Investor Presentation June 2014

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Investor Presentation

June 2014

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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

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Capital Markets Profile

Stock Symbol:

TSX: BYD.UN

Units and Shares Outstanding:

15.3 million

Price

(May 22, 2014)

:

$40.55

52-Week Low / High:

$19.61 / $41.39

Market Capitalization:

$620.4 million

Annualized Distribution

(per unit)

:

$0.48

Current Yield:

1.2%

**Payout Ratio (TTM*):**

21.5%

3

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Company Overview

• Own and operate collision repair centres in the U.S. and Canada

• Largest operator of collision repair shops in North America by number of locations • Highly fragmented $33.5 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

• The Company is a major retail auto glass operator in the U.S. with operations across 28 U.S. states and an auto glass repair and replacement referral business with approximately 3,000 affiliated service providers Revenue Contribution: By Country By Payor < 10% Customer Pay > 90% Insurance Canada U.S.

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North American Collision Repair Footprint

U.S. • Illinois (55) • Florida (39) • North Carolina (25) • Michigan (24) • Arizona (17) • Georgia (15) • Washington (15) • Colorado (13) • Indiana (12) • Maryland (10) • Ohio (9) • Pennsylvania (5) • Nevada (4) • Oklahoma (3) • Kansas (1) Canada • Manitoba (14) • Alberta (12) • B.C. (10) • Saskatchewan (2) • Ontario (1)

39

centres

247

_centres 5

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North American Glass Footprint

U.S. • Alabama • Arizona • Colorado • Connecticut • District of Columbia • Florida • Georgia • Illinois • Indiana • Kansas • Kentucky • Massachusetts • Maryland • Michigan • Missouri • Nevada • New Hampshire • New York • North Carolina • Ohio • Oklahoma • Pennsylvania • Tennessee • Texas • Virginia

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U.S. Operations

•

247collision locations across fifteen U.S.

states

•

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

•

Strong relationships with insurance carriers

•

Advanced management system technology

•

Single brand strategy

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Canadian Operations

•

39 Company-owned/operated centres;

8 franchise locations

•

Operate full-service repair centres

offering collision repair, glass repair and replacement

•

Customer focused:

 Modern retail locations

 ISO 9002 certified

 Standard operating procedures

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Market Overview &

Business Strategy

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Large, Fragmented Market

• Revenue for North American collision repair

industry is estimated to be approximately $33.5 billion annually (US$30.7B, CDA $2.8B)

• Car dealerships are estimated to have

approximately 22.5% of the total US market

• Multi-shop operators and dealerships with

revenues > $20 million are estimated to have

approximately 14.7% of the US market

• The remaining North American collision repair industry is dominated by smaller independent family-owned businesses

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Importance of Direct Repair Programs

• 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 trends, and has DRPs with all

major insurers and most regional insurers

• Boyd has minimal exposure to one insurance customer

 Top 5 largest customers contribute 48% of revenue

 Largest customer contributes 17% of revenue

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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

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Growth Strategy

• 6-10% growth in new start-ups or

single-location acquisitions

• Large, accretive acquisitions

• Same-store sales growth

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New Start-Ups

Typical New Start-Up Funding Model:

Funded By:

Revolving credit facility US$300,000

Seller Financing/Capital Leases US$200,000

Total Capital Investment US$500,000

Growth through Greenfield & Brownfield development of collision facilities

• Low-cost growth

• No dilution

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Evolving Collision Repair Market

U.S. Collision Repair Market

• Estimated market size in 2012 of 35,200 total collision repair locations

Long-Term Decline of Independent and Dealership Repair Facilities

• Total number of independent and dealership collision repair locations has declined by 22% from 2006 to 2011, and 56% over the past 30 years

Large Multi-Shop Collision Repair Operator (MSO) Market Share Opportunity

• Large MSOs represented 3.9% of total locations in 2012 and 14.7% of estimated 2012 revenue (up from 9.1% in 2006) in the US

• 68 MSOs had $20-million or greater revenues in 2012 (Boyd acquired seven in the last four years)

