1

Investor PresentationQ2 2016

2

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

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 concerning forward-

looking statements and related risk factors and uncertainties, please refer to the

Boyd Group’s interim and annual regulatory filings.

Forward-Looking Statements

3

Capital Markets Profile (as at August 12, 2016)

Stock Symbol: TSX: BYD.UN

Units and Shares Outstanding*: 18.3 million

Price (August 12, 2016): $82.69

52-Week Low / High: $54.16/$82.91

Market Capitalization: $1,513.2 million

Annualized Distribution (per unit): $0.504

Current Yield: 0.6%

Payout Ratio (TTM**): 12.2%

*Includes 231,937 exchangeable shares** Trailing twelve months ended June 30, 2016

4

Company Overview

• Leader and one of the largest operators of collision repair shops in North America by number of locations (non-franchised)

• Consolidator in a highly fragmented $35.0 billion market

• Second-largest retail auto glass operator in the U.S.

• Only public company in the auto collision repair industry in North America

• Recession resilient industry

By Country By Payor< 10% Customer Pay/Other

> 90% Insurance

< 10% Canada

U.S.

Revenue Contribution:

Chart1

U.S.

Canada

Sales

90

10

Sheet1

Sales

U.S.90

Canada10

To resize chart data range, drag lower right corner of range.

Chart1

< 10% Customer Pay

> 90% Insurance

Sales

10

90

Sheet1

Sales

< 10% Customer Pay10

> 90% Insurance90

To resize chart data range, drag lower right corner of range.

5

Collision Operations

• 337 company operated collision locations across 20 U.S. states; 41 company operated locations in Canada

• Operate full-service repair centers offering collision repair, glass repair and replacement services

• Strong relationships with insurance carriers

• Advanced management system technology

• Process improvement initiatives

• Single brand strategy in Canada and U.S.

6

North American Collision Repair Footprint

U.S. • Illinois (54)• Florida (53)• Michigan (41)• North Carolina (28)• Ohio (22)• Indiana (21)• Washington (20) • Georgia (20)• Arizona (17)• Colorado (16)• Maryland (10)• Louisiana (7)• Oregon (7)• Oklahoma (5)• Pennsylvania (5)• Nevada (4)• Utah (4) • Kansas (1)• Idaho (1)• Kentucky (1)

Canada• Manitoba (14) • Alberta (12)• British Columbia (12)• Saskatchewan (2)• Ontario (1)

41centers

337centers

6

7

Glass Operations

• Retail glass operations across 31 U.S. states Asset light business model

• Third-Party Administrator business that offers Notice of Loss, glass and related services with approximately: 5,500 affiliated glass provider locations 4,600 affiliated emergency road-side service

providers

• Canadian Glass Operations are integrated in the collision business

8

North American Glass FootprintU.S.

• Alabama• Arizona• Colorado• Connecticut• District of Columbia• Florida• Georgia• Idaho• Illinois• Indiana• Kentucky• Louisiana• Massachusetts• Maryland• Michigan• Missouri• Nevada• New Hampshire• New York• North Carolina• Ohio• Oklahoma• Oregon • Pennsylvania• Tennessee• Texas• Utah• Virginia• Washington• West Virginia• Wisconsin

8

9

Market Overview & Business Strategy

9

10

Large, Fragmented Market

• Revenue for North American collision repair industry is estimated to be approximately $35.0 billion annually (U.S. $32.3B, CDA $2.7B)

• 33,500 shops in the U.S.

• Composition of the collision repair market in the U.S.:

U.S. Collision Repair Market

Source: The Romans Group, “A 2014 Profile of the Evolving North American Collision Repair Marketplace”

Independent Repair Shops

76.8%

Dealer-ownedShops23.2%

Single Shops72.1%

Large MSO

19.2%Small MSO and Franchises8.7%

Chart1

Large MSO

Small MSO and franchises

Single Shops

Sales

0.192

0.087

0.721

Sheet1

Sales

Large MSO19.2%

Small MSO and franchises8.7%

Single Shops72.1%

4th Qtr1.2

To resize chart data range, drag lower right corner of range.

Chart1

Dealer-owned shops

Independent Repair Shops

Sales

0.232

0.768

Sheet1

Sales

Dealer-owned shops23.2%

Independent Repair Shops76.8%

Single Shops75.5%

4th Qtr1.2

To resize chart data range, drag lower right corner of range.

