <FONT STYLE="color: #1155CC">https://sciencebasedtargets.org/companies-taking-action/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white"><I>For questions
regarding this proposal, please contact Andrea Ranger, Green Century Capital Management, aranger@greencentury.com.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border: black 1pt solid"><B>This is not a solicitation of authority
to vote your proxy. Please DO NOT send us your proxy card; Green Century Equity Fund is not able to vote your proxies, nor does this communication
contemplate such an event. Green Century Equity Fund urges shareholders to vote for Proposal <FONT STYLE="background-color: white">No.
4 fo</FONT>llowing the instruction provided on the management&rsquo;s proxy mailing.</B></P>

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