AMERCO 2014 Annual Report

August 12, 2014 Download

July 15, 2014

Dear Fellow Shareholders,

This Fiscal 2014, AMERCO again enjoyed good annual results. This is the product of team members doing a better job of serving customers.

U-Haul benefited from historically low interest rates, an expanding dealer network, an increase in Company stores, a favorable used-truck market and transaction growth.

We operate in very competitive environments. Competitors in both the self-storage and self- marketplaces are well-financed and disciplined organizations.

Our rental truck fleet grew and will expand again in FY 2015 if the opportunity presents itself.

Our self-storage product offering grew by 2.1 million net rentable square feet. The occupancy rates at both new and existing sites grew by two percentage points.

U-Box, Moving Help, U-Haul Car Share, Storage Affiliates and CollegeBoxes Programs continue to develop.

As I have written before, AMERCO intends to manage for the long term.

Our sustainability initiatives are aligned with our customers’ values. More than one million U-Haul customers have contributed to The Conservation Fund’s Go Zero Program at the time of their rental transaction.

Repwest Insurance continues to perform in a predictable manner. Years of methodical execution at Oxford Life have yielded an upgrade to an A- financial strength rating by A.M. Best.

AMERCO has maintained a historically high level of liquidity in anticipation of calendar year 2015 maturities. We remain on time for successful refinancing.

My thanks to our customers, team members, U-Haul dealers, shareholders and lenders for their support.

Sincerely,

Edward J. “Joe” Shoen

Chairman