Mobile Mini, Inc. Ex (mm) $62.2 Cash (mm) $3.0 Sources: Company reports, FactSet, KeyBanc Capital...

For analyst certification and important disclosures, please refer to the Disclosure Appendix.

KeyBanc Capital Markets Inc. | Member NYSE/FINRA/SIPC

EstimatesFY ends 12/31 F2014A 1Q15A 2Q15E 3Q15E 4Q15E F2015E F2016EEPS (Net) $1.09 $0.28 $0.36 $0.44 $0.46 $1.53 $2.00

Cons. EPS -- $0.28 $0.34 $0.41 $0.44 $1.46 $1.88

EBITDA (M) $162.1 $47.5 $52.4 $57.1 $58.4 $215.5 $239.7

Cons. EBITDA -- $47.5 $52.1 $56.1 $58.2 $213.5 $239.9

ValuationP/E 37.5x -- -- -- -- 26.7x 20.4x

Sources: Company reports, FactSet, KeyBanc Capital Markets Inc.

July 21, 2015

INDUSTRIAL: Diversified Support Services (Ind'l)Channel Checks

Mobile Mini, Inc.MINI: Internal and External Catalysts WarrantOverweight Rating & $52 PT

NT risk/reward more balanced but LT favorable as internal and externalcatalysts remain intact for MINI, suggesting robust earnings growth andshare upside potential; 2Q15 not likely the breakout quarter, but anticipatepositive end market commentary, incremental sales force progress &better margin dynamics from easy cost comps and mix shift; We reiterateOverweight and $52 PT; maintaining above-consensus estimates.

Key Investment PointsRisk/Reward Balanced NT, Positive LT. The market has been forgiving to MINI relativeto its equip rental peers (MINI up 1% YTD vs. MGRC, HEES and URI down a respective19%, 42% and 22%). Given this outperformance and our view that 2Q15 may not be thebreakout, we see modest execution/multiple compression risk, which equates to a morebalanced risk/reward NT. That said, we do expect sales productivity to slowly ramp, whichcould be the leading indicator for utilization improvement and the key to unlocking >$3.00of total earnings power, which is the crux of our positive LT thesis. We are modeling YOYutilization and yield improvement of 260 bps and 500 bps, respectively for 2Q15.

Salesforce Productivity Key to Growth. Given MINI’s top-line growth is in line with ourestimate for the industry, we suspect MINI is not gaining market share while it tunes itssalesforce. Changes within its salesforce have disrupted productivity and top-line growthsince 2014. MINI needs >20 salesmen (12% of total) and we are encouraged it is movingtoward the goal and appears to be hiring more reps at the branch level.

Margins an Area of Focus in 2Q15. MINI faces a fairly easy cost comparison in 2Q15as it comps $4M of R&M, $1.6M of payroll increases and $3.3M of other expense, whichcould push the incremental EBITDA margin above the typical ~60% range. In addition, weexpect ~55 bps of EBITDA margin expansion from the divestiture of lower-margin woodoffice units (full benefit in 3Q15). We are modeling 560 bps of EBITDA margin expansionin 2Q15 and 390 bps in 2015.

Macro Environment Still Supportive. Our checks lead us to believe that although wetweather delayed the seasonal construction ramp in some areas, the macro environmentremained supportive of portable storage. Industry operators continue to look for midsingle-digit growth in 2015 and retained a positive outlook.

Joe Box / (216) [email protected]

Sean Egan / (216) [email protected]

NASDAQ: MINIRating: OverweightPrice Target: $52.00Price: $40.84

48

46

44

42

40

38

36

34

32Jul-15May-15Mar-15Jan-15Nov-14Sep-14

1.2

1

0.8

0.6

0.4

0.2

0

MINIVol (mil)

Sources: Company reports, FactSet, KeyBanc CapitalMarkets Inc.

Company Data52-week range $34 - $46

Market Cap. (M) $1,882.7

Shares Out. (M) 46.10

Enterprise Value (M) $2,807.4

Avg. Daily Volume (30D) 206,627.0

Annual Dividend $0.75

Dividend Yield 1.8%

SI as % of Float 6.3%

SI % Chg. from Last Per. 29.9%

Book Value/Share $17.26

Total Debt/Cap 53.9%

Total Debt/EBITDA 5.2x

Cap Ex (mm) $62.2

Cash (mm) $3.0

Sources: Company reports, FactSet, KeyBanc CapitalMarkets Inc.

