SCHEDULE I

CONDENSED FINANCIAL INFORMATION OF AMERCO

BALANCE SHEETS

		March 31,
		2016		2015
		(In thousands)
ASSETS
Cash and cash equivalents	$	381,690	$	291,550
Investment in subsidiaries		1,185,021		813,735
Related party assets		1,249,835		1,225,044
Other assets		94,128		85,409
Total assets	$	2,910,674	$	2,415,738

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Other liabilities	$	653,082	$	524,988
		653,082		524,988
Stockholders' equity:
Preferred stock		–		–
Common stock		10,497		10,497
Additional paid-in capital		451,839		449,878
Accumulated other comprehensive loss		(60,525)		(34,365)
Retained earnings:
Beginning of period		2,142,390		1,805,243
Net earnings		489,001		356,741
Dividends		(97,960)		(19,594)
End of period		2,533,431		2,142,390

Cost of common shares in treasury		(525,653)		(525,653)
Cost of preferred shares in treasury		(151,997)		(151,997)
Total stockholders' equity		2,257,592		1,890,750
Total liabilities and stockholders' equity	$	2,910,674	$	2,415,738

The accompanying notes are an integral part of these condensed consolidated financial statements.

CONDENSED FINANCIAL INFORMATION OF AMERCO

STATEMENTS OF OPERATIONS

		Years Ended March 31,
		2016		2015		2014
		(In thousands, except share and per share data)
Revenues:
Net interest income and other revenues	$	2,420	$	4,862	$	6,465
Expenses:
Operating expenses		7,525		7,055		6,636
Other expenses		111		99		97
Total expenses		7,636		7,154		6,733
Equity in earnings of subsidiaries		417,087		300,566		287,803
Interest income		93,873		75,241		86,916
Pretax earnings		505,744		373,515		374,451
Income tax expense		(16,743)		(16,774)		(32,060)
Earnings available to common shareholders	$	489,001	$	356,741	$	342,391
Basic and diluted earnings per common share	$	24.95	$	18.21	$	17.51
Weighted average common shares outstanding: Basic and diluted		19,596,110		19,586,633		19,558,758

The accompanying notes are an integral part of these condensed consolidated financial statements.

CONDENSED FINANCIAL INFORMATION OF AMERCO

STATEMENTS OF comprehensive income

		Years Ended March 31,
		2016		2015		2014
		(In thousands, except share and per share data)

Net earnings	$	489,001	$	356,741	$	342,391
Other comprehensive income (loss)		(26,160)		19,558		(31,243)
Total comprehensive income	$	462,841	$	376,299	$	311,148

The accompanying notes are an integral part of these condensed consolidated financial statements.

CONDENSED FINANCIAL INFORMATION OF AMERCO

STATEMENTS OF CASH FLOW

		Years Ended March 31,
		2016		2015		2014
		(In thousands)
Cash flows from operating activities:
Net earnings	$	489,001	$	356,741	$	342,391
Change in investments in subsidiaries		(417,087)		(300,566)		(287,803)
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation		6		6		5
Net gain on sale of investments		–		–		(1,325)
Deferred income taxes		124,838		66,628		34,605
Net change in other operating assets and liabilities:
Prepaid expenses		(8,723)		(66,786)		3,938
Other assets		6		84		(41)
Related party assets		56,849		(539)		–
Accounts payable and accrued expenses		(14)		5,239		6,589
Net cash provided by operating activities		244,876		60,807		98,359

Cash flows from investing activities:
Purchases of property, plant and equipment		(8)		–		(2)
Proceeds of equity securities		–		–		26,569
Net cash provided by investing activities		(8)		–		26,567

Cash flows from financing activities:
Proceeds from (repayments) of intercompany loans		(76,354)		(71,207)		(110,933)
Common stock dividends paid		(78,374)		(19,594)		(19,568)
Net cash provided (used) by financing activities		(154,728)		(90,801)		(130,501)

Increase (decrease) in cash and cash equivalents		90,140		(29,994)		(5,575)
Cash and cash equivalents at beginning of period		291,550		321,544		327,119
Cash and cash equivalents at end of period	$	381,690	$	291,550	$	321,544

Income taxes paid, net of income taxes refunds received, amounted to $141.9 million, $195.1 million and $138.4 million for fiscal 2016, 2015 and 2014, respectively.

The accompanying notes are an integral part of these condensed consolidated financial statements.