Investor Presentation

March 2017

1
Forward-Looking 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
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 Groups interim and annual regulatory filings.

2
Capital Markets Profile (as at March 23, 2017)

Stock Symbol: TSX: [Link]

Units and Shares Outstanding*: 18.3 million

Price (March 23, 2017): $86.35

52-Week Low / High: $69.00/$92.75
Market Capitalization: $1,580.2 million

Annualized Distribution (per unit): $0.516

Current Yield: 0.6%
Payout Ratio (TTM**): 12.1%

*Includes 203,695 exchangeable shares

** Trailing twelve months ended December 31, 2016

3
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 US$36.4 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
Revenue Contribution:
By Country By Payor
< 10% < 10%
Canada Customer Pay/Other

U.S. > 90% Insurance

4
Collision Operations

362 company operated collision locations

across 20 U.S. states; 42 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

5
North American Collision Repair Footprint
Canada


Manitoba (14)
British Columbia (13)
42
centers
Alberta (12)
Saskatchewan (2)
Ontario (1)

U.S.


Florida (57)
Illinois (55)
362
centers
Michigan (47)
North Carolina (31)
Indiana (24)
Ohio (22)
Arizona (20)
Washington (20)
Georgia (20)
Colorado (17)
Maryland (10)
Louisiana (9)
Oregon (9)
Oklahoma (5)
Pennsylvania (5)
Nevada (4)
Utah (4)
Kansas (1)
Idaho (1)
Kentucky (1)

6
Glass Operations

Retail glass operations across 31 U.S.

states
Asset light business model

Third-Party Administrator business that

offers glass, emergency roadside and
first notice of loss 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

7
North American Glass Footprint
U.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
Market Overview &
Business Strategy

9
Large, Fragmented Market
U.S. Collision Repair Market

Revenue for North American collision repair industry is estimated to be

approximately US$36.4 billion annually (U.S. $34.1B, CDA $2.3B)

32,900 shops in the U.S.

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

Dealer-
Large MSO owned
21.5% Shops
Small MSO 22.4%
and
Franchises Independent
Single Shops
8.2% Repair
70.3%
Shops
77.6%

Source: The Romans Group, A 2015 Profile of the Evolving North American Collision Repair Marketplace

10
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 23.5% from late 2007 to 2015, and 59% over the past 35 years

Large multi-shop collision repair operator (MSO) market share

opportunity
Large MSOs represented 6.4% of total locations in 2015 and 21.5% of estimated
2015 revenue (up from 9.1% in 2006) in the U.S.
79 MSOs had revenues of $20 million or greater in 2015
The top 10 MSOs together represent 66.8% 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 2015 Profile of the Evolving North American Collision Repair Marketplace

11
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

Boyds relationship with insurance customers

Top 5 largest customers contribute 47% of revenue
Largest customer contributes 15% of revenue

12
Insurer Market Dynamics

Top 10 Insurer Market Share Insurer DRP Usage

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

13
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

All Rights Reserved Copyright 2015 CCC Information Services Inc.

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

14
Business Strategy

Operational Expense
excellence management

Enhance
UNIT
Unitholder THE BOYD
HOLDERS GROUP
Value

Same-store sales growth

and optimize returns
New location and from existing operations
acquisition growth

15
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 all of our locations
other than those added in the last 12
months

16
Expense Management
Well managed operating expenses as a % of sales

45%

40% 38.0% 38.4% 38.8% 38.0% 37.1% 36.8%

Operating Expenses as % of Sales

35%

30%

25%

20%

15%

10%

5%

0%
2011 2012 2013 2014 2015 2016

17
 SSSG - Optimizing Returns
from Existing Operations
Same-store sales increases in 33 of 40 most recent quarters

10-year average SSSG: 4.6%

5-year average SSSG: 4.7%
Same-Store Sales Growth*

13%
3-year average SSSG: 6.3%

8%

3%

-2%

-7%
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
Q3-16
Q4-16
*Total Company, excluding FX.
**Adjusting for the positive impact of hail in Q4-10, Q4-11 SSSG was 4.7%.

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Focus on Accretive Growth

Goal: double the size of the business during the five-year

period ending in 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

*Growth from 2015 on a constant currency basis.