• The Top 10 MSOs together represent 54.1% 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 Profile of the Evolving Collision Repair Marketplace”

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True2Form Acquisition –

August 2010

Strategic Benefits

• Added 37 locations in four new eastern U.S. states

• Complements existing Boyd U.S. footprint

• Strong management, operational expertise

Financial Benefits

• Immediately accretive to earnings and cash flow

• US$16.8-mm transaction (net purchase price excluding costs) with no dilution to

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Cars Collision Acquisition –

June 2011

• Added 28 locations

• 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

• US$20.5-mm transaction, with no dilution to Unitholders

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Master Collision Acquisition –

January 2012

• First entry into the Florida market with the addition of 8 new locations

• Complementary business model providing a similar fully-integrated service

offering

• US$11.3-mm transaction (net purchase price excluding costs) with no dilution to

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Pearl Auto Body Acquisition –

July 2012

• Added 6 locations in Denver, Colorado

• Doubled number of locations in the market to 12

• Similar business model and customer care as Boyd Group

• US$4.1-mm transaction (net purchase price excluding costs), with no dilution to

current Unitholders

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The Recovery Room Acquisition –

November 2012

• Added 11 locations in Orlando, Florida

• Expected to be accretive to earnings and cash flow in first year of operations

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Autocrafters Acquisition –

November 2012

• Added another 14 Florida locations in Jacksonville, Tallahassee, and Gainesville

• Increased total Florida locations to 37 (from none one year earlier)

current Unitholders

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Glass America Inc. Acquisition –

May 2013

•Added 61 retail auto glass locations in 23 U.S. states

•Complimentary extension of collision repair business

•Better positions glass business for growth

•Immediately accretive to earnings and cash flow

•Significant synergy opportunities available as the Glass America operations are integrated into Gerber Glass’s operating model

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Hansen Collision and Glass Acquisition –

September 2013

• Added 24 locations in Michigan and 1 location in Indiana

• Entered Michigan collision repair market

• US$23.6-mm transaction total purchase price

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Collision Revision –

April 2014

• Added 25 locations in Illinois, Indiana and Florida

• Increased presence in Chicagoland market

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Financial

Review

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Revenue Growth

(C$ millions) $209.7 $224.9 $256.8 $357.0 $434.4 $578.3 $0 $100 $200 $300 $400 $500 $600 $700 2008 2009 2010 2011 2012 2013

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SSSG - Optimizing Returns

from Existing Ops

Sa me -S to re S al es G ro w th *

Same-store sales increases in 28 of 37 most recent quarters

*Total Company, excluding FX.

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

27 -7% -2% 3% 8% 13% Q1 -05 Q2-05 Q3-05 Q4-05 Q1-06 Q2-06 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 -13Q1 Q2-13 Q3-13 Q4-13 Q1-14

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Expense Management

O pe rati ng E xp en se s as % of S al es

Well managed operating expenses as a % of sales

40.5% 39.5% 39.1% 38.4% 37.9% 37.8% 38.0% 38.0% 38.4% 38.8% 37% 38% 39% 40% 41% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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Financial Summary

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

Three-months ended

Mar. 31, 2014 Mar. 31, 2013

Sales $183.6 $130.6

Gross Profit $85.7 $58.8

Adjusted EBITDA* $15.0 $8.2

Adjusted EBITDA Margin* 8.2% 6.3%

Fair Value Adjustments $7.4 $3.0

Income Tax Expense $2.5 $0.4

Net (Loss) Earnings $(1.7) $0.03

Net (Loss) Earnings per unit (diluted) $(0.112) $0.002

Adjusted Net Earnings $7.3 $3.7

Adjusted Distributable Cash $10.6 $2.4

Adjusted Distributable Cash per diluted unit and Class A common

share $0.694 $0.182

Payout Ratio 17.3% 64.2%

Payout Ratio (ttm) 21.5% 32.8%

* Adjusted EBITDA, adjusted net earnings, and adjusted distributable cash are not recognized measures under International Financial Reporting Standards ("IFRS"). See the Fund’s 2014 First Quarter MD&A for more information.

