AMERCO Announces Approval of DIP Financing Agreement With Key Creditor Groups

RENO, Nev., Aug. 15, 2003 -- AMERCO announced today that the United States Bankruptcy Court has approved AMERCO's $300 million debtor-in-possession (DIP) financing facility with Wells Fargo Foothill. As previously announced, Wells Fargo foothill has also provided the Company with a commitment for $650 million in exit financing to fund the Company's reorganization plan.

The approval of the DIP facility was supported by the Company's key creditor constituencies, including the Company's revolving lender syndicate, led by JP Morgan Chase, and the holders of the $100 million of notes issued by Amerco Real Estate Company (AREC). The Company has reached agreements with both its revolving lenders and the AREC noteholders with regard to the treatment of their claims under the Company's plan of reorganization, and, in return, has secured the commitment of its revolving lenders and the AREC noteholders to support the Company's reorganization plan. Under their respective agreements with the Company, the revolving lenders and the AREC noteholders are to receive payment of a majority of their claims in cash funded by the Wells Fargo Foothill exit facility, with the balance to be represented by new secured debt in the Company's reorganized capital structure, thus preserving shareholder value.

"We are extremely pleased to be able to announce the approval of our DIP facility and the agreements reached with our revolving lenders and the AREC noteholders. These developments represent very significant progress toward the successful conclusion of our overall restructuring efforts," said Joe Shoen, AMERCO's Chairman. "We will continue to work with our other creditors to reach consensual agreements for the full payment of their claims. At the same time, we will aggressively pursue reorganization efforts that will accomplish the preservation of value for our shareholders and an emergence from chapter 11 at the earliest practicable date."

AMERCO filed a voluntary petition to restructure under Chapter 11 on June 20, 2003, in the United States Bankruptcy Court, District of Nevada, the honorable judge 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.