SCHEDULE I

CONDENSED FINANCIAL INFORMATION OF AMERCO

BALANCE SHEETS

		March 31,
		2019		2018
		(In thousands)
ASSETS
Cash and cash equivalents	$	428,950	$	469,209
Investment in subsidiaries		2,474,671		2,244,867
Related party assets		1,424,274		1,227,491
Other assets		120,896		114,568
Total assets	$	4,448,791	$	4,056,135

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Other liabilities	$	754,115	$	639,604
		754,115		639,604
Stockholders' equity:
Preferred stock		–		–
Common stock		10,497		10,497
Additional paid-in capital		453,536		452,956
Accumulated other comprehensive loss		(68,459)		(4,623)
Retained earnings:
Beginning of period		3,635,351		2,883,943
Adjustment for adoption of ASU 2016-01		9,724		–
Net earnings		370,857		790,583
Dividends		(39,180)		(39,175)
End of period		3,976,752		3,635,351

Cost of common shares in treasury		(525,653)		(525,653)
Cost of preferred shares in treasury		(151,997)		(151,997)
Total stockholders' equity		3,694,676		3,416,531
Total liabilities and stockholders' equity	$	4,448,791	$	4,056,135

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

CONDENSED FINANCIAL INFORMATION OF AMERCO

STATEMENTS OF OPERATIONS

		Years Ended March 31,
		2019		2018		2017
		(In thousands, except share and per share data)
Revenues:
Net interest income and other revenues	$	8,601	$	4,606	$	1,912
Expenses:
Operating expenses		8,840		7,003		7,115
Other expenses		93		91		109
Total expenses		8,933		7,094		7,224
Equity in earnings of subsidiaries		279,589		681,786		327,773
Interest income		112,649		120,549		103,211
Pretax earnings		391,906		799,847		425,672
Income tax expense		(21,049)		(9,264)		(27,248)
Earnings available to common shareholders	$	370,857	$	790,583	$	398,424
Basic and diluted earnings per common share	$	18.93	$	40.36	$	20.34
Weighted average common shares outstanding: Basic and diluted		19,592,048		19,588,889		19,586,606

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,
		2019		2018		2017
		(In thousands)

Net earnings	$	370,857	$	790,583	$	398,424
Other comprehensive income (loss)		(62,075)		37,873		9,289
Total comprehensive income	$	308,782	$	828,456	$	407,713

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,
		2019		2018		2017
		(In thousands)
Cash flows from operating activities:
Net earnings	$	370,857	$	790,583	$	398,424
Change in investments in subsidiaries		(279,589)		(681,786)		(327,773)
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation		1		3		10
Net loss on sale of real and personal property		–		–		13
Deferred income taxes		112,434		(182,358)		173,059
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		–		–		–
Prepaid expenses		(6,289)		(36,516)		16,021
Other assets		(40)		65		(20)
Related party assets		–		–		1
Accounts payable and accrued expenses		2,260		278		(297)
Net cash provided (used) by operating activities		199,634		(109,731)		259,438

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

Cash flows from financing activities:
Proceeds from (repayments) of intercompany loans		(196,382)		250,214		(221,124)
Common stock dividends paid		(39,179)		(29,380)		(58,757)
Net cash provided (used) by financing activities		(235,561)		220,834		(279,881)

Effects of exchange rate on cash		(4,331)		(3,124)		–
Increase (decrease) in cash and cash equivalents		(40,259)		107,978		(20,459)
Cash and cash equivalents at beginning of period		469,209		361,231		381,690
Cash and cash equivalents at end of period	$	428,950	$	469,209	$	361,231

Income taxes paid, net of income taxes refunds received, amounted to $4.3 million, $68.7 million and $36.9 million for fiscal 2019, 2018 and 2017, respectively.

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