#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#4U-HAUL Company Overview - Key Statistics Rental equipment revenue Rental equipment transactions Owned or operated locations* Independent dealers* Rental trucks* Rental trail ers* Rental towing devices* Self-storage sq. ft. (owned/operated)* Employees* Fiscal 20 10 Fiscal 200 9 $1,419,726,000 $1,423,022,000 11,398,000 11,012,000 1,422 1,418 14,900 14,400 98,000 101,000 77,000 76,000 34,000 34,000 35,473,000 34,832,000 17,600 17,700 AMERCO common stock ("UHAL") on NASDAQ AMERCO preferred stock ("AOPRA") on NYSE * Information as of March 31, 2010 and 200 9 HAUL U-HAUL UHAUL U-HAUL UHAUL U-HAUL UHAUL U-HAUL 4#5U-HAUL NOVING & STORAGE U-BOX WE-HAUL PORTABLE STORAGE Operational Update U-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 U-HAUL MOVING&STORAGE LARGE SMALL BOX LARGE BOX-LARGE U-HAUL U-BOX A LLAUL UHAUL MOVING&STORAGE TED FROM YOUR U-BOX U-HAUL uhaul.com U-BOX WE-HAUL PORTABLE STORAGE 1-866-565-U-BOX whal.com U-BOX WE-HAUL PORTABLE STORAGE 1-6---BCK hason LO#6U-HAUL Operational Update Customer service initiatives: • Efficiency improvements (U-Scan, email of receipts, check-in at truck receiving area, storage premier club, VOIP, buy on-line/pickup in store) • Unedited customer reviews • How-to videos available over the Internet • Continuing evolution of uhaul.com Your Storage Place AT BRYANT ST PROPANE TANKS FILLED CO 6#7U-HAUL U-Haul: Locations: Wills Midtown Rentals: Reviews - Windows Internet Explorer Seth G. on 8/29/2010 Service was great. Consider pick up drop off service of vehicle to rental address. Otherwise great overall experience Rating: ✰✰✰✰✰ Susan F. on 8/27/2010 Rating: x The attendant was very busy but very helpful and efficient. He was really working hard to take care of the customers. I wish I had gotten his name to give him credit. He was on duty August 27 @ 9am when we picked up the truck - if that helps. KRISTIN B. on 8/27/2010 Rating: ✰✰ The best part about this location is William: he is highly professional, organized, and kind. He answered all my Qs over the phone, and when we got there to pick up the truck, he had everything ready to go & we were signed off on the paperwork within 5 minutes. As a result, I felt more organized and relaxed about my move- which was pretty significant (international, from NYC to Canada). Overall, everything went great - so much more affordable than moving company - I will definitely do this again. Amy L. on 8/27/2010 Customer did not leave a comment. TIFFANY C. on 8/25/2010 When setting up a reservation tell the customer what they need before coming to pick up the uhaul because it delayed my trip.. Adriana Q. on 8/25/2010 Excellent customer service! Gina C. on 8/24/2010 Customer did not leave a comment. NOAH B. on 8/24/2010 Rating: Rating: ✰✰ Rating: x Rating: Rating: 7#8U-HAUL Internet-based instructional videos • Improves knowledge transfer • Speeds up rental process . Available on an as-needed basis • Standardizes message Subscribe All Uploads Favorites Playlists The Official U-Haul Channel UhaulOfficialVideos's Channel 1921FJMM 9279 0:00 /2:35 i Info ❤ Favorite <-> Share + Playlists Trailer hookup (uhaul) Flag From: thinkofname23 | July 02, 2009 | 130,325 views It's an effortless process to hook up a Uhaul trailer. Click here for User Guides http://www.uhaul.com/guide/index.aspx? equipment-trailer-5x8 English, Spanish, French View comments, related videos, and more see all Favorites (40) Trailer hookup (uhaul) thinkofna... 130,325 views see all 2:35 3:30 5:13 Trailer Hookup (Braked) U-Haul MrSomename24 - 96,646 views Car Dolly MrSomename24-79,863 views U-Haul "How To" V... (21) Trailer hookup (uhaul) thinkofna... 130,325 views 2:35 Like 3:30 see all 5:13 Trailer Hookup (Braked) U-Haul MrSomename24-96,646 views Car Dolly MrSomename24 - 79,863 views 8#9U-HAUL U-HAUL Your moving and storage resource. Sign in / look up order View shopping cart Trucks Trailers Storage Moving supplies Moving Helpers Locations Search In-Town moves from HAUL U-HAUL Rental trucks and trailers Web site improvements . Product integration Finding more ways to say 'yes' $1995 Plas mileage U-HAUL Your moving and storage resource. Trucks Trailers Boxes & packing supplies Storage Locations SMALL BOX MEDIUM BOX LARGE EXTRA-LARA Trucks, trailers, towing, cargo vans, pickups and U-Boxes FREE Self-storage month U-HAUL SELF-STORAGE Get your first month free with any one-way truck or trailer rental at participating locations. U-Box portable storage Fill them up and we'll store them in our warehouse or move them to your new place. Get your first month Find self-storage FREE* Zip/postal code, city or add SMALL Show locations that have SMALL 24-hour unit access I ☐ Climate-controlled units SMALL Rentals Moving trucks Most coverage in North America U-Box pol We deliver U-E fill them up an move them to Get rates, availability and deals in your area. Pickup date mm/dd/yyyy Pickup location chelsea new york Dropoff location Zip/postal code or city, state 囚 Same as pickup Get rates ▷ Moving Helpers View customer-rated movers in your area. Loading Packing Driving Cleaning Moving supplies Get free standard shipping on all orders over $25. Boxes Tape Packing supplies Hitches & towing Trailers & towing U-Box moving containers Dollies & furniture pads Carpet cleaners Damage coverage U Car Share Storage Self-storage units U-Box portable storage Storage for your business Products and services Boxes & moving supplies Trailer hitches Propane & grilling Moving Help Ⓡ Locks & supplies Storage trucks Used trucks for sale Box exchange U-Haul news: Join us for the Tennessee SuperGraphic Unveiling Event Company info About U-Haul Media & Public Relations SuperGraphics Career opportunities Business services Become a Dealer Supply & purchasing Customer service Sign in / look up order Contact us Frequently asked questions This website is owned and operated by Web Team Associates, Inc. Copyright © 2010 U-Haul International, Inc. All rights reserved. U-Haul International, Inc.'s trademarks and copyrights are used under license by Web Team Associates, Inc. Your full address U-Haul storage facility features Address, city, state and zip/pc Get U-Box rates ▷ 9#10AMERCO® Consolidated Highlights 1Q11 $585.9 $520.7 Revenues (3 months) 1Q10 Amounts in Millions, Except Per Share Data Consolidated Financial Results FY10 (12 months) FY09 $1,992.3 $2,002.0 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#11AMERCO. Insurance 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 GAAP equity - Oxford 173.2 156.7 150.7 153.7 148.1 GAAP equity - RepWest 151.7 147.9 148.6 11#12AMERCO® Amounts in Millions Moving and Storage Operations 1Q11 1Q10 Moving and Storage Results FY10 FY09 FY08 $419.9 $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#13U-HAUL Self-Moving Equipment Revenue ■ 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. $1,600 120,000 $1,462 $1,489 $1,420 $1,423 $1,451 $1,425 $1,400 110,000 $1,200 $1,000 $800 100,000 90,000 80,000 $600 $419 $373 $390 $393 $407 $401 $390 70,000 $400 $200 FY2011 FY2010 FY2009 FY2008 FY2007 ($ in millions) Fiscal Year 1st Quarter FY2006 Year-End Truck Count 60,000 50,000 FY2005 13#14Self-Storage Results U-HAUL Your Storage Place Occupied room trend improving from increased move-in activity with relatively stable move-out activity year-over-year • 76% average occupancy rate in 1Q11 and 1Q10 with move-ins beginning to offset increased portfolio capacity U-Haul has a brand presence in nearly one out of every six storage locations in the United States Storage Rents ($ in Millions) □ Ow ned Occupied Rooms (in thousands) Managed □ Unoccupied Owned Managed $355.2 $356.0 $348.8 $400 $345.0 $320.1 $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 FY2010 FY 2009 FY 2008 FY 2007 FY 2006 (FMG) Storage Revenue / Occupied Square Feet (Annualized) All Properties $12.40 $13.00 $12.44 $12.20 $11.87 500 401.9 395.4 387.8 382.9 $12.50 $11.59 377.7 $12.00 400 98.8 93.1 73.5 62.2 56.3 $11.50 300 $11.00 196.9 199.7 210.3 214.5 215.4 200 $10.50 $10.00 100. 106.2 102.6 04.0 106.2 106.0 $9.50 0 $9.00 FY 2010 FY 2009 FY 2008 FY 2007 FY 2006 FY2010 FY 2009 FY 2008 FY 2007 FY 2006 (PMSI) 14#15AMERCO® Operating leverage in the Moving and Storage segment: Margin Analysis Revenue 1Q2011 1Q2010 1Q2009 1Q2008 1Q2007 1Q2006 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% FY 2010 FY 2009 FY 2008 FY 2007 FY 2006 FY 2005 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#16AMERCO. Capital Expenditures/Free Cash Flow 1Q11 1Q10 $ 166,899 $ 103,674 38,088 141,762 ($106,400) ($115,900) 47,225 214,124 (10,400) (8,000) (11,000) (16,200) (4,900) (14,426) (9,730) ($155,426) ($141,530) (3,241) (3,241) $ 55,457 $ (3,009) Moving and Storage Segment (in thousands) Cash provided by operations Proceeds from sales Total cash generated Trucks/trailers produced Equipment lease buy-outs Construction/repair/renovation Other real estate/purchases Other items Cash used for investment Preferred stock dividends Free cash flow FY10 FY09 FY08 $ 366,222 $ 272,475 $ 324,393 142,869 128,188 165,995 509,091 400,663 490,388 ($218,000) ($516,600) ($520,400) (18,200) (36,700) (61,100) (36,200) (53,000) (53,500) (9,400) (28,200) (11,000) (69,905) (61,042) (54,829) ($351,705) ($695,542) ($700,829) (12,963) (12,963) (12,963) $ 144,423 $ (307,842) $ (223,404) 16#17AMERCO® Availability and Maturity Schedule Cash, availability and outstanding debt at Moving and Storage: (in thousands) As of 6.30.10 As of 6.30.09 Non-insurance operations cash $ 254,776 $ 203,298 Credit availability - Revolvers 173,514 65,000 Remaining draws under fleet loan 28,257 Total liquidity 456,547 268,298 Notes, loans and capital leases payable $ 1,338,636 $ 1,534,320 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#18AMERCO® Revenue improving - Net income operating leverage - - ● Capital expenditures – increasing • Free cash flow - reinvestment opportunities • Cash – maintaining conservative balances • - Debt manageable maturity schedule - 18#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