As previously disclosed, on March 1, 2020, WillScot entered into a commitment letter (as amended and restated on May 26, 2020 for the purpose of joining an additional financial institution, the “Commitment Letter”) pursuant to which certain financial institutions have committed to provide a senior secured asset based revolving credit facility (the “New ABL Facility”) in an aggregate principal amount of $2.4 billion. The New ABL Facility will be entered into concurrently with the consummation of the Merger and the proceeds of the New ABL Facility will be available to (x) refinance the existing ABL credit facilities of Mobile Mini and WillScot and to redeem the Mobile Mini 2024 Notes and (y) pay the fees, costs and expenses incurred in connection with the Merger and the related transactions, subject to customary conditions. The New ABL Facility has been syndicated to a number of additional financial institutions and pricing under the New ABL Facility has been modified in connection therewith.

Borrowings under the New ABL Facility are expected to bear interest at (i) in the case of US Dollars, at the applicable US Borrower's option, either an adjusted LIBOR rate plus 1.875% or alternative base rate plus 0.875%, (ii) in the case of Canadian Dollars, at the applicable Canadian Borrower's option, either a Canadian BA rate plus 1.875% or Canadian prime rate plus 0.875%, and (iii) in the case of Euros and British Pounds Sterling, an adjusted LIBOR rate plus 1.875%. Each such interest rate shall be subject, at the end of each fiscal quarter (commencing at the end of the first fiscal quarter that begins after completion of the Merger) to (x) an increase of 0.25%, if the daily average availability to be drawn under the New ABL Facility during the preceding fiscal quarter exceeds 66.7% of total availability thereunder, or (y) a decrease of 0.25%, if the daily average availability to be drawn under the New ABL Facility during the preceding fiscal quarter is less than 33.3% of total availability thereunder, in each case, relative to the interest rates set in the preceding sentence.