AMERCO’s three reportable segments are:

Moving and Storage, comprised of AMERCO, U-Haul, and Real Estate and the subsidiaries of U-Haul and Real Estate,
Property and Casualty Insurance, comprised of Repwest and its subsidiaries and ARCOA, and
Life Insurance, comprised of Oxford and its subsidiaries.

Management tracks revenues separately, but does not report any separate measure of the profitability for rental vehicles, rentals of self-storage spaces and sales of products that are required to be classified as a separate operating segment and accordingly does not present these as separate reportable segments. Deferred income taxes are shown as liabilities on the condensed consolidating statements.

The information includes elimination entries necessary to consolidate AMERCO, the parent, with its subsidiaries.

Investments in subsidiaries are accounted for by the parent using the equity method of accounting.

Consolidating balance sheets by industry segment as of December 31, 2016 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Assets:
Cash and cash equivalents	$	971,002	$	11,258	$	1,925	$	–		$	984,185
Reinsurance recoverables and trade receivables, net		58,514		109,590		30,991		–			199,095
Inventories, net		79,682		–		–		–			79,682
Prepaid expenses		54,486		–		–		–			54,486
Investments, fixed maturities and marketable equities		–		249,780		1,450,801		–			1,700,581
Investments, other		29,694		68,997		278,122		–			376,813
Deferred policy acquisition costs, net		–		–		118,040		–			118,040
Other assets		74,960		768		2,321		–			78,049
Related party assets		93,873		12,290		461		(14,919)	(c)		91,705
		1,362,211		452,683		1,882,661		(14,919)			3,682,636

Investment in subsidiaries		500,358		–		–		(500,358)	(b)		–

Property, plant and equipment, at cost:
Land		633,725		–		–		–			633,725
Buildings and improvements		2,509,073		–		–		–			2,509,073
Furniture and equipment		477,131		–		–		–			477,131
Rental trailers and other rental equipment		493,214		–		–		–			493,214
Rental trucks		3,806,387		–		–		–			3,806,387
		7,919,530		–		–		–			7,919,530
Less: Accumulated depreciation		(2,314,849)		–		–		–			(2,314,849)
Total property, plant and equipment		5,604,681		–		–		–			5,604,681
Total assets	$	7,467,250	$	452,683	$	1,882,661	$	(515,277)		$	9,287,317

(a) Balances as of September 30, 2016
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	424,621	$	3,899	$	6,480	$	–		$	435,000
Notes, loans and leases payable		3,198,435		–		–		–			3,198,435
Policy benefits and losses, claims and loss expenses payable		397,542		247,169		438,916		–			1,083,627
Liabilities from investment contracts		–		–		1,085,775		–			1,085,775
Other policyholders' funds and liabilities		–		4,040		4,228		–			8,268
Deferred income		23,847		–		–		–			23,847
Deferred income taxes		749,979		11,542		30,140		–			791,661
Related party liabilities		12,122		2,700		97		(14,919)	(c)		–
Total liabilities		4,806,546		269,350		1,565,636		(14,919)			6,626,613

Stockholders' equity:
Series preferred stock:
Series A preferred stock		–		–		–		–			–
Series B preferred stock		–		–		–		–			–
Series A common stock		–		–		–		–			–
Common stock		10,497		3,301		2,500		(5,801)	(b)		10,497
Additional paid-in capital		452,224		91,120		26,271		(117,601)	(b)		452,014
Accumulated other comprehensive income (loss)		(21,034)		12,088		44,183		(56,271)	(b)		(21,034)
Retained earnings		2,902,722		76,824		244,071		(320,685)	(b)		2,902,932
Cost of common shares in treasury, net		(525,653)		–		–		–			(525,653)
Cost of preferred shares in treasury, net		(151,997)		–		–		–			(151,997)
Unearned employee stock ownership plan shares		(6,055)		–		–		–			(6,055)
Total stockholders' equity		2,660,704		183,333		317,025		(500,358)			2,660,704
Total liabilities and stockholders' equity	$	7,467,250	$	452,683	$	1,882,661	$	(515,277)		$	9,287,317

