U-Haul Adds Trucks to Meet Growing Demand

PHOENIX, Nov. 7, 2003 -- U-Haul International, Inc., announced today the addition of 3,000 10-foot moving trucks to its existing rental fleet. These new trucks represent a second installment that completes a $90 million truck purchase to help the Company keep pace with growing demand.

"Financing for these new trucks is in addition to the $550 million in exit financing announced by our parent company, AMERCO today," stated U-Haul Executive Vice President John Taylor. "Customer support for the 2,000 10-foot moving trucks we introduced this past summer has exceeded our expectations at every level. These 3,000 additional units not only increase revenues, but also reduce costs through efficiencies and economies in servicing and repair costs."

The financing for these 3,000 additional units is being provided by Donlen Corp., Northbrook, Ill. The new trucks, based upon a GMC chassis, will become available for rentals starting in December.

"We are experiencing an increase in moving activity all across the country, which is a clear indicator to us that the economy is improving. These new trucks will be a welcome addition to our rental fleet and for our customers," Taylor stated.

The new 10-foot moving trucks will display the distinctive "Liberty" SuperGraphic, featuring the head of the Statue of Liberty, a large red, white and blue ribbon adorned with the stars and stripes, and the caption, "America United We Stand." Learn more about this and other exciting SuperGraphics on uhaul.com by clicking on the "Pictorial Tribute to North America" link.

Based in Phoenix, Arizona, U-Haul has served the do-it-yourself household- moving customer for 58 years. U-Haul trucks and trailers can be rented from more than 14,000 independent dealers and 1,200 company owned moving centers. U-Haul, the undisputed leader in the truck and trailer rental industry, is one of the industry's largest operators of self-storage facilities, the world's largest installer of permanent trailer hitches and the world's largest Yellow Pages advertiser.

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-K for the year ended March 31, 2003 which is on file with the SEC.