Investor Presentation April 2012

Forward-Looking State e ts o wa d oo g Statements

This presentation contains forward-looking statements, other than historical facts, which reflect the view of the Fund's management with respect to future events. Such forward-looking statements reflect the current views of the Fund's management and are made on the basis of information currently available. Although management believes that its expectations are reasonable, it can give p p f g no assurance that such expectations will prove to be correct. The forward-looking statements contained herein are subject to these factors and other risks, uncertainties and assumptions relating to the operations, results of operations and financial position of the Fund. For more information gf g f ,p f concerning forward-looking statements and related risk factors and uncertainties, please refer to the Boyd Groups interim and annual regulatory filings.

Cap tal Ma et o le Capital Market Profile

Stock Symbol: Units and Shares Outstanding: Price (April 2, 2012): 52 Week 52-Week Low / High: Market Capitalization: Annualized Distribution Current Yield: Payout Ratio (2011):
(per unit):

TSX: BYD UN BYD.UN 12.9 million $11.95 $8.00 / $14.49 $154.2 million $0.45 3.8% 31.3%

Co pa y Ove v ew Company Overview

Own and operate collision repair centres in the U.S. and Canada Largest operator of collision repair shops in North America $30 40 Highly fragmented $30-40 billion market Collision repair companies that derive a high percentage of their revenue from insurance companies are the most insulated from the effects of the economy of any segment of the auto aftermarket industry Revenue Contribution:
By Country By Payor
< 10% Customer Pay Canada U.S. > 90% Insurance

No t North American Presence e ca ese ce

Canada
Manitoba (14) ( ) Alberta (12) B.C. (11) Saskatchewan (2)

centres

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U.S.
Illinois (36) North Carolina (17) Arizona (12) Georgia (12) Washington (12) Ohi (9) Ohio Indiana (8) Florida (9) Maryland (7) Colorado (6) Pennsylvania (5) Nevada (3) Oklahoma (3) Kansas (1)

140
centers

U.S. Operations
140 locations, including 8 from recently , g y acquired Master Collision Repair, 37 from True2Form, and 28 from Cars Collision Operate full-service repair centres offering collision repair, glass repair and p replacement services Strong relationships with insurance carriers as a result of best-in-class performance Advanced management system technology

Canadian Operations
39 Company-owned/operated centres; 8 franchise locations Operate full-service repair centres offering collision repair, glass repair and replacement lli i i l i d l t Customer focused: Modern retail locations ISO 9002 certified Standard operating procedures MIS Systems

Market Overview & Business Strategy

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Large, Fragmented Market a ge, ag e ted Ma et

Revenue for North American collision repair industry is estimated to be approximately $30-40 billion annually Car dealerships are now estimated to have approximately 21% of the total market Large Multi-shop operators are estimated to have approximately 11% of the total market (including car dealerships) The remaining North American collision repair industry is dominated by smaller independent family-owned businesses operating i l f il db i ti in local markets l k t

Importance o Direct Repair Programs po ta ce of ect epa og a s

Direct Repair Programs (DRPs) are established between insurance companies and coll s o epa s ops collision repair shops to bette manage auto repair cla s a d t e level o custo e better a age epa claims and the of customer satisfaction Auto insurers utilize DRPs for a growing percentage of collision repair claims volume Growing preference among insurers for DRP arrangements with multi-location collision repair operators Boyd is well positioned to take advantage of these trends, and has DRPs with all major trends insurers and most regional insurers Boyd has minimal exposure to one insurance customer Top 5 largest customers contribute ~41% of revenue Largest customer contributes 14% of revenue

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Business Strategy us ess St ategy

Expense management Same-store sales growth and optimize returns from existing operations

New location and acquisition growth

Operational O i l excellence

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Growth Strategy
6-10% growth in new start-ups or single-location acquisitions Large, accretive acquisitions at attractive multiples Same-store sales growth

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New Start-Ups Sta t Ups

Growth through Greenfield & Brownfield development of collision f iliti d l t f lli i facilities
Low-cost growth No senior debt No dilution High ROI

Typical New Start Up Funding Model: Start-Up

Funded By: Forgivable Funding* Capital Leases C it l L Seller Financing Total Capital Investment** US$100,000 US$200,000 US$200 000 US$200,000 US$500,000

* From Trading Partners ** Cash/operating line borrowings to be used to offset any shortfall in any funding source
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Evolving Collision Repair Market

U.S. Collision Repair Market p Estimated market size in 2010 of 37,700 total collision repair locations

Long-Term Decline of Independent and Dealership Repair Facilities Total number of collision repair locations has declined by 16% from 2006 to 2010, and 53% over the past 30 years