(a) Balances as of September 30, 2016
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of March 31, 2016 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated

Assets:		(In thousands)
Cash and cash equivalents	$	585,666	$	14,049	$	931	$	–		$	600,646
Reinsurance recoverables and trade receivables, net		34,451		111,978		28,781		–			175,210
Inventories, net		79,756		–		–		–			79,756
Prepaid expenses		134,300		–		–		–			134,300
Investments, fixed maturities and marketable equities		–		238,570		1,271,968		–			1,510,538
Investments, other		21,431		47,374		241,267		–			310,072
Deferred policy acquisition costs, net		–		–		136,386		–			136,386
Other assets		71,719		3,088		2,403		–			77,210
Related party assets		88,022		12,465		613		(15,366)	(c)		85,734
		1,015,345		427,524		1,682,349		(15,366)			3,109,852

Investment in subsidiaries		432,277		–		–		(432,277)	(b)		–

Property, plant and equipment, at cost:
Land		587,347		–		–		–			587,347
Buildings and improvements		2,187,400		–		–		–			2,187,400
Furniture and equipment		399,943		–		–		–			399,943
Rental trailers and other rental equipment		462,379		–		–		–			462,379
Rental trucks		3,514,175		–		–		–			3,514,175
		7,151,244		–		–		–			7,151,244
Less: Accumulated depreciation		(2,133,733)		–		–		–			(2,133,733)
Total property, plant and equipment		5,017,511		–		–		–			5,017,511
Total assets	$	6,465,133	$	427,524	$	1,682,349	$	(447,643)		$	8,127,363

(a) Balances as of December 31, 2015
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated

		(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	492,982	$	1,535	$	8,096	$	–		$	502,613
Notes, loans and leases payable		2,665,396		–		–		–			2,665,396
Policy benefits and losses, claims and loss expenses payable		386,366		252,819		432,227		–			1,071,412
Liabilities from investment contracts		–		–		951,490		–			951,490
Other policyholders' funds and liabilities		–		3,017		5,633		–			8,650
Deferred income		22,784		–		–		–			22,784
Deferred income taxes		633,061		7,526		13,025		–			653,612
Related party liabilities		13,138		2,067		161		(15,366)	(c)		–
Total liabilities		4,213,727		266,964		1,410,632		(15,366)			5,875,957

Stockholders' equity:
Series preferred stock:
Series A preferred stock		–		–		–		–			–
Series B preferred stock		–		–		–		–			–
Series A common stock		–		–		–		–			–
Common stock		10,497		3,301		2,500		(5,801)	(b)		10,497
Additional paid-in capital		451,839		91,120		26,271		(117,601)	(b)		451,629
Accumulated other comprehensive income (loss)		(60,525)		3,611		10,504		(14,115)	(b)		(60,525)
Retained earnings		2,533,431		62,528		232,442		(294,760)	(b)		2,533,641
Cost of common shares in treasury, net		(525,653)		–		–		–			(525,653)
Cost of preferred shares in treasury, net		(151,997)		–		–		–			(151,997)
Unearned employee stock ownership plan shares		(6,186)		–		–		–			(6,186)
Total stockholders' equity		2,251,406		160,560		271,717		(432,277)			2,251,406
Total liabilities and stockholders' equity	$	6,465,133	$	427,524	$	1,682,349	$	(447,643)		$	8,127,363

(a) Balances as of December 31, 2015
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating statement of operations by industry segment for the quarter ended December 31, 2016 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	542,545	$	–	$	–	$	(1,072)	(c)	$	541,473
Self-storage revenues		72,309		–		–		–			72,309
Self-moving and self-storage products and service sales		51,562		–		–		–			51,562
Property management fees		9,734		–		–		–			9,734
Life insurance premiums		–		–		41,279		–			41,279
Property and casualty insurance premiums		–		14,938		–		–			14,938
Net investment and interest income		2,570		3,443		17,221		(180)	(b)		23,054
Other revenue		35,264		–		1,194		(131)	(b)		36,327
Total revenues		713,984		18,381		59,694		(1,383)			790,676

