SCHEDULE I

CONDENSED FINANCIAL INFORMATION OF AMERCO

BALANCE SHEETS

		March 31,
		2018		2017
		(In thousands)
ASSETS
Cash and cash equivalents	$	469,209	$	361,231
Investment in subsidiaries		2,244,867		1,522,083
Related party assets		1,227,491		1,474,948
Other assets		114,568		78,119
Total assets	$	4,056,135	$	3,436,381

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Other liabilities	$	639,604	$	809,705
		639,604		809,705
Stockholders' equity:
Preferred stock		–		–
Common stock		10,497		10,497
Additional paid-in capital		452,956		452,382
Accumulated other comprehensive loss		(4,623)		(51,236)
Retained earnings:
Beginning of period		2,883,943		2,533,431
Net earnings		790,583		398,424
Dividends		(39,175)		(39,172)
End of period		3,635,351		2,892,683

Cost of common shares in treasury		(525,653)		(525,653)
Cost of preferred shares in treasury		(151,997)		(151,997)
Total stockholders' equity		3,416,531		2,626,676
Total liabilities and stockholders' equity	$	4,056,135	$	3,436,381

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

CONDENSED FINANCIAL INFORMATION OF AMERCO

STATEMENTS OF OPERATIONS

		Years Ended March 31,
		2018		2017		2016
		(In thousands, except share and per share data)
Revenues:
Net interest income and other revenues	$	4,606	$	1,912	$	2,420
Expenses:
Operating expenses		7,003		7,115		7,525
Other expenses		91		109		111
Total expenses		7,094		7,224		7,636
Equity in earnings of subsidiaries		681,786		327,773		417,087
Interest income		120,549		103,211		93,873
Pretax earnings		799,847		425,672		505,744
Income tax expense		(9,264)		(27,248)		(16,743)
Earnings available to common shareholders	$	790,583	$	398,424	$	489,001
Basic and diluted earnings per common share	$	40.36	$	20.34	$	24.95
Weighted average common shares outstanding: Basic and diluted		19,588,889		19,586,606		19,596,110

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

CONDENSED FINANCIAL INFORMATION OF AMERCO

STATEMENTS OF comprehensive income

		Years Ended March 31,
		2018		2017		2016
		(In thousands)

Net earnings	$	790,583	$	398,424	$	489,001
Other comprehensive income (loss)		37,873		9,289		(26,160)
Total comprehensive income	$	828,456	$	407,713	$	462,841

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

CONDENSED FINANCIAL INFORMATION OF AMERCO

STATEMENTS OF CASH FLOW

		Years Ended March 31,
		2018		2017		2016
		(In thousands)
Cash flows from operating activities:
Net earnings	$	790,583	$	398,424	$	489,001
Change in investments in subsidiaries		(681,786)		(327,773)		(417,087)
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation		3		10		6
Net loss on sale of real and personal property		–		13		–
Deferred income taxes		(182,358)		173,059		124,838
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		–		–		–
Prepaid expenses		(36,516)		16,021		(8,723)
Other assets		65		(20)		6
Related party assets		–		1		56,849
Accounts payable and accrued expenses		278		(297)		(14)
Net cash provided (used) by operating activities		(109,731)		259,438		244,876

Cash flows from investing activities:
Purchases of property, plant and equipment		(1)		(55)		(8)
Proceeds of property, plant and equipment		–		39		–
Net cash used by investing activities		(1)		(16)		(8)

Cash flows from financing activities:
Proceeds from (repayments) of intercompany loans		250,214		(221,124)		(76,354)
Common stock dividends paid		(29,380)		(58,757)		(78,374)
Net cash provided (used) by financing activities		220,834		(279,881)		(154,728)

Effects of exchange rate on cash		(3,124)		–		–
Increase (decrease) in cash and cash equivalents		107,978		(20,459)		90,140
Cash and cash equivalents at beginning of period		361,231		381,690		291,550
Cash and cash equivalents at end of period	$	469,209	$	361,231	$	381,690

Income taxes paid, net of income taxes refunds received, amounted to $68.7 million, $36.9 million and $141.9 million for fiscal 2018, 2017 and 2016, respectively.

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