SCHEDULE I

CONDENSED FINANCIAL INFORMATION OF AMERCO

BALANCE SHEETS

		March 31,
		2017		2016
		(In thousands)
ASSETS
Cash and cash equivalents	$	361,231	$	381,690
Investment in subsidiaries		1,522,083		1,185,021
Related party assets		1,474,948		1,249,835
Other assets		78,119		94,128
Total assets	$	3,436,381	$	2,910,674

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Other liabilities	$	809,705	$	653,082
		809,705		653,082
Stockholders' equity:
Preferred stock		–		–
Common stock		10,497		10,497
Additional paid-in capital		452,382		451,839
Accumulated other comprehensive loss		(51,236)		(60,525)
Retained earnings:
Beginning of period		2,533,431		2,142,390
Net earnings		398,424		489,001
Dividends		(39,172)		(97,960)
End of period		2,892,683		2,533,431

Cost of common shares in treasury		(525,653)		(525,653)
Cost of preferred shares in treasury		(151,997)		(151,997)
Total stockholders' equity		2,626,676		2,257,592
Total liabilities and stockholders' equity	$	3,436,381	$	2,910,674

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,
		2017		2016		2015
		(In thousands, except share and per share data)
Revenues:
Net interest income and other revenues	$	1,912	$	2,420	$	4,862
Expenses:
Operating expenses		7,115		7,525		7,055
Other expenses		109		111		99
Total expenses		7,224		7,636		7,154
Equity in earnings of subsidiaries		327,773		417,087		300,566
Interest income		103,211		93,873		75,241
Pretax earnings		425,672		505,744		373,515
Income tax expense		(27,248)		(16,743)		(16,774)
Earnings available to common shareholders	$	398,424	$	489,001	$	356,741
Basic and diluted earnings per common share	$	20.34	$	24.95	$	18.21
Weighted average common shares outstanding: Basic and diluted		19,586,606		19,596,110		19,586,633

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,
		2017		2016		2015
		(In thousands, except share and per share data)

Net earnings	$	398,424	$	489,001	$	356,741
Other comprehensive income (loss)		9,289		(26,160)		19,558
Total comprehensive income	$	407,713	$	462,841	$	376,299

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,
		2017		2016		2015
		(In thousands)
Cash flows from operating activities:
Net earnings	$	398,424	$	489,001	$	356,741
Change in investments in subsidiaries		(327,773)		(417,087)		(300,566)
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation		10		6		6
Net loss on sale of real and personal property		13		–		–
Deferred income taxes		173,059		124,838		66,628
Net change in other operating assets and liabilities:
Prepaid expenses		16,021		(8,723)		(66,786)
Other assets		(20)		6		84
Related party assets		1		56,849		(539)
Accounts payable and accrued expenses		(297)		(14)		5,239
Net cash provided by operating activities		259,438		244,876		60,807

Cash flows from investing activities:
Purchases of property, plant and equipment		(55)		(8)		–
Proceeds of property, plant and equipment		39		–		–
Net cash provided by investing activities		(16)		(8)		–

Cash flows from financing activities:
Proceeds from (repayments) of intercompany loans		(221,124)		(76,354)		(71,207)
Common stock dividends paid		(58,757)		(78,374)		(19,594)
Net cash provided (used) by financing activities		(279,881)		(154,728)		(90,801)

Increase (decrease) in cash and cash equivalents		(20,459)		90,140		(29,994)
Cash and cash equivalents at beginning of period		381,690		291,550		321,544
Cash and cash equivalents at end of period	$	361,231	$	381,690	$	291,550

Income taxes paid, net of income taxes refunds received, amounted to $36.9 million, $141.9 million and $195.1 million for fiscal 2017, 2016 and 2015, respectively.

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