Costs and expenses:
Operating expenses		377,165		7,688		5,693		(1,194)	(b,c)		389,352
Commission expenses		61,052		–		–		–			61,052
Cost of sales		32,537		–		–		–			32,537
Benefits and losses		–		3,474		41,929		–			45,403
Amortization of deferred policy acquisition costs		–		–		5,200		–			5,200
Lease expense		8,854		–		–		(47)	(b)		8,807
Depreciation, net of (gains) losses on disposals		116,123		–		–		–			116,123
Total costs and expenses		595,731		11,162		52,822		(1,241)			658,474

Earnings from operations before equity in earnings of subsidiaries		118,253		7,219		6,872		(142)			132,202

Equity in earnings of subsidiaries		9,046		–		–		(9,046)	(d)		–

Earnings from operations		127,299		7,219		6,872		(9,188)			132,202
Interest expense		(29,145)		–		–		142	(b)		(29,003)
Amortization on early extinguishment of debt		(499)		–		–		–			(499)
Pretax earnings		97,655		7,219		6,872		(9,046)			102,700
Income tax expense		(32,427)		(2,488)		(2,557)		–			(37,472)
Earnings available to common shareholders	$	65,228	$	4,731	$	4,315	$	(9,046)		$	65,228

(a) Balances for the quarter ended September 30, 2016
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

Consolidating statement of operations by industry segment for the quarter ended December 31, 2015 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	518,438	$	–	$	–	$	(1,035)	(c)	$	517,403
Self-storage revenues		63,164		–		–		–			63,164
Self-moving and self-storage products and service sales		50,038		–		–		–			50,038
Property management fees		8,170		–		–		–			8,170
Life insurance premiums		–		–		40,657		–			40,657
Property and casualty insurance premiums		–		14,105		–		–			14,105
Net investment and interest income		1,976		3,252		13,993		(195)	(b)		19,026
Other revenue		30,966		–		1,498		(276)	(b)		32,188
Total revenues		672,752		17,357		56,148		(1,506)			744,751

Costs and expenses:
Operating expenses		344,654		7,048		5,756		(1,302)	(b,c)		356,156
Commission expenses		58,347		–		–		–			58,347
Cost of sales		29,460		–		–		–			29,460
Benefits and losses		–		4,038		37,536		–			41,574
Amortization of deferred policy acquisition costs		–		–		5,138		–			5,138
Lease expense		10,508		–		–		(47)	(b)		10,461
Depreciation, net of (gains) losses on disposals		85,713		–		–		–			85,713
Total costs and expenses		528,682		11,086		48,430		(1,349)			586,849

Earnings from operations before equity in earnings of subsidiaries		144,070		6,271		7,718		(157)			157,902

Equity in earnings of subsidiaries		9,090		–		–		(9,090)	(d)		–

Earnings from operations		153,160		6,271		7,718		(9,247)			157,902
Interest expense		(25,564)		–		–		157	(b)		(25,407)
Pretax earnings		127,596		6,271		7,718		(9,090)			132,495
Income tax expense		(45,827)		(2,195)		(2,704)		–			(50,726)
Earnings available to common shareholders	$	81,769	$	4,076	$	5,014	$	(9,090)		$	81,769

(a) Balances for the quarter ended September 30, 2015
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

Consolidating statements of operations by industry for the nine months ended December 31, 2016 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	1,902,400	$	–	$	–	$	(2,881)	(c)	$	1,899,519
Self-storage revenues		212,194		–		–		–			212,194
Self-moving and self-storage products and service sales		199,195		–		–		–			199,195
Property management fees		23,050		–		–		–			23,050
Life insurance premiums		–		–		123,064		–			123,064
Property and casualty insurance premiums		–		40,202		–		–			40,202
Net investment and interest income		7,035		12,951		56,982		(549)	(b)		76,419
Other revenue		136,341		–		3,404		(392)	(b)		139,353
Total revenues		2,480,215		53,153		183,450		(3,822)			2,712,996