11

Evolving Collision Repair Market

• Long-term decline of independent and dealership repair facilities Total number of independent and dealership collision repair locations has

declined by 19.3% from 2008 to 2014, and 57% over the past 30 years

• Large multi-shop collision repair operator (“MSO”) market share opportunity Large MSOs represented 5.7% of total locations in 2014 and 19.2% of estimated

2014 revenue (up from 9.1% in 2006) in the U.S. 81 MSOs had revenues of $20 million or greater in 2014 The top 10 MSOs together represent 65.9% of revenue of large MSOs MSOs benefit from standardized processes, integration of technology platforms

and expense reduction through large-scale supply chain management

Source: The Romans Group, “A 2014 Profile of the Evolving North American Collision Repair Marketplace”

12

Strong Relationships with Insurance Companies through DRPs

• Direct Repair Programs (“DRPs”) are established between insurance companies and collision repair shops to better manage auto repair claims and the level 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 DRP trends with all major insurers and most regional insurers

• Boyd’s relationship with insurance customers Top 5 largest customers contribute 49% of revenue Largest customer contributes 15% of revenue

12

13

Insurer Market Dynamics

Top 10 Insurer Market Share Insurer DRP Usage

Source: National Association of Insurance Commissioners Source: The Romans Group

Chart1

Top 10 Insurers

Other Insurers

Sales

0.711

0.289

Sheet1

Sales

Top 10 Insurers71.1%

Other Insurers28.9%

Single Shops75.5%

4th Qtr1.2

To resize chart data range, drag lower right corner of range.

Chart1

DRP

Other

Sales

0.55

0.45

Sheet1

Sales

DRP55.0%

Other45.0%

Single Shops75.5%

4th Qtr1.2

To resize chart data range, drag lower right corner of range.

14

Impact of Collision Avoidance Systems

• CCC estimates technology will reduce accident frequency by ~20% in next 25-30 years

• As per industry studies, decline should be somewhat offset by increases in average cost of repair (increased expense of technology)

• Large operators could also mitigate market decline by continued market share gains in consolidating industry

Source: CCC Information Services Inc.: Projections based on current projected annual rate of change - impact may increase with changes in market adoption and system improvements

All Rights Reserved Copyright 2015 CCC Information Services Inc.

Chart1

CY 2010

CY 2011

CY 2012

CY 2013

CY 2014

CY 2015

CY 2020

CY 2025

CY 2030

CY 2035

CY 2040

CY 2045

CY 2050

Estimated reduction in frequency

Impact of Crash Avoidance on Accident Frequency

-0.0008991849

-0.0011331618

-0.001511939

-0.0024170813

-0.004346987

-0.0072468905

-0.033

-0.068

-0.103

-0.138

-0.173

-0.208

-0.243

Sheet1

Estimated reduction in frequency

CY 2010-0.09%

CY 2011-0.11%

CY 2012-0.15%

CY 2013-0.24%

CY 2014-0.43%

CY 2015-0.72%

CY 2020-3.30%

CY 2025-6.80%

CY 2030-10.30%

CY 2035-13.80%

CY 2040-17.30%

CY 2045-20.80%

CY 2050-24.30%

15

Business Strategy

Operational excellence

New location and acquisition growth

Expense management

Same-store sales growth and optimize returns from existing operations

EnhanceUnitholder

Value

THE BOYD GROUP

UNITHOLDERS

15

16

Operational Excellence – WOW Operating Way

• Best-in-Class Service Provider Average cost of repair Cycle time Customer service Quality Integrity

• “WOW” Operating Way Implemented in over 85% of shops

17

Expense ManagementO

pera

ting

Expe

nses

as %

of S

ales

Well managed operating expenses as a % of sales

39.1% 38.4% 37.9% 37.8% 38.0% 38.0% 38.4% 38.8% 38.0% 37.1%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

17

18

-7%

-2%

3%

8%

13%

Q3-06

Q4-06

Q1-07

Q2-07

Q3-07

Q4-07

Q1-08

Q2-08

Q3-08

Q4-08

Q1-09

Q2-09

Q3-09

Q4-09

Q1-10

Q2-10

Q3-10

Q4-10

Q1-11

Q2-11

Q3-11

Q4-11**

Q1-12

Q2-12

Q3-12

Q4-12

Q1-13

Q2-13

Q3-13

Q4-13

Q1-14

Q2-14

Q3-14

Q4-14

Q1-15

Q2-15

Q3-15

Q4-15

Q1-16

Q2-16

SSSG - Optimizing Returns from Existing Operations

Sam

e-St

ore

Sale

s Gro

wth

*

Same-store sales increases in 32 of 40 most recent quarters

*Total Company, excluding FX.

