2021 Virtual Analyst and

Investor Meeting
Supplemental Financial Exhibit
 Forward-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. The discussion in this presentation
of AMERCO’s financial performance includes financial measures that are non-GAAP.
 Company Overview – Key Statistics

We are the leader in the North American “do-it-yourself” moving and self-
storage industry. Our objective is to provide a better product and service
to more people at a lower cost. AMERCO common stock (UHAL) on
NASDAQ

Fiscal 2021 Fiscal 2020

Rental equipment revenue $3,083,317,000 $2,692,413,000
Owned or operated locations* 2,100 2,065
Independent dealers* 21,100 20,100
Rental trucks* 176,000 176,000
Rental trailers* 126,000 127,000
Rental towing devices* 46,000 41,000
Self-storage sq. ft. (owned/operated)* 70,500,000 66,700,000
* Information as of March 31, 2021 and 2020

1
 Long-Term Record of Growth

($s millions)

$16,000.0
$14,651.6
$14,000.0

$12,000.0

$10,000.0

$8,000.0

$6,000.0 $4,542.0

$4,000.0

$2,000.0

$0.0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Revenues Total Assets

2
 Census Data

Total U.S. Household Moves vs Home Ownership Rate: 2011 - 2020

20 100%
Millions

34% 35% 35% 36% 36% 36% 35%

36% 37% 37%
18
75%

16

50%

14

66% 65% 65% 64% 64% 64% 65%

64% 63% 63%

25%
12

10 0%
'11 '12 '13 '14 '15 '16 '17 '18 '19 '20

% Home Owners % Renters Total U.S. Household Moves (millions)

3
Source: U.S. Bureau of the Census
 Transactions (Millions)

-
5
10
15
20
25
1971
1976
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000

Truck & Trailer Trans

2001
2002
2003
2004
2005
2006
2007

Mover Rate
2008
2009
2010
2011
2012
2013
2014
Census Data

2015
U-Haul Transactions vs Census Mover Rate: 1971 - 2020

2016
2017
2018
2019
2020
0%
5%
10%
15%
20%
25%

Mover Rate
4
 Self-Moving Equipment Rental Revenues

$3,500 200

180
$3,000
160
$2,500 140

120
$2,000
100
$1,500
80

$1,000 60

40
$500
20

$0 -
FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21
Annual Revenue (in millions) Truck Fleet Count (in thousands)
5
 Self-Storage

50,000 $600

45,000
Net Rentable Square Feet (NRSF) in thousands

$500
40,000

35,000
$400
30,000

in millions
25,000 $300

20,000
$200
15,000

10,000
$100
5,000

0 $0
3.31.11 3.31.12 3.31.13 3.31.14 3.31.15 3.31.16 3.31.17 3.31.18 3.31.19 3.31.20 3.31.21
Owned net rentable square feet Annual revenue ($) 6
 Self-Storage Results

• Last twelve months ended June 2021 we have added 3.5 million net rentable square feet
• Increased average monthly occupied square feet by 7.7 million in 1Q22 vs. 1Q21
• Average monthly occupancy rate was 80% in 1Q22 vs. 68% in 1Q21
• 865 locations (~66%) have occupancy greater than 90% as of June 30, 2021

Average annual rental rate per square foot (owned)

FY2005 FY2006 (PMSI)
FY2007 FY2008 FY2009
$13.99
$ 176.3 $ 224.5 $ 247.1 $ 250.5 $ 248.8 $13.80
$13.75 $13.77
Owned $ 96.7 $ 95.6 $ 101.7 $ 105.5 $ 106.4
$ 273.0 $$13.44
320.1 $ 348.8 $ 356.0 $ 355.2
$13.19
$12.95
FY2015 FY2016 FY2017 FY2018 FY2019 FY2020
$ 12.95 $ 13.19 $ 13.44 $ 13.75 $ 13.99 ###

FY2015 FY2014 FY2013 FY2012 $13.80

FY2011
$12.95 $13.19 $13.44 $13.75 $13.99 $13.77
$ 13.52 $ 13.12 $ 12.90 $ 12.81 $ 12.56
FY2005 FY2006 (PMSI)
FY2007 FY2008 FY2009
FY2015 FY2016 FY2017 FY2018FY2018
FY2015 FY2016 FY2017 FY2019 FY2019 FY2020
FY2020 FY2021 FY2021
7
 Self-Storage – Acquisitions/Development