Costs and expenses:
Operating expenses		1,137,364		21,193		17,335		(3,245)	(b,c)		1,172,647
Commission expenses		215,330		–		–		–			215,330
Cost of sales		116,851		–		–		–			116,851
Benefits and losses		–		10,144		129,098		–			139,242
Amortization of deferred policy acquisition costs		–		–		19,131		–			19,131
Lease expense		29,344		–		–		(140)	(b)		29,204
Depreciation, net of (gains) losses on disposals		321,408		–		–		–			321,408
Total costs and expenses		1,820,297		31,337		165,564		(3,385)			2,013,813

Earnings from operations before equity in earnings of subsidiaries		659,918		21,816		17,886		(437)			699,183

Equity in earnings of subsidiaries		25,925		–		–		(25,925)	(d)		–

Earnings from operations		685,843		21,816		17,886		(26,362)			699,183
Interest expense		(84,299)		–		–		437	(b)		(83,862)
Amortization on early extinguishment of debt		(499)		–		–		–			(499)
Pretax earnings		601,045		21,816		17,886		(25,925)			614,822
Income tax expense		(212,169)		(7,520)		(6,257)		–			(225,946)
Earnings available to common shareholders	$	388,876	$	14,296	$	11,629	$	(25,925)		$	388,876

(a) Balances for the nine months ended September 30, 2016
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

Consolidating statements of operations by industry for the nine months ended December 31, 2015 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	1,847,661	$	–	$	–	$	(2,753)	(c)	$	1,844,908
Self-storage revenues		182,415		–		–		–			182,415
Self-moving and self-storage products and service sales		197,999		–		–		–			197,999
Property management fees		20,601		–		–		–			20,601
Life insurance premiums		–		–		121,438		–			121,438
Property and casualty insurance premiums		–		38,033		–		–			38,033
Net investment and interest income		6,638		10,839		46,261		(589)	(b)		63,149
Other revenue		120,572		–		3,705		(361)	(b)		123,916
Total revenues		2,375,886		48,872		171,404		(3,703)			2,592,459

Costs and expenses:
Operating expenses		1,091,169		20,476		17,048		(3,086)	(b,c)		1,125,607
Commission expenses		212,204		–		–		–			212,204
Cost of sales		110,596		–		–		–			110,596
Benefits and losses		–		9,582		118,811		–			128,393
Amortization of deferred policy acquisition costs		–		–		15,559		–			15,559
Lease expense		40,389		–		–		(140)	(b)		40,249
Depreciation, net of (gains) losses on disposals		199,773		–		–		–			199,773
Total costs and expenses		1,654,131		30,058		151,418		(3,226)			1,832,381

Earnings from operations before equity in earnings of subsidiaries		721,755		18,814		19,986		(477)			760,078

Equity in earnings of subsidiaries		25,219		–		–		(25,219)	(d)		–

Earnings from operations		746,974		18,814		19,986		(25,696)			760,078
Interest expense		(71,957)		–		–		477	(b)		(71,480)
Pretax earnings		675,017		18,814		19,986		(25,219)			688,598
Income tax expense		(238,584)		(6,585)		(6,996)		–			(252,165)
Earnings available to common shareholders	$	436,433	$	12,229	$	12,990	$	(25,219)		$	436,433

(a) Balances for the nine months ended September 30, 2015
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

