AMERCO Plan of Reorganization Approved By All Creditor Classes

Company is Poised to Emerge From Chapter 11

RENO, Nev., Feb. 2 -- AMERCO today announced that all of its creditor classes have approved the Company's Plan of Reorganization. Creditors under the Plan will receive a combination of cash and new notes in AMERCO.

"Now that we have a 100 percent consensual agreement with all creditor groups, we are poised to emerge from Chapter 11," stated Joe Shoen, chairman of AMERCO. "We are gratified that our creditors have recognized that our Plan is in the best interest of all of the company's constituencies."

According to Richard Williamson, Regional Managing Director at Alvarez & Marsal, Inc., "AMERCO is positioned to accomplish one the most successful restructurings in recent history. On the effective date of the Company's Plan of Reorganization, AMERCO will have restructured, on a consensual basis, over $1.2 billion in debt and lease obligations with no dilution to equity holders." Alvarez and Marsal, Inc. has served as the exclusive financial advisor to AMERCO since May 2003, with respect to its negotiations with creditors and in the raising of exit financing and its capital restructuring.

A Confirmation Hearing is scheduled to be held by the U.S. Bankruptcy Court in Reno, Nevada beginning on February 2, 2004. Subject to confirmation by the Court and the completion of all necessary documentation, the Plan should become effective and be funded shortly thereafter.

For more information about AMERCO, visit www.amerco.com .

Certain of the statements made in this press release regarding our business constitute forward-looking statements 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, including, but not limited to, the outcome and timing of the Company's efforts to restructure its debt and its ability to obtain court approval with respect to motions in the Chapter 11 proceeding prosecuted by it from time to time. 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.