10.0

9.0

8.0
204#
Net rentable square feet

7.0
in millions

6.0

5.0

4.0 95% 98#

79%
3.0
61%
86% 95%
2.0 37%
77%

1.0 63% 39%

21% 92%
23%
14% 5%
-
FY15 FY16 FY17 FY18 FY19 FY20 FY21 1Q22 Pipeline Under
(owned) contract
Existing Conversions/Ground-Up

8
 Self-Storage – By Acquisition Grouping

60

50 16

21

40 5
12 13
11
Confirmation
of Chelsea 10 6
30 5 3
5 13 9
3 6
5 6 6 11
11 5
20 1 7 11
5 6 6
3 6 6 3 3
2 1 1 2
1 2 2 6 2 1 4 6 27 5 3
2 2 25 23 4 3
10 20 3 21 4 3
3 1 3 1 6 2 4
2 15 16 1
13 12 13 11 11 11 11 3 3 2 3
8 10 10 8 3 1 9
6 5 5 1
3 4 3
0
4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21

Conversions Ground-Up Existing Expansion/Remote

Location acquisitions by quarter:

• Conversions represent existing buildings that we will renovate and/or build additional storage
• Ground-up represents bare land locations we will develop
• Existing represents storage facilities acquired, either with current occupancy or upon certificate of occupancy
• Expansion/remote are locations abutting current U-Haul centers we will expand into, or are buildings/existing
storage near an existing U-Haul center and will be operated together
9
 Ground-Up Development

Lakeville, MN

Murfreesboro, TN

10
 Ground-Up Development

Lakeland, FL

11
Lake Forest, CA
 Conversion Projects

Memphis, TN

Waukee, IA

Mansfield, OH

12
 Conversion Projects

Monaca, PA

Cedar Rapids, IA 13
 Conversion Projects

Herndon, VA

Framingham, MA

Radcliff, KY

14
 Consolidated Highlights

(3 months) Amounts in Millions, Except Per Share Data (12 months)

1Q22 1Q21 Consolidated Financial Results FY21 FY20 FY19
$ 1,472.9 $ 987.2 Revenues $ 4,542.0 $ 3,978.9 $ 3,768.7
494.2 154.1 Earnings from operations 961.1 540.1 621.0
(39.2) (39.5) Interest expense (163.5) (161.0) (142.4)
(109.6) (26.6) Income tax benefit (expense) (185.8) 63.9 (106.7)
345.2 87.7 Net earnings 610.9 442.0 370.9
$ 17.60 $ 4.47 Net earnings per share $ 31.15 $ 22.55 $ 18.93
$ 17.60 $ 4.47 Adjusted net earnings per share * $ 31.15 $ 15.10 $ 18.93
6.30.21 6.30.20 Selected Balance Sheet Data as of: 3.31.21 3.31.20 3.31.19
$ 8,569.5 $ 7,873.0 Property, plant and equipment, net $ 8,330.6 $ 7,843.1 $ 7,934.0
1,456.0 770.9 Cash (Moving and Storage segment) 1,010.3 459.1 643.9
15,114.9 13,712.4 Total assets 14,651.6 13,438.0 11,891.7
4,673.4 4,778.0 Notes, loans and fin/cap leases payable, net 4,668.9 4,621.3 4,163.3
5,111.5 4,257.2 Stockholder's equity 4,851.9 4,220.7 3,692.4
19,608 19,608 Weighted average common shares o/s (in '000s) 19,608 19,604 19,588
* FY 20 - Adjusted net earings per share excluding CARES Act gain of $7.45 per share.