**Adjusting for the positive impact of hail in Q4-10, Q4-11 SSSG was 4.7%.

3-year average SSSG: 6.3%

5-year average SSSG: 4.9%10-year average SSSG: 4.4%

18

Chart1

Q3-06Q3-06

Q4-06Q4-06

Q1-07Q1-07

Q2-07Q2-07

Q3-07Q3-07

Q4-07Q4-07

Q1-08Q1-08

Q2-08Q2-08

Q3-08Q3-08

Q4-08Q4-08

Q1-09Q1-09

Q2-09Q2-09

Q3-09Q3-09

Q4-09Q4-09

Q1-10Q1-10

Q2-10Q2-10

Q3-10Q3-10

Q4-10Q4-10

Q1-11Q1-11

Q2-11Q2-11

Q3-11Q3-11

Q4-11**Q4-11**

Q1-12Q1-12

Q2-12Q2-12

Q3-12Q3-12

Q4-12Q4-12

Q1-13Q1-13

Q2-13Q2-13

Q3-13Q3-13

Q4-13Q4-13

Q1-14Q1-14

Q2-14Q2-14

Q3-14Q3-14

Q4-14Q4-14

Q1-15Q1-15

Q2-15Q2-15

Q3-15Q3-15

Q4-15Q4-15

Q1-16Q1-16

Q2-16Q2-16

Same-Store Sales Growth

Column1

-0.008

0.028

0.059

0.077

0.102

0.094

0.083

0.085

0.051

0.002

0.013

-0.057

-0.036

0.002

-0.063

-0.013

0.049

0.106

0.115

0.088

0.087

0.047

-0.005

-0.004

-0.013

-0.008

0.02

0.021

0.079

0.044

0.052

0.076

0.073

0.076

0.075

0.055

0.047

0.073

0.06

0.074

0.051

Sheet1

Same-Store Sales GrowthColumn1

Q3-06-0.80%

Q4-062.80%

Q1-075.90%

Q2-077.70%

Q3-0710.20%

Q4-079.40%

Q1-088.30%

Q2-088.50%

Q3-085.10%

Q4-080.20%

Q1-091.30%

Q2-09-5.70%

Q3-09-3.60%

Q4-090.20%

Q1-10-6.30%

Q2-10-1.30%

Q3-104.90%

Q4-1010.60%

Q1-1111.50%

Q2-118.80%

Q3-118.70%4.41%

Q4-11**4.70%-0.50%4.93%

Q1-12-0.40%6.30%

Q2-12-1.30%

Q3-12-0.80%

Q4-122.00%

Q1-132.10%

Q2-137.90%

Q3-134.40%

Q4-135.20%

Q1-147.60%

Q2-147.30%

Q3-147.60%

Q4-147.50%

Q1-155.50%

Q2-154.70%

Q3-157.30%

Q4-156.00%

Q1-167.40%

Q2-165.10%

19

Focus on Accretive Growth

• Goal: double the size of the business by 2020

• Implied average annual growth rate of 15%: Same-store sales Acquisition or development of single locations Acquisition of multiple-location businesses

• Well-positioned to take advantage of large acquisitions

20

+37

+54

+42

+64

+29

+38

45

82

136

178

242271

309

2010 2011 2012 2013 2014 2015 2016

New Location and Acquisition Growth

• May 2013: acquisition of Glass America added 61 retail auto glass locations• March 2016: acquisition of 4 retail auto glass locations

Collision repair locations added

20

Annual additions (MSO and single locations)

21

FinancialReview

21

Revenue Growth

(C$ millions)

22

Chart1

2010

2011

2012

2013

2014

2015

Revenue

256.8

357

434.4

578.3

844.1

1174.1

Sheet1

Revenue

2010256.8

2011357

2012434.4

2013578.3

2014844.1

20151174.1

Adjusted EBITDA Growth

(C$ millions)

23

$19.0$24.4

$29.8

$41.5

$69.0

$101.7

$0

$20

$40

$60

$80

$100

$120

2010 2011 2012 2013 2014 2015

24

Financial Summary

(C$ millions, except per unit and percent amounts)

3-months ended 6-months ended

June 30,2016

June 30,2015

June 30,2016

June 30,2015

Sales $331.0 $278.7 $681.4 $560.5

Gross Profit $152.7 $129.4 $310.8 $258.0

Adjusted EBITDA* $30.5 $25.5 $60.0 $46.7

Adjusted EBITDA Margin* 9.2% 9.2% 8.8% 8.3%

Adjusted Net Earnings* $13.6 $11.1 $26.5 $19.1

Adjusted Net Earnings* per unit $0.756 $0.677 $1.470 $1.166

Adjusted Distributable Cash* $29.8 $10.8 $33.6 $31.5

Adjusted Distributable Cash* per average unit and Class A common share $1.630 $0.652 $1.840 $1.896

Payout Ratio 7.7% 18.8% 13.6% 13.0%

Payout Ratio (TTM) 12.2% 15.7% 12.2% 15.7%

* Adjusted EBITDA, adjusted net earnings, and adjusted distributable cash are not recognized measures under International Financial Reporting Standards ("IFRS"). See the Fund’s 2016 Second Quarter MD&A for more information.

