Miller Industries, Inc. Updates Refinancing Efforts

CHATTANOOGA, Tenn., Dec. 5, 2003 -- Miller Industries, Inc. today updated its various efforts to refinance its existing credit facilities. As previously announced, the Company contemplated holding a meeting of its shareholders on December 23, 2003 to consider the conversion of a portion of the Company's subordinated debt into equity, which was one part of the overall restructuring of the Company's credit facilities. The Company was notified that the proxy statement relating to this meeting is being reviewed by the Securities and Exchange Commission. Given the time required to receive and process comments from the SEC and provide an adequate notice period in advance of the meeting, it is now contemplated that the meeting of shareholders will not occur before the beginning of February 2004, at the earliest.

Although the meeting of shareholders will be delayed, the Company continues to negotiate with the holders of all of its subordinated debt regarding the conversion of all such debt in excess of approximately $9.7 million into shares of common stock of the Company. Discussions also continue regarding restructuring the remaining $9.7 million of such subordinated debt so that it would not be classified as a current obligation of the Company. There is no definitive agreement regarding any such conversion into equity or debt restructuring with either of the owners of the subordinated debt and there can be no assurance that any such agreement will actually be reached. The Company has been informed that the purchase of approximately 44% of such subordinated debt from Contrarian Capital by an investment partnership controlled by certain executive officers and directors of the Company has been completed.

As previously disclosed, on October 3, 2003, the Company entered into a letter agreement with a large financial institution pursuant to which such lender expressed its interest in providing financing adequate to refinance the Company's senior credit facility and subordinated debt. As a result of the Company's continuing repayments under its senior credit facility, the total size of the new credit facility currently being discussed is substantially less than the previously announced $53 million facility. Discussions with such lender are continuing, but the Company is having difficulty reaching agreement with the lender on various material terms and conditions. Consequently, the lender has not offered a commitment letter at this time. The senior debt refinancing is tied to the conversion of a portion of the subordinated debt, which requires shareholder approval, and therefore cannot take place until the shareholders meeting is held. The Company will use the additional period of time to consider refinancing proposals from other sources for both its senior and subordinated credit facilities.

Miller Industries, Inc. is the world's largest manufacturer of towing and recovery equipment. The Company markets its towing and recovery equipment under a number of well-recognized brands, including Century, Vulcan, Chevron, Holmes, Challenger, Champion and Eagle.

Except for historical information contained herein, the matters set forth in this news release are forward looking statements. The Company notes that forward looking statements set forth above involve a number of risks and uncertainties that could cause actual results to differ materially from any such statement, including the risks and uncertainties discussed under the caption "Risk Factors" in the Company's Form 10-K for Fiscal 2002, which discussion is incorporated herein by this reference.