Consolidating cash flow statements by industry segment for the nine months ended December 31, 2016 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination		AMERCO Consolidated
		(Unaudited)
Cash flows from operating activities:		(In thousands)
Net earnings	$	388,876	$	14,296	$	11,629	$	(25,925)	$	388,876
Earnings from consolidated entities		(25,925)		–		–		25,925		–
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		354,183		–		–		–		354,183
Amortization of deferred policy acquisition costs		–		–		19,131		–		19,131
Amortization of debt issuance costs		3,125		–		–		–		3,125
Interest credited to policyholders		–		–		18,190		–		18,190
Change in allowance for losses on trade receivables		22		–		(50)		–		(28)
Change in allowance for inventory reserve		1,897		–		–		–		1,897
Net gain on sale of real and personal property		(32,775)		–		–		–		(32,775)
Net gain on sale of investments		–		(2,717)		(1,231)		–		(3,948)
Deferred income taxes		114,017		(549)		(1,020)		–		112,448
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		(24,147)		2,388		(2,160)		–		(23,919)
Inventories		(1,901)		–		–		–		(1,901)
Prepaid expenses		79,578		–		–		–		79,578
Capitalization of deferred policy acquisition costs		–		–		(21,040)		–		(21,040)
Other assets		(3,953)		2,439		83		–		(1,431)
Related party assets		(5,906)		437		–		–		(5,469)
Accounts payable and accrued expenses		22,313		2,363		6,097		–		30,773
Policy benefits and losses, claims and loss expenses payable		11,805		(5,650)		6,688		–		12,843
Other policyholders' funds and liabilities		–		1,024		(1,406)		–		(382)
Deferred income		1,105		–		–		–		1,105
Related party liabilities		(1,018)		371		(64)		–		(711)
Net cash provided (used) by operating activities		881,296		14,402		34,847		–		930,545

Cash flows from investing activities:
Purchases of:
Property, plant and equipment		(981,316)		–		–		–		(981,316)
Short term investments		–		(67,094)		(499,277)		–		(566,371)
Fixed maturities investments		–		(22,138)		(239,713)		–		(261,851)
Equity securities		–		–		(489)		–		(489)
Real estate		(3,510)		(4,648)		(7,705)		–		(15,863)
Mortgage loans		(9,738)		(16,686)		(132,885)		–		(159,309)
Proceeds from sales and paydown's of:
Property, plant and equipment		412,892		–		–		–		412,892
Short term investments		–		59,583		507,372		–		566,955
Fixed maturities investments		–		20,697		126,536		–		147,233
Preferred stock		–		3,351		–		–		3,351
Real estate		–		–		1,681		–		1,681
Mortgage loans		4,986		9,742		94,532		–		109,260
Net cash provided (used) by investing activities		(576,686)		(17,193)		(149,948)		–		(743,827)
		(page 1 of 2)
(a) Balance for the period ended September 30, 2016

Continuation of consolidating cash flow statements by industry segment for the nine months ended December 31, 2016 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination		AMERCO Consolidated
		(Unaudited)
Cash flows from financing activities:		(In thousands)
Borrowings from credit facilities		507,008		–		27,000		–		534,008
Principal repayments on credit facilities		(217,545)		–		(27,000)		–		(244,545)
Debt issuance costs		(4,529)		–		–		–		(4,529)
Capital lease payments		(141,750)		–		–		–		(141,750)
Employee Stock Ownership Plan		(7,541)		–		–		–		(7,541)
Securitization deposits		371		–		–		–		371
Common stock dividend paid		(39,171)		–		–		–		(39,171)
Investment contract deposits		–		–		180,554		–		180,554
Investment contract withdrawals		–		–		(64,459)		–		(64,459)
Net cash provided (used) by financing activities		96,843		–		116,095		–		212,938

Effects of exchange rate on cash		(16,117)		–		–		–		(16,117)

Increase (decrease) in cash and cash equivalents		385,336		(2,791)		994		–		383,539
Cash and cash equivalents at beginning of period		585,666		14,049		931		–		600,646
Cash and cash equivalents at end of period	$	971,002	$	11,258	$	1,925	$	–	$	984,185
		(page 2 of 2)
(a) Balance for the period ended September 30, 2016

