AMERCO Appoints Charles Bayer to Audit Committee

March 1, 2005 Download

AMERCO (Nasdaq: UHAL) today announced that Charles J. Bayer was appointed to the Audit Committee of the Board of Directors of AMERCO. Mr. Bayer is a member of the AMERCO Board of Directors and has served since 1990. Mr. Bayer replaces James J. Grogan on the Audit Committee. Mr. Grogan resigned from the Board and Board committees including the Audit Committee earlier this month.

Mr. Bayer began his career as a commissioned officer in the U.S. Navy from 1962 – 1967 serving two tours of duty in Vietnam on the USS Asheville, ultimately becoming its Commanding Officer. Mr. Bayer has held numerous senior level positions including Director of Finance and Administration for the U-Haul Technical Center and President of Amerco Real Estate.

Mr. Bayer earned an MBA from Arizona State University, Tempe, Arizona in 1972 and a Bachelor of Science in 1962, graduating cum laude from the University of Notre Dame, Notre Dame, Ind.

AMERCO is the parent company of Republic Western Insurance Company, Oxford Life Insurance Company, Amerco Real Estate Company and U-Haul, the nation’s leading doit- yourself moving company with a network of over 14,900 locations in all 50 United States and 10 Canadian Provinces. Celebrating its 60th year of serving customers, the Company has the largest rental fleet in the world, with over 94,000 trucks, 75,000 trailers and 35,000 tow devices. U-Haul has also been a leader in the storage industry since 1974, with over 340,000 rooms and more than 28.8 million square feet of storage space and over 1,000 facilities throughout North America.

Certain of the statements made in this press release regarding our business constitute forward-looking statements as contemplated under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of various risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. For a brief discussion of the risks and uncertainties that may affect AMERCO’s business and future operating results, please refer to Form 10-Q for the quarter ended December 31, 2004, which has been filed with the SEC.