Large Multiple-Location C lli i R L M lti l L ti Collision Repair O i Operator (MLO) M k t Sh t Market Share O Opportunity t it Large MLOs represented 2.9% of total locations in 2010 and 10.8% of revenue (up from 9.1% in 2006) 56 MLOs had $20-million or greater revenues in 2010 (Boyd acquired two in the last two years) MLOs benefit from standardized processes, integration of technology platforms, and expense reduction through l d h h large-scale supply chain management l l h

Source: The Romans Group LLC, A Profile of the Evolving Collision Repair Marketplace

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True2Form Acquisition August 2010 A

Strategic Benefits Added 37 locations in four new eastern U.S. states Complements existing Boyd U.S. footprint Strong management, operational expertise

Boyd became the largest operator in North America, with 136 locations after acquisition

Financial Benefits Immediately accretive to EBITDA, Distributable Cash, and Value to Unitholders US$16.8-mm transaction (net purchase price excluding costs) with no dilution to current Unitholders; f d d with US$9 t U ith ld funded ith US$9-mm new l long-term d bt US$1 8 t debt, US$1.8-mm cash, h and US$6-mm forgivable supplier funding

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Cars Collision Acquisition June 2011 J

Strategic Benefits Added 28 locations for a total of 164 locations postacquisition Increased locations to 45 from 23 in the Chicagoland market (IL and northern IN) New Colorado market with 6 locations

Similar business model and long-term vision as Boyd Group Financial Benefits Immediately accretive to EBITDA, Distributable Cash, and Value to Unitholders US$20.5-mm transaction, with no dilution to Unitholders; funded with US$9.7mm new long-term debt, US$5.0-mm cash, and US$5.8-mm forgivable supplier funding

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Master Collision Acquisition January 2012 J

Strategic Benefits First entry into the Florida market with the addition of 8 new locations Complementary b i C l t business model providing a d l idi similar fully-integrated service offering

Financial Benefits Immediately accretive to EBITDA, Distributable Cash, and Value to Unitholders US$12.1-mm US$12 1 mm transaction (net purchase price excluding costs) with no dilution to current Unitholders; funded with US$3.1-mm cash, and US$2-mm forgivable supplier funding, and $7-mm new long term debt

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Financial Review

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Revenue Growth eve ue G owt

(C$ millions) $400.0
$350.0 $300.0 $250.0 $200.0 $150.0 $100.0 $50.0 $ 2006 2007 2008 2009 2010 2011
$183.6 $197.6 $209.7 $209 7 $224.9 $256.8

$357.0

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Opt Optimizing Returns from Existing Ops g etu s o st g

Same-store sales increases in 21 of 28 most recent quarters
14.0%

S Same-Stor Sales Gr re rowth

12.0% 10.0% 10 0% 8.0% 6.0% 4.0% 2.0% 0.0% 2.0% 4.0% 6 0% 6.0% 8.0%
Q1 Q1 05 Q2 Q2 05 Q3 Q3 05 Q4 Q4 05 Q1 Q1 06 Q2 Q2 06 Q3 Q3 06 Q4 Q4 06 Q1 Q1 07 Q2 Q2 07 Q3 Q3 07 Q4 Q4 07 Q1 Q1 08 Q2 Q2 08 Q3 Q3 08 Q4 Q4 08 Q1 Q1 09 Q2 Q2 09 Q3 Q3 09 Q4 Q4 09 Q1 Q1 10 Q2 Q2 10 Q3 Q3 10 Q4 Q4 10 Q1 Q1 11 Q2 Q2 11 Q3 Q3 11 Q4 Q4 11

* Total Company, excluding FX. Adjusting for the positive impact of hail in Q4-10, Q4-11 SSSG was 4.7%.
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Expense Management pe se Ma age e t

Well-managed operating expenses as a percentage of sales
41.0% 40.5% 40.5%

Oper rating Expe enses as % of Sale es

40.0% 39.5% 39.5% 39.1% 39.0% 38.5% 38.0% 37.5% 37.0% 2004 2005 2006 2007 2008 2009 2010 2011 38.4% 37.9% 38.0% 37.8% 38.0%

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New Location Results

New Locations
2006
Tacoma, WA Scottsdale, S tt d l AZ Renton, WA

LTM Sales (C$)* $10,058,000 $8,883,000 $8,023,000 $8 023 000

LTMEBITDA (C$)* $1,422,000 $1,533,000 $786,000 $786 000

EBITDA Margin (% ) 14.1% 17.3% 9.8% 9 8%

2007
Glenview, IL Tempe, AZ C l Calgary, AB

2008
Lacey, WA L Las Vegas, NV

2009
Scurfield, MB Mesa, AZ Glendale, AZ Anthem, AZ Rome, GA Tucson, AZ (4 locations) Tulsa, OK Evanston, IL Buckhead, GA , Yuma, AZ McDonough, GA** Seattle, WA** Everett, WA** Winnipeg, MB****

