1

Annual General MeetingMay 15, 2019

2

Allan DavisIndependent Chair of the Board

2

3

Meeting Agenda

• Introduction

• Audited Financial Statements

• Scrutineer’s Report

• Appointment of Trustees

• Nominees as Trustees/Directors of BGI & BGHI

• Appointment of Auditors

• Advisory vote/Say on Pay

• Management Presentation

• Q&A

4

Brock BulbuckChief Executive Officer

4

5

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

5

6

2018 Highlights

• Added 81 locations, representing 16% growth in new locations and entered four new states: Alabama, Missouri, Texas, and Wisconsin

• Total sales increased 18.8% to $1.9 billion including same-store sales increase of 4.8%*

• Adjusted EBITDA increased 19.1% to $173.4 million

• Consistent Adjusted EBITDA margin of 9.3% - after the investment in enhanced benefit programs negatively impacted EBITDA margins in 2018

• Adjusted net earnings increased 45.5% to $85.6 million

• U.S. corporate tax expense reduced by approximately $10.8 million as U.S. corporate tax rates decreased from approximately 39% to 26%

• On track to achieve growth targets

• Best 10-year performance on the TSX in 2015 and 2016 and second best 10-year performance on the TSX in 2017 and 2018

*After adjusting for one additional selling/production day in 2018, same-store sales increased by 4.4% on per day basis

12.5%Total Return

7

Financial Performance

(C$ millions)

Note: Adjusted EBITDA and adjusted net earnings are not recognized measures under International Financial Reporting Standards ("IFRS"). See the Fund’s FY 2018 MD&A for more information.

Adjusted EBITDASales Adjusted Net Earnings

1,387

1,569

1,865

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2016 2017 2018

124

146

173

0

20

40

60

80

100

120

140

160

180

200

2016 2017 2018

53 59

86

0

10

20

30

40

50

60

70

80

90

2016 2017 2018

8

Strong Balance Sheet

(C$ millions)

Equity Net Debt/ Adjusted EBITDA (x)

281

440

571

2016 2017 2018

0.89

1.41 1.34

2016 2017 2018

9

Total Location Growth

New Locations

• Added 81 locations

• Entered 4 new states

• Market remains fragmented and continues to provide attractive acquisition opportunities58

105

81

0

20

40

60

80

100

120

2016 2017 2018

10

Distributions

Annualized Distribution per Unit (C$)

Annualized distributions have increased by 9.8% since 2014

10

0.4920.504

0.5160.528

0.540

$0.40

$0.45

$0.50

$0.55

Nov 14 -Oct 15

Nov 15 -Oct 16

Nov 16 -Oct 17

Nov 17 -Oct 18

Nov 18 - present

11

-20.0%

-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

31-Dec-17 28-Feb-18 30-Apr-18 30-Jun-18 31-Aug-18 31-Oct-18 31-Dec-18

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

Return to Unitholders - 2018

+12.0%(+12.5% including

distributions)

2018total return: 12.5%*

-11.6%(-8.9% including

dividends)

-7.0%(-1.9% including

dividends)

*Source: Thomson Reuters Eikon. Total return based on reinvestment of dividends.

12

Five-year Return to Unitholders

*Source: Thomson Reuters Eikon. Total return based on reinvestment of dividends.

-50%

0%

50%

100%

150%

200%

250%

300%

350%

31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18

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

5-year total return: 253.84%*

S&P/TSX Composite22.0%

S&P/TSX Income Trust41.1%

13

2007 - 2017

Delivering long-term value to unitholders

• Best 10-year performance on the TSX in 2015 and 2016 • Second best 10-year performance on the TSX in 2017 and 2018

*Source: Thomson Reuters Eikon. Total return based on reinvestment of dividends.

+57.5%

+5,795.6%

2006 - 2016

S&P/TSX Composite Index

BYD.UN

+58.6%

+9,966.5%

2008 - 2018

+118%

5,901.2%

14

Average Daily Trading

*Source: TSX Infosuite

60,11663,454

74,674

$2.8

$6.6

$9.9

$0.0

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

$14.0

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

2016 2017 2018

Average Daily Volume Average Daily Value ($M)

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FinancialReview

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16

2018 Sales

(C$ millions)

• + $234.9 million: 174 new locations

• + $69.0 million: same-store sales growth

• - $2.3 million: U.S. exchange rate conversion of same-store sales

• - $6.4 million due to closure of under-performing facilities

+18.8%1,569

1,865

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2017 2018

17

2018 Adjusted EBITDA

(C$ millions)

• Increase primarily due to incremental EBITDA contribution from new location and same-store sales growth

• Changes in U.S. dollar exchange rates increased Adjusted EBITDA by $0.5 million

+19.1%146

173

100

110

120

130

140

150

160

170

180

2017 2018

18

2018 Adjusted Net Earnings

• Adjusted Net Earnings increased due to lower U.S. income tax expense, reduced finance costs and contributions from new locations and same-store sales growth, partially offset by enhanced benefits for U.S. employees

+45.5%

(C$ millions)

59

86

0

10

20

30

40

50

60

70

80

90

2017 2018

19

2018 Adjusted Distributable Cash

(C$ millions)

• Increase due to higher cash flow from operations resulting from the growth of the company

• Payout ratio of 6.8% for the year

+63.9%

94

155

0

20

40

60

80

100

120

140

160

180

2017 2018

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Q1 2019 Financial Summary

* Adjusted EBITDA, adjusted net earnings, and adjusted distributable cash are not recognized measures under International Financial Reporting Standards ("IFRS"). See the Fund’s Q1 2019 MD&A for more information.