Valuation Based upon our 2016 estimates, MINI is trading intraday at 10.8x, 20.4x and 4.53x EBITDA, P/E and EV/

sales, respectively. Our $52 price target values the shares at 12.9x EBITDA of $239.7 million, compared toits historical average of 10-11x.

Investment Risks In our view, the greatest risks that could impede the shares from reaching our price target would be greater

than expected weakness in non-residential construction markets and/or poor execution within ETS.

Mobile Mini - MINI Channel Checks

July 21, 2015Joe Box

Pg.2(216) 689-0283 / [email protected]

BEYOND THE BOX

In an effort to better understand prevailing fundamentals within the portable storage industry, we conducted a

quantitative survey bolstered by discussions with numerous independent portable storage operators across the

country and present our findings in the following 2Q15 edition of Beyond the Box.

INDUSTRY TAKEAWAYS

Our proprietary survey and discussions with industry operators suggest industry fundamentals largely remain steady

despite a wet spring that hampered construction activity in some areas of the country, which we believe to be a

temporary headwind as non-residential construction trends look favorable over the next 12-18 months. Outside of the

expected weakness noted in the energy sector, operators continue to expect mid single-digit growth in 2015 as broad

(though slow) economic improvement drives demand.

RENTAL RATES

Full-Year Rate Expectations Remain Around +1.0% and Face Tougher Comparisons

Discussions Point to Broader Pause on Rate Hikes

Full-year rental rate expectations have moderated for the fourth consecutive quarter to +1.1% YOY with the

proportion of respondents expecting “no-change” YOY increasing. Given reported utilization trends and the slow start

to the construction season in several areas of the country, we do not see a slight softening in expectations surprising.

In addition, many operators we spoke with in the last several quarters noted their concentrated effort to raise price

and we therefore suspect some early movers on rate increases may be taking a pause. Despite the pause, we do

believe industry rates are broadly moving higher with Mobile Mini, and to a lesser extent, regional firms, out in front.

UTILIZATION

Utilization Ramps Slower into Seasonally Strong Period but Still Better YOY

Rising Tide Slowly Lifting All Ships Amid Energy/Industrial Slowdown

EXHIBIT 1: 2015 Rental Rate Expectations vs. 2014

Source: KeyBanc Capital Markets estimates and analysis

Historical Full Year Rental Rate Expectation Full Year Rental Rate Expectation to Start 2015

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0%

Up > 10%

Up 7-9%

Up 4-6%

Up 0-3%

No Change

Down 0-3%

Down 4-6%

Down 7-9%

Down > 10%

% of respondents

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

1Q14 2Q14 3Q14 4Q14 1Q15 2Q15




Container and Van Trailer utilization levels marched higher YOY at +0.8% and 5.6%, respectively, helping to push

total utilization 2.8% higher YOY. While still improving, we note the seasonal ramp from the 1Q into the 2Q appears

to be more muted this year at +3.2% sequentially vs. the +5.0% seen last year, largely attributable to lower YOY

utilization levels reported for mobile office units, which could be reflective of the slow start to the construction season

in many areas around the country. Outside of construction-oriented products, we continue to hear that a rising tide

keeps lifting all ships as broad regional economic improvement was the most cited reason for utilization improvement.

Additionally, demand for van trailers remains strong, marking the third quarter in a row of such commentary.

FLEET

Container Fleet Growth Plans Lowest in Survey History at +5.9%

Container Pricing Remains Soft

Despite what we view as a transitory construction market softness in 2Q15, operators reported continued mid single-

digit fleet growth expectations at +6.6% in total, which is in line with the last several quarters. However, respondents

noted the lowest full-year container fleet growth plans in our survey history at +5.9%, which could be reflective of the

large additions seen last year. The industry is close to full utilization and approaching pre-recession fleet size.

Container pricing continues to moderate, more so for new vs. used, which could make fleet growth more

economically viable and signal steady expectations for the rest of the year.

EXHIBIT 2: Weighted Avg Change in Utilization Rates

2Q14 3Q14 4Q14 1Q15 2Q15

Sequential 2.8% 5.1% 4.9% -0.1% 1.7%

Year-over-Year 2.3% 3.8% 4.1% 0.7% 2.8%


EXHIBIT 3: Average Quarterly Utilization by Asset Type


2Q142Q14 2Q142Q15

2Q15

2Q15

60%

65%

70%

75%

80%

85%

90%

Storage Containers Van Trailers Mobile Office Units

2Q14 3Q14 4Q14 1Q15 2Q15




RENTAL REVENUES

YOY Rental Revenue Gains Slow at +4.8%, Hitting Tough Comparisons

Full-Year Expectations Moderate with Softer Start to Year

YOY rental revenue growth moderated to +4.8% for the quarter against a strong +7.5% last year, which we do not

find surprising given the slower ramp in utilization levels reported by respondents and tougher YOY comparisons.