$13,398,000

$757,000

5.7%

2010***
Cartersville, GA Las Vegas, NV Roswell, GA , Bellingham, WA

$11,142,000

$439,000

3.9%

2011 1st Half ***

Savannah, GA**

$4,785,000

$175,000

3.7%

2011 2nd Half

Richmond, BC** Edmonton N, AB ** Grove City, OH** Kent, WA****

$6,865,00

$(435,000)

(6.3)%

Combined Average per store

* Based on last twelve months (LTM) results ** Annualized based on actual results excluding the start up period

$63,154,000 $ $1,974,000

$4,677,000 $ $146,000

7.4% 7.4%
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*** Excludes results for True2Form and Cars as these were strategic acquisitions outside the scope of this growth plan

**** Excludes the results of these locations as they were added at the end of the reporting period

Financial Summary a c al Su a y
(in C$ millions, except per unit and % amounts ) Sales Gross Margin Adjusted EBITDA* Adjusted EBITDA Margin* Fair Value Adjustments Income Tax Expense Net Earnings g Net Earnings Per Unit (diluted) Adjusted Net Earnings* Distributable Cash b bl h Distributable Cash Per Unit (diluted) & Class A Common Share Payout Ratio

Three-months ended Dec. 31, 2011

$100.5 $45.1 $7.6 7.6% (1.5) $0.7 ( ($2.1) ) ($0.188) $4.5 $4.7 $ $0.363 29.6%

Twelve-months ended Dec. 31, 2011

$357.0 $160.1 $24.4 6.8% (2.8) $2.5 $2.9 $0.262 $14.2 $16.0 $ 60 $1.368 31.3%

Dec. 31, 2010

$80.8 $36.4 $7.0 8.7% (1.8) ($6.7) $7.9 $0.800 $4.9 $4.1 $ $0.343 24.5%

Dec. 30, 2010

$257.0 $116.4 $18.8 7.3% (2.5) ($6.6) $13.5 $1.249 $11.9 $15.1 $ $1.275 24.7%

*Adjusted EBITDA and Adjusted Net Earnings are not calculations defined under IFRS. See the Companys Q4 2011 MD&A for more information

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Balance Sheet
(in C$ millions)

Dec 31, 2011

$18.4 $28.9 $6.4 $nil

Dec 31, 2010

$9.6 $20.8 $4.6 $0.2

Cash Long-Term Debt Obligations Under Finance Leases Operating Line Net Debt
(total debt, including current portion and bank indebtedness, net of cash)

$16.9 1.13 1 13 0.69x 0.65x

$16.0 1.01 1 01 0.85x N/A

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Current Ratio Net Debt / Adjusted EBITDA (ttm) Net Debt / Adjusted EBITDA (pro forma for Cars acquisition)

Distribution Increases st but o c eases

Annualized distributions have increased by 150% since December 2007
Annualized Distribution per Unit (C$)
$0.50 $0.45 $0.40 $0.35 $0 35 $0.30 $0.25 $0.20 $0.15 $0.10 $0.05 $0.00
Dec07 Apr08 Jun08 Sept08 Dec08 Apr09 Jun09 Sept09 Dec09 Apr10 Jun10 Sept10 Dec10 Jan11 Nov11 Mar08 May08 Aug08 Nov08 Mar09 May09 Aug09 Nov09 Mar10 May10 Aug10 Nov10 Oct11 Present

$0.450 $0.420 $0.360 $0.330 $0.345 $0.315 $0 315 $0.285 $0.300 $0.270 $0.240 $0.255 $0.225 $0.195 $0.210 $0.180

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Tax Efficient Trust Structure a c e t ust St uctu e

Boyd Group Income Fund

The Boyd Group y p Inc.

Canada

U.S. to fund distributions

Canadian Operations & Operating Entities

U.S. US

The Boyd Group (U.S.) Inc. U.S. Operations & Operating Entities

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Five Year Five-Year Outlook

6-10% growth in new collision repair locations per year Increase North American presence through: Targeted start-ups and/or acquisitions in existing and adjacent markets

Drive same-store sales growth through enhanced capacity utilization, development of DRP arrangements and leveraging existing major and regional insurance relationships C i Continue to l k f accelerated growth opportunities through the look for l d h ii h h h acquisition of multi-location collision repair businesses

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Experienced & Committed Management T M t Team

Brock Bulbuck

President & Chief Executive Officer

Dan Dott

Chief Financial Officer President & Chief Operating Officer (U.S. Operations) (U S O i ) President, President Canadian Operations

Tim ODay O Day

Eric Danberg

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Su Summary a y
Strengthening balance sheet

Stability

Insurer preference for professional, multi-unit operators Recession resilient Increasing cash distributions g Low payout ratio

+
Cash Di t ib ti C h Distributions

+
Growth
$40-billion fragmented industry High ROI growth strategy g g gy

= A Strong Foundation for Future Growth

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