AMERCO Accepts Proposal for $865.75 Million Four-Year, Senior Secured Credit Facility

RENO, Nev., March 26 -- AMERCO , the parent company of U-Haul, today announced that it has accepted a proposal for a new four-year, senior secured credit facility that would allow the Company to borrow up to $865,750,000. If completed, the funds from the transaction would be used to refinance certain of the company's existing indebtedness, and provide for the ongoing working capital needs and other general capital expenditure purposes.

The credit facility has been proposed by a lending syndicate led by Foothill Capital Corporation, a wholly-owned subsidiary of Wells Fargo & Company. Once due diligence on the proposed facility is completed and a firm commitment reached, the parties plan to complete final documentation, close and fund in May.

"We have been making excellent progress in our refinancing initiatives, and today's announcement represents a significant milestone in that process," stated Joe Shoen, Chairman of AMERCO. "We are committed to repaying our lenders 100 percent of what we owe them, plus interest, and to returning AMERCO to investment grade status. This new $865.75 million credit facility would bring us significantly closer to achieving these objectives."

Shoen said that the Company is also negotiating $400 - $500 million in additional financing and that he expects to be able to make an announcement regarding these financings shortly.

"We are pleased that the lending community has focused on the fundamental core strengths of our company and its ability to generate significant cash-flow. In this time of economic turmoil, AMERCO's U-Haul subsidiary is well-positioned to serve the public's self-moving and self-storage needs. From World War II through Desert Storm U-Haul has a long and proud history of relocating servicemen, their families, and war production workers," Shoen concluded.

AMERCO is the parent company of U-Haul International, Inc., Republic Western Insurance Company, Oxford Life Insurance Company and Amerco Real Estate Company. For more information about AMERCO, visit www.uhaul.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 and certain factors could cause actual results to differ materially from those projected. 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, 2002 which is on file with the SEC.