Heading forward we look for a similar trend as comparisons get more difficult through the year (see exhibit 6). As

such, operators reported more muted full-year rental revenue expectations at +6.4% vs. the +7.0% reported in 1Q15.

Though survey takers appear to have moderated expectations, those we spoke with were optimistic overall for

revenue growth, with the average forecasting mid single to low double-digit YOY gains driven first by utilization

improvement, followed by fleet growth, and to a much lesser extent, pricing.

.

EXHIBIT 4: Next Year Fleet Growth Expectations

1Q14 2Q14 3Q14 4Q14 1Q15 2Q15

Storage Containers 6.9% 7.3% 10.0% 8.7% 7.2% 5.9%

Van Trailers 2.1% 0.2% 2.1% 3.3% 2.5% 11.5%

Mobile Office 5.6% 4.2% 3.0% 2.6% 4.2% 1.4%

Total Fleet 6.0% 5.4% 6.4% 6.4% 5.5% 6.6%


EXHIBIT 5: Average Non-Delivered Price


2Q14

2Q14

2Q14

2Q14

2Q15

2Q15

2Q15

2Q15

$1,000

$2,000

$3,000

$4,000

$5,000

New 20' container Used 20' container New 40' container Used 40' container

2Q14 3Q14 4Q14 1Q15 2Q15




END MARKETS & INDUSTRY SENTIMENT

Survey Respondents Cite Construction and Industrial Weakness

Discussions Reveal Tide Continues to Rise

The vast majority of respondents cited construction as the largest source of growth despite a seasonally slow uptick

to the season for some, which those we spoke with view as temporary and weather-driven. Unsurprisingly, the

Energy sector was reported as the greatest source of contraction given the slowdown in oil & gas drilling and its

derivate impacts across support industries. However, our discussions with contacts, analysis of survey results and

macro indicators suggests the tide continues to rise as many operators noted a broad lift in their regional economies

being the most influential factor on their recent improvement.

EXHIBIT 6: Y/Y Change in Rental Revenues (wtd avg)

2Q14 3Q14 4Q14 1Q15 2Q15

% Change 7.5% 8.7% 10.4% 5.1% 4.8%


EXHIBIT 7: Expected Y/Y Change in Next Year Rental Revenues


9.5%

7.9%

6.8%6.4%

7.8%

9.8%9.3%

7.0%6.4%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15




EXHIBIT 8: Expected Growth/Contraction by Industry


Construction Retail Consumer Industrial Energy Government Agriculture

Growth Contraction




EXHIBIT 9: MINI Financial Estimates

2014 1Q15 2Q15E 3Q15E 4Q15E 2015E 1Q16E 2Q16E 3Q16E 4Q16E 2016E

in millions except per share data

Total Revenues $445.5 $131.5 $133.1 $134.3 $136.0 $534.8 $135.3 $143.1 $145.1 $147.1 $570.6

Cost of Sales $21.9 $4.2 $4.3 $4.2 $4.5 $17.2 $3.8 $4.2 $4.2 $4.5 $16.6

Equipment Depreciation $39.3 $15.5 $13.4 $13.3 $13.0 $55.2 $12.9 $12.9 $12.9 $12.9 $51.6

Leasing, Selling & General $275.9 $83.0 $80.0 $76.5 $76.7 $316.2 $81.3 $82.7 $82.2 $81.0 $327.3

Operating Profit $108.3 $28.7 $35.5 $40.2 $41.8 $146.3 $37.2 $43.3 $45.8 $48.8 $175.1

Interest Expense $28.7 $9.1 $8.9 $7.9 $7.9 $33.8 $7.7 $7.4 $7.1 $6.9 $29.2

Other $0.0 ($1.2) $0.0 $0.0 $0.0 ($1.2) $0.0 $0.0 $0.0 $0.0 —

Income Before Taxes $79.6 $20.9 $26.6 $32.3 $33.9 $113.6 $29.6 $35.8 $38.7 $41.8 $145.9

Taxes $28.5 $8.2 $10.0 $12.1 $12.7 $43.0 $10.9 $13.3 $14.3 $15.5 $54.0

Net Income, Recurring $51.1 $12.7 $16.6 $20.2 $21.2 $70.7 $18.6 $22.6 $24.4 $26.4 $91.9