24

25

Strong Balance Sheet(in C$ millions) June 30, 2016 December 31, 2015

Cash $47.9 $72.9

Long-Term Debt $69.6 $66.5

Convertible Debentures* $51.3 $75.1

Obligations Under Finance Leases $12.2 $13.0

Net Debt (total debt, including current portion and bank indebtedness, net of cash)

$85.3 $81.8

Net Debt / Adjusted EBITDA (TTM) 0.74x 0.80x

* On January 5, 2016, the Fund completed the early redemption and cancellation of its 5.75% Convertible Unsecured Subordinated Debentures due December 31, 2017. The principal amount of $24.2 million was converted or redeemed. 25

26

Financial Flexibility

• Cash of $47.9 million

• Net Debt to EBITDA TTM ratio of 0.74x

• 5-year committed facility of US$150 million which can increase to US$250 million with accordion feature, maturing July 2020

• ~$350 million of “dry powder” available

• Only public company in the industry Access to all capital markets

27

Distributions

Annualized Distribution per Unit (C$)

Annualized distributions have increased by 60% since 2010

$0.315$0.330

$0.345$0.360

$0.420$0.450

$0.468 $0.480$0.492 $0.504

$0.00

$0.05

$0.10

$0.15

$0.20

$0.25

$0.30

$0.35

$0.40

$0.45

$0.50

$0.55

Apr 10 -May 10

Jun 10 -Aug 10

Sept 10 -Nov 10

Dec 10 Jan 11-Oct 11

Nov 11 -Oct 12

Nov 12 -Oct 13

Nov 13 -Oct 14

Nov 14 -Oct 15

Nov 15 -Present

27

28

Five-year Return to Unitholders

-200%

0%

200%

400%

600%

800%

1000%

1200%

31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15

Boyd Group S&P/TSX Composite S&P/TSX Income Trust

5-year total return: 906.2%*

S&P/TSX Composite12.1%

S&P/TSX Income Trust60.6%

*Source: Toronto Stock Exchange. Total return based on reinvestment of dividends.

29

Delivering long-term value to unitholders

• Best performing company on Toronto Stock Exchange, 2005-2015

Total Return: 12/30/2005-12/31/2015

S&P/TSX Composite Index

+15.42%

The Boyd Group Income Fund

+4,655%

Source: Thomson One, includes reinvested distributions

30

Experienced & Committed Management Team

Brock Bulbuck President & CEO

Pat Pathipati Executive Vice President & CFO

Tim O’Day President & COO, U.S. Operations

Eric Danberg President, Canadian Operations

31

Outlook

• Increase North American presence through: Drive same-store sales growth through enhanced capacity

utilization, development of DRP arrangements and leveraging existing major and regional insurance relationships

Acquire or develop new single locations as well as the acquisition of multi-location collision repair businesses

• Margin enhancement opportunities through operational excellence and leveraging scale over time

• Double size of the business by 2020

32

Summary

Stability

Unitholder Value

Growth

+

=

Strong balance sheet Insurer preference for MSOs Recession resilient

Cash distributions/conservative payout ratio

5-year total unitholder return of 906.2%

$35 billion fragmented industry High ROIC growth strategyMarket leader/consolidator

in North America

Focus on enhancing unitholders’ value

32

Slide Number 1Forward-Looking StatementsCapital Markets Profile (as at August 12, 2016)Company OverviewCollision OperationsNorth American Collision Repair FootprintGlass OperationsNorth American Glass FootprintSlide Number 9Large, Fragmented MarketEvolving Collision Repair MarketStrong Relationships with �Insurance Companies through DRPsInsurer Market DynamicsImpact of Collision Avoidance SystemsBusiness StrategyOperational Excellence – WOW Operating WayExpense ManagementSSSG - Optimizing Returns �from Existing OperationsFocus on Accretive Growth New Location and Acquisition GrowthSlide Number 21Revenue GrowthAdjusted EBITDA GrowthFinancial SummaryStrong Balance SheetFinancial FlexibilityDistributionsFive-year Return to UnitholdersDelivering long-term value to unitholdersExperienced & Committed �Management TeamOutlookSummary