Odd Lot Tender Offer

Dear U-Haul Shareholders,

AMERCO (NASDAQ:UHAL), the parent Company of U-Haul International, Inc., Republic Western Insurance Company, Oxford Life Insurance Company and Amerco Real Estate Company, has closed the no-fee Odd Lot Sales Program to purchase AMERCO common stock held by persons who own less than 100 shares of AMERCO common stock. Current employees and shareholders who hold 100 or more shares were not eligible for this offer. The program expired at 5:00pm EST on December 31st, 2008, and received a positive response from shareholders who wished to conveniently sell their shares without any stock brokerage charges.

If you are a participant of this program and have not yet received a check for your shares, you may contact Kimberly Esse of AMERCO at 1(866) 865-5470 or e-mail her at kimberly_esse@uhaul.com.

If you are a former U-Haul employee and have questions about your prior participation in the Employee Stock Ownership Program (ESOP), please contact the U-Haul Human Resources Department at (602) 263-6625.

If you are a shareholder and would like more information on selling or transferring your shares, you may contact our transfer agent, BNY Mellon Shareowner Services at (213) 553-9719. You may also visit their website, www.chasemellon.com. They can assist you with stock transfers, name and address changes, lost stock certificates, and any of your other shareholder needs.

Very truly yours,

E.J. (Joe) Shoen
Gary B. Horton