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Balance Sheet

(in C$ millions) Mar 31, 2014 Dec 31, 2013

Cash $28.7 $19.3

Long-Term Debt $33.0 $27.1

Convertible Debentures $31.1 $31.0

Obligations Under Finance Leases $9.3 $9.6

Net Debt

(total debt, including current portion and bank indebtedness,

net of cash) $44.7 $48.4

Current Ratio 1.15 1.05

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Distributions

Annualized Distribution per Unit (C$)

Annualized distributions have increased by 167% since December 2007

31 $0.180 $0.195 $0.210 $0.225 $0.240 $0.255 $0.270 $0.285 $0.300 $0.315 $0.330 $0.345 $0.360 $0.420 $0.450 $0.468 $0.480 $0.00 $0.05 $0.10 $0.15 $0.20 $0.25 $0.30 $0.35 $0.40 $0.45 $0.50 Dec 07 -

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Convertible Debentures

•

Announced a ‘bought deal’ $30-million 5.75% convertible unsecured subordinated debenture offering on Nov. 29, 2012

•

Further announced an additional $4.2 million of convertible debentures to be issued pursuant to over-allotment option

•

Due Dec. 31, 2017 with a conversion price of $23.40

•

Net proceeds used to replenish cash balances after the acquisitions of The Recovery Room and Autocrafters, to fund ongoing growth strategy in 2013, and for general working capital purposes

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Equity Offering

•

Completed a ‘bought deal’ equity offering on October 22, 2013

•

Issued 2,000,000 Units from treasury at a price of C$27.60 per Unit for

net proceeds of $52.4 million

•

Upon closing Underwriters exercised over-allotment option purchasing an additional 300,000 Units and increasing net proceeds to $60.3

million

•

The majority of the funds raised used to repay unamortized prepaid rebates (unearned income) received under the previous paint supply arrangement with the remaining available to fund growth and for general corporate purposes

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New Paint Arrangements

•

New agreement with paint supplier signed March 31, 2014 moving from a pre-purchase rebate structure to a higher post-purchase discount structure

•

New structure was effective October 1, 2013 while Boyd and its paint supplier negotiated a final agreement and Boyd validated the market competitiveness of the post-purchase discount

•

Realized on the accretive nature of this restructured arrangement

beginning in the fourth quarter of 2013. Impact has been approximately a 1% improvement in Gross Margin.

•

Repaid unamortized prepaid rebates received under the previous paint supply arrangement in the fourth quarter of 2013

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US$100 Million Credit Facility

•

Announced a new US$100 million revolving facility on December 20,

2013

•

5 year committed facility which can increase to US$135 million with

accordion feature

•

Combined with strong balance sheet, provides financial flexibility

(funding) to further execute growth strategy for a number of years into the future – US$100 million plus of debt financing available within

conservative leverage

•

Attractive covenants (Total Leverage of 4 X EBITDA; Senior Debt Leverage of 3.5 X EBITDA)

•

Attractive pricing

•

TD Bank (Lead), Bank of America, National Bank and Scotiabank

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Tax Efficient Trust Structure

Canada

U.S.

Boyd Group Income Fund

The Boyd Group Inc.

The Boyd Group (U.S.) Inc. Canadian Operations

& Operating Entities

U.S. Operations & Operating Entities

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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

•

Continue to look for accelerated growth opportunities through the acquisition of multi-location collision repair businesses

•

Margin enhancement opportunities from higher post purchase paint discounts, other margin enhancement initiatives and leveraging scale over time

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Experienced & Committed

Management Team

Brock Bulbuck

President & CEO

Dan Dott

Chief Financial Officer

Tim O’Day

President & Chief Operating Officer

(U.S. Operations)

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Summary

Stability

Cash Distributions

Growth

+

 Balance sheet strength

 Insurer preference for professional, multi-unit operators

 Recession resilient

 Conservative payout ratio

 $33.5-billion fragmented industry

 High ROI growth strategy