15
 Insurance Company Operations
(3 months) Amounts in Millions (12 months)
1Q22 1Q21 Insurance Company Results FY21 FY20 FY19
$ 28.7 $ 30.9 Life insurance premiums $ 121.6 $ 128.0 $ 63.5
17.4 14.5 Property & casualty ins. premiums 70.3 69.1 63.5
35.3 17.1 Net investment income 124.2 128.9 98.7
0.7 0.8 Other revenue 3.3 4.5 4.8
82.1 63.3 Total revenues 319.4 330.5 230.5
14.2 14.1 Operating expenses 55.9 55.2 48.8
47.3 39.6 Benefits and losses 179.5 174.8 100.3
8.8 6.9 Amortization of DAC 28.3 31.2 28.6
0.2 - Lease expense 0.4 - -
70.5 60.6 Total expenses 264.1 261.2 177.7
11.6 2.7 Earnings from operations 55.3 69.3 52.8
(0.1) - Interest expense - - -
(2.4) (0.3) Income tax expense (10.9) (13.5) (11.1)
$ 9.1 $ 2.4 Net earnings $ 44.4 $ 55.8 $ 41.7
1.8 1.8 Net earnings - Life Ins. 18.7 21.9 20.1
7.3 0.6 Net earnings - P&C Ins. 25.7 33.9 21.7
3.31.21 3.31.20 Selected Balance Sheet Data as of: 12.31.20 12.31.19 12.31.18
$ 3,098.7 $ 2,621.1 Total assets - Life Ins. $ 3,101.5 $ 2,640.0 $ 2,370.5
463.0 466.7 Total assets - P&C Ins. 466.3 485.7 471.3
415.4 376.6 GAAP equity - Life Ins. 479.2 417.4 311.7
262.5 241.5 GAAP equity - P&C Ins. 262.6 251.1 222.4
16
 Moving and Storage Operations
(3 Months) Amounts in Millions (12 Months)
1Q22 1Q21 Moving and Storage Results FY21 FY20 FY19
$ 1,036.2 $ 654.9 Self-moving equipment rentals $ 3,086.8 $ 2,696.5 $ 2,656.3
137.4 109.0 Self-storage revenues 477.3 418.7 367.3
104.9 91.4 Retail product sales 344.9 265.1 264.1
8.4 7.3 Property management fees 31.6 30.4 29.1
106.4 63.7 Other revenue 291.1 247.1 229.0
1,393.3 926.3 Total revenues 4,231.7 3,657.8 3,545.8
601.9 480.1 Operating expenses 2,137.4 2,069.7 1,938.4
113.1 69.2 Commission expenses 329.6 288.3 288.4
69.9 52.8 Cost of sales 214.0 164.0 162.1
8.1 7.1 Lease expense 30.6 27.5 33.7
121.7 165.7 Depreciation, net of gains on disposal 609.9 637.1 554.0
(4.4) (0.3) Net gains on disposal of R/E 3.3 (0.8) -
910.3 774.6 Total costs and expenses 3,324.8 3,185.8 2,976.6
$ 483.0 $ 151.7 Earnings from operations $ 906.9 $ 472.0 $ 569.2
Cash Flows from Operating Activities:
$ 345.2 $ 87.7 Earnings - Moving and Storage $ 610.9 $ 442.0 $ 329.1
172.0 166.7 Add depreciation 664.0 664.1 581.0
(50.3) (1.1) Eliminate net gains on sale of prpty (54.1) (27.1) (27.0)
(4.4) (0.3) Eliminate net gains on sale of R/E* 3.3 (0.8) -
302.0 58.7 Other changes, net 204.8 (97.7) 75.8
764.5 311.7 Net cash provided by operations 1,428.9 980.5 958.9
17
 Moving and Storage Margin – Fiscal Year
100% 30%

90%
4.48%
4.57% 25%
As a percentage of total Moving and Storage revenue

4.88%
80% 7.88%
0.50%
4.95% 5.22% 4.90% 8.41% 8.13% 5.06%
4.86%
70% 9.82% 8.91%
8.58%
7.79%
8.80%
18.15%
20%
17.91% 17.34%
60%

Operating Margin
15.45% 16.67% 15.21%
15.31%
14.72%

50% 15%

40%
10%
30% 55.82%
53.52% 54.67%
48.49% 49.12% 48.90% 50.01%
47.68%

20%
5%
10%

0% 0%
FY14 FY15** FY16 FY17** FY18 FY19 FY20 FY21
Operating Ex pense Depreciation/Lease* Commissions Cost of Sales New Policy Operating Margin
18
* Depreciation/lease excludes gains on disposal ** FY17 & 15 exclude effects of PODS litigation accrual/reversal
 Moving and Storage Capital Expenditures

$2,500

$2,000
in millions

$1,500

$1,000

$500

$0
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21
19
Fleet-New Real Estate-Related Other Net Fleet Cap-Ex
 Moving and Storage: Leverage
$14,000

$12,000

$10,000

$8,000
in millions

$6,000

$4,000

$2,000

$0
3/14 3/15 3/16 3/17 3/18 3/19 3/20 3/21 6/21
Debt Net Debt (total less cash) GAAP Assets

20
 Highlights

• Leader in the North American Do-It-Yourself moving and storage markets

• Capital expenditures – Reinvesting in growth opportunities
• Cash – Conservative balances to fund future reinvestment
• Debt – Manageable maturity schedule, additional leverage available
• Significant Shoen family ownership
• Company is managed to maximize long-term value

21