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

3-months ended

March 31,2019

March 31,2018

Sales $557.9 $453.3

Gross Profit $253.0 $204.5

Adjusted EBITDA* $54.2 $42.1

Adjusted EBITDA Margin* 9.7% 9.3%

Adjusted Net Earnings* $29.2 $20.9

Adjusted Net Earnings* per unit $1.47 $1.06

Adjusted Distributable Cash* $32.2 $29.9

Adjusted Distributable Cash* per average unit and Class A common share $1.60 $1.50

Payout Ratio 8.4% 8.8%

Payout Ratio (TTM) 6.8% 9.1%

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IFRS 16 Impact

IMPACT OF IFRS 16 ON NET EARNINGS, CASH FLOWS & DISTRIBUTABLE CASH$(000's)Cdn

Q1 2019 IFRS 16 Q1 2019Statement of Earnings As reported Adjmt Pre-IFRS 16

Sales 557,897 - 557,897 Cost of sales 304,914 - 304,914 Gross profit ($) 252,983 - 252,983 Operating expenses 174,661 24,147 198,808

Operating expenses % 31.3% 35.6%Adjusted EBITDA 78,322 (24,147) 54,175 Adjusted EBITDA % 14.0% 9.7%

Acquisition and transaction costs 1,259 - 1,259 Depreciation 30,079 (20,343) 9,736 Amortization of intangible assets 4,818 - 4,818 Fair value adjustments 5,813 - 5,813 Finance costs 7,929 (5,212) 2,717 Earnings before income taxes 28,424 1,408 29,832 Income tax expense 7,035 366 7,401 Net earnings 21,389 1,042 22,431 Basic earnings per unit 1.08 0.05 1.13 Adjusted net earnings 28,134 1,042 29,176 Adjusted net earnings per unit 1.42 0.05 1.47

Statement of Cash FlowsCash flows from operating activities 63,719 (24,147) 39,572 Cash flows from financing activities 29,806 24,147 53,953

93,525 - 93,525

Distributable cash Standardized distributable cash 56,076 (24,147) 31,929 Principal repayment of leases 25,210 (24,147) 1,063 Adjusted distributable cash 32,172 - 32,172

Note: For illustrative purposes only, the amount of $78,322 is shown above to reflect Adjusted EBITDA had the property lease payments not been deducted in arriving at Adjusted EBITDA.

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Strategy &

Outlook

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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

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Operational Excellence

• Best-in-Class Service Provider Average cost of repair

Cycle time

Customer service

• “WOW” Operating Way Embedded as part of our operating culture

• Company-wide diagnostic repair scanning technology

• I-Car Gold Class facilities

• Industry leader in OE Certifications

• Industry leader in technician training

Quality

Integrity

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Expense ManagementO

pera

ting

Expe

nses

as %

of S

ales

Well managed operating expenses as a % of sales

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38.8% 38.0% 37.1% 36.8% 36.5% 35.9%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

2013 2014 2015 2016 2017 2018

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-7%

-2%

3%

8%

13%

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

Q3-16

Q4-16

Q1-17

Q2-17

Q3-17***

Q4-17

Q1-18

Q2-18

Q3-18****

Q4-18

Q1-19

SSSG - Optimizing Returns from Existing Operations

Same-store sales increases in 33 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%

***Adjusting for the negative impact of Hurricane Irma and Hurricane Harvey, Q3-17 SSSG was 1.0%

****Normalizing for the impact of hurricanes in the comparative period, Q3-18 SSSG was 3.6%26

Sam

e-St

ore

Sale

s Gro

wth

*

3-year average SSSG: 3.8%

5-year average SSSG: 4.9%10-year average SSSG: 4.0%

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42

64

29

58

105

81

46

621

0

20

40

60

80

100

120

0

100

200

300

400

500

600

700

2013 2014 2015 2016 2017 2018 YTD 2019

Annual additions Total locations

Strong Growth in Collision Locations

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

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Outlook

*Growth from 2015 on a constant currency basis.

• 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 during the five-year period ending in 2020*

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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 253.8%

US$38.6 billion fragmented industry High ROIC growth strategyMarket leader/consolidator

in North America

Focus on enhancing unitholders’ value

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Q & A30

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Impact of Collision Avoidance Systems

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

• Collision avoidance technology may lessen the extent of damage in some accidents, leading to less required repairs, but also a higher percentage of repairable vehicles (less total losses)

• Offsetting factors to accident frequency decline include: Increases in repair costs due to the

additional repair or replacement requirements of collision avoidance technology; and

Increases in vehicle miles driven resulting primarily from continued growth in number of vehicle registrations.

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

*Source: CCC Information Services Inc. Crash Course 2019: Projection includes ADAS technology systems like lane departure warning, adaptive headlights, and blind spot monitoring, uses HLDI’s predictions in regard to the ramp-up in percent of registered vehicle fleet equipped with each system, and includes projections of the number of vehicles in operation in the U.S. Projections based on current projected annual rate of change - impact may increase with changes in market adoption and system improvements

0%

0%

0%

0%

-1%

-1%

-3%

-11%

-19%

-25%

-29%

-30%

-31%

-35% -30% -25% -20% -15% -10% -5% 0%

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

Impact of Crash Avoidance on VehicleClaim Counts *

All Rights Reserved Copyright 2019 CCC Information Services Inc.

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Annual General MeetingMay 15, 2019

32