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New Location and Acquisition Growth
Collision repair locations added

329 336

+7
271
242 +58
+29
178
136 +64
+42
82
45 +54
+37

2010 2011 2012 2013 2014 2015 2016 2017

Annual additions (MSO and single locations)

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

20
Financial
Review

21
Revenue Growth
(C$ millions)

$1,600
$1,387.1
$1,400

$1,174.1
$1,200

$1,000
$844.1
$800
$578.3
$600
$434.4
$400 $357.0

$200

$0
2011 2012 2013 2014 2015 2016

22
Adjusted EBITDA Growth
(C$ millions)

$140
$124.3
$120
$101.7
$100

$80
$69.0

$60
$41.5
$40
$29.8
$24.4
$20

$0
2011 2012 2013 2014 2015 2016

23
 Financial Summary
3-months ended 12-months ended
(C$ millions, except per unit and percent amounts)
December 31, December 31, December 31, December 31,
2016 2015 2016 2015
Sales $360.4 $312.5 $1,387.1 $1,174.1

Gross Profit $165.1 $141.5 $635.0 $536.9

Adjusted EBITDA* $32.6 $28.6 $124.3 $101.7

Adjusted EBITDA Margin* 9.1% 9.1% 9.0% 8.7%

Adjusted Net Earnings* $13.1 $10.4 $52.6 $39.6

Adjusted Net Earnings* per unit $0.726 $0.622 $2.920 $2.406

Adjusted Distributable Cash* $34.5 $26.4 $76.1 $69.7

Adjusted Distributable Cash* per average
$1.885 $1.550 $4.166 $4.163
unit and Class A common share

Payout Ratio 6.7% 8.0% 12.1% 11.8%

Payout Ratio (TTM) 12.1% 11.8% 12.1% 11.8%

* Adjusted EBITDA, adjusted net earnings, and adjusted distributable cash are not recognized measures under International Financial Reporting Standards ("IFRS").
See the Funds 2016 Fourth Quarter MD&A for more information.
24
 Strong Balance Sheet
(in C$ millions) December 31, 2016 December 31, 2015

Cash $53.5 $72.9

Long-Term Debt $101.6 $66.5

Convertible Debentures* $50.8 $75.1

Obligations Under Finance Leases $11.9 $13.0

Net Debt
(total debt, including current portion and bank $110.8 $81.8
indebtedness, net of cash)

Net Debt / Adjusted EBITDA (TTM) 0.89x 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
Financial Flexibility

Cash of $53.5 million

Net Debt to EBITDA TTM ratio of 0.89x
5-year committed facility of US$150 million which can increase to
US$250 million with accordion feature, maturing July 2020

Over $350 million of dry powder available

Only public company in the industry
Access to all capital markets

26
Distributions

Annualized distributions have increased by 22.9% since 2011

Annualized Distribution per Unit (C$)

$0.55 $0.516
$0.504
$0.492
$0.50 $0.480
$0.468
$0.450
$0.45 $0.420

$0.40

$0.35

$0.30

$0.25

$0.20

$0.15

$0.10

$0.05

$0.00
Jan 11- Nov 11 - Nov 12 - Nov 13 - Nov 14 - Nov 15 - Nov 16 -
Oct 11 Oct 12 Oct 13 Oct 14 Oct 15 Oct 16 present

27
Five-year Return to Unitholders

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

1000%
5-year
800%
total return:
742.4%*
600%

400%

S&P/TSX
200% Composite
27.9%
0%
S&P/TSX
Income Trust
13.8%
-200%
30-Dec-11 30-Dec-12 30-Dec-13 30-Dec-14 30-Dec-15 30-Dec-16

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

28
Delivering long-term value to unitholders

Two consecutive years best 10-year performance on TSX

2005-2015 2006-2016
+9,966.5%

+4,655%

+58.6%
+15.42%
S&P/TSX [Link] S&P/TSX [Link]
Composite Index Composite Index
Source: Thomson One, includes reinvested distributions

29
Experienced & Committed
Management Team

Brock Bulbuck Pat Pathipati Tim ODay

CEO Executive President & COO
Vice-President & CFO

30
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 during the five-year

period ending in 2020*

*Growth from 2015 on a constant currency basis.

31
Summary

Strong balance sheet

Stability Insurer preference for MSOs
Recession resilient
+ $36.4 billion fragmented industry
High ROIC growth strategy
Growth Market leader/consolidator
in North America
=
Cash distributions/
Unitholder Value conservative payout ratio
5-year total unitholder return of 742.4%

Focus on enhancing unitholders value

32