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Amerco Real Estate Company Files Voluntary Petition to Reorganize Under Chapter 11

Filing Facilitates $300 Million in Debtor-in-Possession Financing

RENO, Nev., Aug. 14 -- AMERCO today announced that, as expected, its wholly owned Amerco Real Estate Company (AREC) subsidiary has filed a voluntary petition to reorganize under Chapter 11 of the U.S. Bankruptcy Code. As previously announced, this filing has been undertaken to implement the commitment to AMERCO for up to $300 million in debtor-in-possession (DIP) financing from Wells Fargo Foothill.

AREC's Chapter 11 filing will not have any impact on the operations of AMERCO's U-Haul, Oxford Life Insurance Company and Republic Western Insurance Company subsidiaries. Business operations will continue as usual at these subsidiaries.

"Today's action was undertaken in order to implement the $300 million DIP financing agreement, and it represents a critical step forward in AMERCO's restructuring initiatives," said Joe Shoen, AMERCO's chairman. "These funds, along with the commitment for $650 million in exit financing from Wells Fargo Foothill, should enable AMERCO to complete its restructuring initiatives on schedule, while meeting our commitments to repay our creditors in full and preserving the interests of our shareholders." Shoen added, "AMERCO Real Estate does not anticipate any filing related layoffs."

AMERCO filed voluntary petitions to restructure under Chapter 11 on June 20, 2003, in the United Stated Bankruptcy Court, District of Nevada, the Honorable Gregg W. Zive, presiding.

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.