Earnings To Preferred — — — — — — — — — — —

Net Income, Common $51.1 $12.7 $16.6 $20.2 $21.2 $70.7 $18.6 $22.6 $24.4 $26.4 $91.9

Discontinued Operations — — — — — — — — — — —

Nonrecurring Items ($2.5) ($40.0) — — — ($40.0) — — — — —

Net Income, Reported $48.5 ($27.3) $16.6 $20.2 $21.2 $30.7 $18.6 $22.6 $24.4 $26.4 $91.9

Avg Basic Shares (Mil.) 35.2 45.5 45.5 45.5 45.5 35.2 45.5 45.5 45.5 45.5 35.2

Avg Diluted Shares (Mil.) 46.8 46.1 46.1 46.1 46.1 46.1 46.1 46.1 46.1 46.1 46.1

EPS, Dil., Recurring $1.09 $0.28 $0.36 $0.44 $0.46 $1.53 $0.40 $0.49 $0.53 $0.57 $2.00

EBITDA, Recurring $162.1 $47.5 $52.4 $57.1 $58.4 $215.5 $52.7 $58.7 $62.7 $65.6 $239.7

% of Sales

Lease/Selling Expense 61.9% 63.1% 60.1% 57.0% 56.4% 59.1% 60.1% 57.8% 56.6% 55.0% 57.4%

Operating Margin 24.3% 21.9% 26.7% 30.0% 30.8% 27.4% 27.5% 30.2% 31.6% 33.2% 30.7%

Net Margin 11.5% 9.6% 12.5% 15.0% 15.6% 13.2% 13.8% 15.8% 16.8% 17.9% 16.1%

EBITDA Margin 36.4% 36.2% 39.4% 42.5% 42.9% 40.3% 38.9% 41.0% 43.2% 44.6% 42.0%

Tax Rate 35.9% 39.2% 37.5% 37.5% 37.5% 37.8% 37.0% 37.0% 37.0% 37.0% 37.0%

% Change Year-Over-Year

Sales 9.3% 28.4% 25.0% 18.5% 10.3% 20.1% 2.9% 7.5% 8.1% 8.2% 6.7%

Operating Income 0.3% 48.5% 49.5% 30.6% 21.5% 35.0% 29.6% 21.9% 14.0% 16.6% 19.7%

EBITDA 3.6% 45.5% 45.6% 28.6% 19.1% 32.9% 10.8% 11.9% 9.8% 12.4% 11.2%

Net Income 2.6% 57.7% 53.9% 32.7% 24.5% 38.4% 46.9% 36.0% 20.8% 24.3% 30.1%

EPS, Diluted, Recurring 1.1% 60.4% 57.2% 34.5% 25.6% 40.5% 46.9% 36.0% 20.8% 24.3% 30.1%

SELECT FINANCIAL DATA

Cash & Equivalents $3.7 — — — — $28.3 — — — — $33.4

Total Debt $930.4 — — — — $805.9 — — — — $737.9

Shareholders' Equity $847.7 — — — — $828.7 — — — — $886.2

Capital Expenditures ($43.1) — — — — ($62.2) — — — — ($61.0)

Net Free Cash Flow $95.0 — — — — $107.9 — — — — $107.6 — — — — — — — —

Total Debt/EBITDA 5.74 — — — — 3.74 — — — — 3.08

Total Debt/Capital 52.3% — — — — 49.3% — — — — 45.4%

Return on Assets 2.7% — — — — 3.5% — — — — 4.7%

Return on Capital 3.2% — — — — 4.1% — — — — 5.6%— — — — — — — —

Price/Earnings 37.4x — — — — 26.6x — — — — 20.5x

EV/EBITDA* 17.5x — — — — 12.3x — — — — 10.8x

Source: Company reports, KeyBanc Capital Markets estimates and analysis




Mobile Mini, Inc. - MINI

We expect to receive or intend to seek compensation for investment banking services from Mobile Mini, Inc. within the next threemonths.During the past 12 months, Mobile Mini, Inc. has been a client of the firm or its affiliates for non-securities related services.As of the date of this report, we make a market in Mobile Mini, Inc..

H&E Equipment Services, Inc. - HEES

We expect to receive or intend to seek compensation for investment banking services from H&E Equipment Services, Inc. withinthe next three months.As of the date of this report, we make a market in H&E Equipment Services, Inc..

McGrath RentCorp - MGRC

We expect to receive or intend to seek compensation for investment banking services from McGrath RentCorp within the nextthree months.As of the date of this report, we make a market in McGrath RentCorp.

