Investor Presentaiton

AMERCO® 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

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