Consolidating cash flow statements by industry segment for the nine months ended December 31, 2015 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination		AMERCO Consolidated
		(Unaudited)
Cash flows from operating activities:		(In thousands)
Net earnings	$	436,433	$	12,229	$	12,990	$	(25,219)	$	436,433
Earnings from consolidated entities		(25,219)		–		–		25,219		–
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation		287,562		–		–		–		287,562
Amortization of deferred policy acquisition costs		–		–		15,559		–		15,559
Amortization of debt issuance costs		2,319		–		–		–		2,319
Interest credited to policyholders		–		–		13,844		–		13,844
Change in allowance for losses on trade receivables		29		–		(211)		–		(182)
Change in allowance for inventory reserve		(1,939)		–		–		–		(1,939)
Net gain on sale of real and personal property		(87,789)		–		–		–		(87,789)
Net gain on sale of investments		–		(652)		(3,127)		–		(3,779)
Deferred income taxes		145,104		5,321		974		–		151,399
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		(5,420)		12,077		1,911		–		8,568
Inventories		(3,887)		–		–		–		(3,887)
Prepaid expenses		(57,015)		–		–		–		(57,015)
Capitalization of deferred policy acquisition costs		–		–		(24,803)		–		(24,803)
Other assets		16,907		1,358		96		–		18,361
Related party assets		49,512		291		–		–		49,803
Accounts payable and accrued expenses		16,703		822		19,798		–		37,323
Policy benefits and losses, claims and loss expenses payable		20,712		(15,402)		7,666		–		12,976
Other policyholders' funds and liabilities		–		(1,239)		679		–		(560)
Deferred income		1,005		–		–		–		1,005
Related party liabilities		(752)		(169)		43		–		(878)
Net cash provided (used) by operating activities		794,265		14,636		45,419		–		854,320

Cash flows from investing activities:
Purchases of:
Property, plant and equipment		(1,051,830)		–		–		–		(1,051,830)
Short term investments		–		(30,536)		(361,147)		–		(391,683)
Fixed maturities investments		–		(32,593)		(286,071)		–		(318,664)
Equity securities		–		–		(1,315)		–		(1,315)
Preferred stock		–		(5)		–		–		(5)
Real estate		–		(6)		(17)		–		(23)
Mortgage loans		(15,104)		(1,800)		(82,645)		–		(99,549)
Proceeds from sales and paydown's of:
Property, plant and equipment		463,602		–		–		–		463,602
Short term investments		–		31,816		369,028		–		400,844
Fixed maturities investments		–		19,428		116,299		–		135,727
Equity securities		–		–		808		–		808
Mortgage loans		11,635		4,447		18,059		–		34,141
Net cash provided (used) by investing activities		(591,697)		(9,249)		(227,001)		–		(827,947)
		(page 1 of 2)
(a) Balance for the period ended September 30, 2015

Continuation of consolidating cash flow statements by industry segment for the nine months ended December 31, 2015 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination		AMERCO Consolidated
		(Unaudited)
Cash flows from financing activities:		(In thousands)
Borrowings from credit facilities		461,276		–		47,000		–		508,276
Principal repayments on credit facilities		(233,304)		–		(47,000)		–		(280,304)
Debt issuance costs		(5,957)		–		–		–		(5,957)
Capital lease payments		(110,202)		–		–		–		(110,202)
Employee Stock Ownership Plan		(1,559)		–		–		–		(1,559)
Securitization deposits		448		–		–		–		448
Common stock dividend paid		(78,374)		–		–		–		(78,374)
Investment contract deposits		–		–		232,912		–		232,912
Investment contract withdrawals		–		–		(41,258)		–		(41,258)
Net cash provided (used) by financing activities		32,328		–		191,654		–		223,982

Effects of exchange rate on cash		(17,578)		–		–		–		(17,578)

Increase (decrease) in cash and cash equivalents		217,318		5,387		10,072		–		232,777
Cash and cash equivalents at beginning of period		431,873		8,495		1,482		–		441,850
Cash and cash equivalents at end of period	$	649,191	$	13,882	$	11,554	$	–	$	674,627
		(page 2 of 2)
(a) Balance for the period ended September 30, 2015