AMERCO

On March 5, 2004, the Commission filed an application with the United States District Court for the District of Nevada, Northern Division, for an order to enforce investigative subpoenas served on AMERCO, the parent company of U-Haul, Inc.

The Commission's application and supporting papers allege that on November 4, 2002, the Commission issued a formal order of private investigation entitled In the Matter of AMERCO. On January 7, 2003, January 23, 2003, and February 21, 2003, the Commission issued administrative subpoenas to AMERCO in the course of that formal investigation into possible violations of the federal securities laws. The subpoenas required AMERCO to produce documents, including e-mails, relevant to the investigation. The Commission further alleges that, as of the date of the Commission's application, over a year has elapsed since service of the last of the subpoenas, and AMERCO has failed to produce all, or even substantially all, of the e-mails subpoenaed, and AMERCO has no valid justification for its failure to comply. The Commission's application and supporting papers also allege that, as recently as March 3, 2004, AMERCO declined to provide the staff of the Commission with a date by which it will complete production of the responsive e-mails and that a court order is necessary to prevent further delay in response to the subpoenas.

A hearing on the Commission's application has not yet been scheduled.