AMERCO Reaches Agreement in Principle With Wells Fargo Foothill on Terms For $550 Million in Chapter 11 Exit Financing

RENO, Nev., Nov. 7, 2003 -- AMERCO today announced that it has reached an agreement in principle with Wells Fargo Foothill, Inc., part of Wells Fargo & Company , on the terms for $550 million in exit financing to support the Company's emergence from Chapter 11, pending the execution of a definitive agreement at a future date.

Based upon progress achieved in negotiations with creditor groups during the Chapter 11 process and a careful analysis of the capital requirements to execute the 100 percent payout plan, the Company has reduced its exit financing requirements from the originally anticipated $650 million to $550 million. This exit financing would replace the $300 million DIP loan that Wells Fargo Foothill provided AMERCO in June.

"This exit financing will enable AMERCO's restructure to be a 100 percent payout plan for all existing creditors. The $550 million in exit financing proceeds is calculated to provide AMERCO with sufficient capital to execute our restructuring strategy, allowing AMERCO to make the necessary cash payments to our creditors under the Company's Plan of Reorganization," stated AMERCO Chairman, Joe Shoen.

The Company must first obtain the Court's approval of its Disclosure Statement and then it may commence solicitation of creditor votes in favor of the reorganization plan. A hearing on the adequacy of the Company's Disclosure Statement has been set for November 18, 2003. The Company currently has agreements from many of its banks and insurance lenders. The Company believes it will have additional lender consents before November 18th. As part of the solicitation process, AMERCO will seek approval by the balance of its lender constituents.

According to Richard Williamson, Managing Director of Alvarez and Marsal, Inc., "The agreement on the terms of the Wells Fargo Foothill exit financing facility is one in a series of positive developments in the AMERCO restructuring process that have positioned the Company to confirm a full-pay Plan of Reorganization in early 2004." Alvarez and Marsal, Inc. has served as the financial advisor to AMERCO since May-2003, with respect to its negotiations with creditors / stakeholders and in the restructuring of AMERCO's capital structure.

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.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 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.