#1QUEBEC UHAUL RIGHT EQUIPMENT/LOWEST COST Mon's Attic CL King Best Ideas Conference September 2010 U-HAUL MAKES MOVING EASIER uhaul.com Fuel Saver Chassis Skirts Easier To Load Seats 3 UNDER ER GROSS#2Forward-Looking Statement Certain matters discussed in this presentation and oral statements made from time to time by representatives of the Company may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although AMERCO believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond AMERCO's ability to control or predict. Important factors that may cause actual results to differ materially and could impact AMERCO and the statements contained in this presentation can be found in AMERCO's filings with the Securities and Exchange Commission, including quarterly reports on Form 10-Q, current reports on Form 8-K and annual reports on Form 10-K. For forward-looking statements in this presentation, AMERCO claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. AMERCO assumes no obligation to update or supplement any forward-looking statements, whether as a result of new information, future events or otherwise. The discussion in this presentation of AMERCO's financial performance includes financial measures that are not derived from generally accepted accounting principles, or GAAP. 2#3UHAUL ➤ Company Overview ➤ Operational Update Financial Review 3#44#5U-Box Portable Storage: . • Currently in over 200 markets across the United States • Local and one-way moves/storage . Continuing to extend nationwide footprint • Do-it-yourself U-Box trailer solution starting entering markets Operational Update LO 5#66#77#88#96#10Consolidated Highlights (3 months) 1Q11 $585.9 1Q10 $520.7 Amounts in Millions, Except Per Share Data Consolidated Financial Results FY10 Revenues $2,002.0 (12 months) FY09 $1,992.3 FY08 $2,049.2 128.1 59.2 Earnings from operations 193.5 121.0 203.7 (21.5) (23.2) Interest expense (93.3) (98.5) (101.4) (40.1) (13.5) Income tax expense (34.6) (9.2) (34.5) 66.5 22.4 Net earnings 65.6 13.4 67.8 (3.2) (2.9) Preferred stock dividends (12.4) (13.0) (13.0) 63.3 19.5 $3.26 $1.01 6.30.10 6.30.09 Net earnings available to common Net earnings per common share Selected Balance Sheet Data as of: 53.2 0.4 54.8 $2.74 $0.02 $2.78 3.31.10 3.31.09 3.31.08 $1,996.4 254.8 3,879.5 1,338.6 865.1 19,415 $2,056.1 Property, plant and equipment, net Cash (Moving and Storage segment) $1,948.4 $2,013.9 $2,011.2 207.7 213.1 191.3 3,839.4 Total assets 3,762.5 3,825.1 3,832.5 1,534.3 751.1 Notes, loans and leases payable Stockholder's equity 1,347.6 1,546.5 1,504.7 812.9 717.6 758.4 19,370 Weighted average common shares o/s (in '000s) 19,387 19,350 19,741 10#11Insurance Company Operations Amounts in millions before inter-company eliminations 1Q11 1Q10 Insurance Company Results FY10 FY09 FY08 $37.8 $27.6 Life insurance premiums $134.3 $109.6 $112.0 6.2 6.2 Property & casualty ins. premiums 27.6 28.3 28.4 7.4 7.4 Net investment income 25.3 29.5 33.0 0.5 0.7 Other revenue 2.9 5.1 4.5 51.9 41.9 Total revenues 190.1 172.5 177.9 9.5 8.3 Operating expenses 38.3 37.3 39.5 35.4 27.7 Benefits and losses 121.1 97.6 98.8 2.2 1.9 Amoritzation of DAC 7.6 12.4 13.2 47.1 37.9 Total expenses 167.0 147.3 151.5 4.8 4.0 Earnings from operations 23.1 25.2 26.4 (1.8) (1.4) Income tax expense (8.3) (9.0) (6.9) 3.0 2.6 Net earnings 14.8 16.2 19.5 2.1 1.7 Net earnings Oxford 10.3 11.2 13.6 0.9 0.9 Net earnings - RepWest 4.5 5.0 5.9 3.31.10 3.31.09 Selected Balance Sheet Data as of: 12.31.09 12.31.08 12.31.07 $621.0 $575.3 Total assets - Oxford $606.9 $592.8 $634.9 397.2 407.6 Total assets - RepWest 398.6 411.8 412.0 177.3 155.7 153.7 148.1 GAAP equity - Oxford GAAP equity - RepWest 173.2 156.7 150.7 151.7 147.9 148.6 11#12Amounts in Millions Moving and Storage Operations 1Q11 $419.9 1Q10 Moving and Storage Results FY10 FY09 FY08 $373.3 Self-moving equipment rentals $1,421.3 $1,423.3 $1,451.3 28.2 27.0 Self-storage revenues 110.4 110.5 110.8 63.3 57.8 Retail product sales 198.8 199.4 207.8 4.5 4.5 Property management fees 21.6 23.2 24.5 19.3 17.1 Other revenue 64.2 66.6 63.8 535.2 479.7 Total revenues 1,816.3 1,823.0 1,858.2 244.4 250.8 Operating expenses 986.9 1,022.7 1,039.9 52.2 44.4 Commission expenses 169.1 171.3 173.8 31.7 30.5 Cost of sales 104.0 114.4 115.0 39.0 39.6 Lease expense 158.2 153.6 135.6 44.5 59.2 Depreciation, net of (gains)/losses 227.6 265.2 220.7 411.8 424.5 Total costs and expenses 1,645.8 1,727.2 1,685.0 123.4 55.2 Earnings from operations 170.5 95.8 173.2 Cash Flows from Operating Activities: $63.5 $19.8 Earnings (loss) - Moving and Storage $50.9 ($2.8) $47.8 53.0 57.9 Add depreciation 229.6 248.6 226.5 (8.4) 1.3 Eliminate (gain)loss on sale of prpty (2.0) 16.6 (5.8) 58.8 24.7 Other changes, net 87.7 10.1 55.9 $166.9 $103.7 Net cash provided by operations $366.2 $272.5 $324.4 12#13■ Revenue for the first quarter of FY11 was the highest result for the any first quarter in our history. ◉ Improvement the result of increased transactions, optimization of rates and equipment utilization. ($ in millions) 13#14Occupied Rooms (in thousands) Self-Storage Results Storage Rents Owned ($ in Millions) Managed $400 $350 $106.4 $105.5 $300 $106.7 $101.7 $95.6 $250 $200- $150 $238.3 $248.8 $250.5 $247.1 $224.5 $100 $50- $0 FY 2010 FY 2009 FY 2008 FY 2007 FY 2006 (FMS!) □ Ow ned Managed □ Unoccupied 500 400 98.8 93.1 73.5 62.2 56.3 300 196.9 199.7 210.3 214.5 215.4 200 100. 106.2 102.6 04.0 106.2 106.0 0 FY 2010 FY 2009 FY 2008 FY 2007 FY 2006 (PMSI) 14 14#15Margin Analysis 1Q2011 1Q2010 1Q2009 1Q2008 1Q2007 1Q2006 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Operating leverage in the Moving and Storage segment: Revenue FY 2010 FY 2009 FY 2008 FY 2007 FY 2006 FY 2005 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Operating Expenses Commissions Cost of Sales Depreciation/Lease 45.7% 9.7% 5.9% 9.3% 52.3% 50.5% 52.0% 9.6% 9.3% 48.8% 50.4% 10.1% 10.0% 54.3% 56.1% 56.0% 55.5% 55.0% 59.4% 9.3% 9.4% 9.4% 9.2% 9.3% 10.1% 6.3% 7.0% 6.5% 5.9% 5.8% 5.7% 6.3% 6.2% 5.9% 5.6% 5.5% Operating Margin 15.6% 20.6% 19.9% 15.3% 15.0% 13.2% 23.1% 11.5% 13.0% 16.9% 20.2% 20.6% 21.2% 9.5% 23.0% 19.2% 5.2% 9.2% 18.2% 15.1% 15.1% 11.2% 15.0% 9.9% Operating Margin (excl. Depr/Lease) 38.7% 32.1% 32.9% 32.2% 35.2% 33.8% 30.7% 28.2% 28.4% 29.4% 30.1% 25.0% Fleet Information Fleet rotation program over the last several years has resulted in the following infusion of new rental trucks (excludes cargo vans and pickups) into the fleet: 1Q11 6,100 FY10 10,400 FY09 21,600 FY08 FY07 21,100 22,500 FY06 15,500 15#1616#17Availability and Maturity Schedule Maturity Schedule for the 12 month periods ending June 30, (in thousands) Fiscal Year Debt Leases Total 2011 100,597 131,137 231,734 2012 138,206 115,570 253,776 2013 161,141 98,080 259,221 2014 156,496 79,176 235,672 2015 54,728 44,295 99,023 Thereafter 727,468 18,838 746,306 17#1818#19QUEBEC UHAUL RIGHT EQUIPMENT/LOWEST COST Mon's Attic UHAUL MAKES MOVING EASIER uhaul.com Fuel Saver Chassis Skirts Easier To Load Seats 3 UNDER ER GROSS 19