United Rentals, Inc. - URI

We expect to receive or intend to seek compensation for investment banking services from United Rentals, Inc. within the nextthree months.During the past 12 months, United Rentals, Inc. has been a client of the firm or its affiliates for non-securities related services.As of the date of this report, we make a market in United Rentals, Inc..

Reg A/C Certification

The research analyst(s) responsible for the preparation of this research report certifies that:(1) all the views expressedin this research report accurately reflect the research analyst's personal views about any and all of the subjectsecurities or issuers; and (2) no part of the research analyst's compensation was, is, or will be directly or indirectlyrelated to the specific recommendations or views expressed by the research analyst(s) in this research report.

Three-Year Rating and Price Target History

Disclosure Appendix



Disclosure Appendix (cont'd)



Rating Disclosures

Distribution of Ratings/IB Services Firmwide and by Sector

KeyBanc Capital Markets

IB Serv/Past 12 Mos.

Rating Count Percent Count Percent

Overweight [OW] 357 45.77 82 22.97

Sector Weight [SW] 406 52.05 67 16.50

Underweight [UW] 17 2.18 0 0.00

INDUSTRIAL

IB Serv/Past 12 Mos.

Rating Count Percent Count Percent

Overweight [OW] 108 45.19 20 18.52

Sector Weight [SW] 130 54.39 9 6.92

Underweight [UW] 1 0.42 0 0.00

Rating System

Overweight - We expect the stock to outperform the analyst's coverage sector over the coming 6-12 months.

Sector Weight - We expect the stock to perform in line with the analyst's coverage sector over the coming 6-12months.

Underweight - We expect the stock to underperform the analyst's coverage sector over the coming 6-12 months.

Note: KeyBanc Capital Markets changed its rating system after market close on February 27, 2015. The previousratings were Buy, Hold and Underweight. Additionally, Pacific Crest Securities changed its rating system to matchKeyBanc Capital Markets’ rating system after market close on April 10, 2015, in conjunction with the merger ofthe broker dealers. The previous ratings were Outperform, Sector Perform and Underperform.




Other DisclosuresKeyBanc Capital Markets is a trade name under which corporate and investment banking products and services ofKeyCorp and its subsidiaries, KeyBanc Capital Markets Inc., Member NYSE/FINRA/SIPC (“KBCMI”), and KeyBank NationalAssociation (“KeyBank N.A.”), are marketed. Pacific Crest Securities is a division of KeyBanc Capital Markets Inc.

KeyBanc Capital Markets Inc. (“KBCMI”) does and seeks to do business with companies covered in its research reports. Asa result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment decision.

This report has been prepared by KBCMI. The material contained herein is based on data from sources considered to bereliable; however, KBCMI does not guarantee or warrant the accuracy or completeness of the information. It is published forinformational purposes only and should not be used as the primary basis of investment decisions. Neither the informationnor any opinion expressed constitutes an offer, or the solicitation of an offer, to buy or sell any security. The opinions andestimates expressed reflect the current judgment of KBCMI and are subject to change without notice. This report may containforward-looking statements, which involve risk and uncertainty. Actual results may differ significantly from the forward-lookingstatements. This report is not intended to provide personal investment advice and it does not take into account the specificinvestment objectives, financial situation and the specific needs of any person or entity.

No portion of an analyst’s compensation is based on a specific banking transaction; however, part of his/her compensationmay be based upon overall firm revenue and profitability, of which investment banking is a component. Individuals associatedwith KBCMI (other than the research analyst(s) listed on page 1 of this research report) may have a position (long or short) inthe securities covered in this research report and may make purchases and/or sales of those securities in the open marketor otherwise without notice. As required by NASD Rule 2711(h)(1)(A), financial interest, if any, by any research analystslisted on page 1 of this report will be disclosed in Important Disclosures, Company-specific regulatory disclosures locatedabove in the Disclosure Appendix. KBCMI itself may have a position (long or short) in the securities covered in this researchreport and may make purchases and/or sales of those securities in the open market or otherwise without notice. As requiredby NASD Rule 2711(h)(1)(B), if KBCMI beneficially owns 1% or more of any class of common equity securities of the subjectcompany(ies) in this research report as of the end of the month immediately preceding the date of publication of this researchreport will be disclosed in Important Disclosures, Company-specific regulatory disclosures located above in the DisclosuresAppendix. This communication is intended solely for use by KBCMI clients. The recipient agrees not to forward or copy theinformation to any other person without the express written consent of KBCMI.




Mobile Mini, Inc. Ex (mm) $62.2 Cash (mm) $3.0 Sources: Company reports, FactSet, KeyBanc Capital...

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