1

Investor PresentationJanuary 2019

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 December 31, 2018)

Stock Symbol: TSX: BYD.UN

Units and Shares Outstanding*: 20.0 million

Price (December 31, 2018): $112.95

52-Week Low / High: $97.99/$133.00

Market Capitalization: $2,259 million

Annualized Distribution (per unit): $0.540

Current Yield: 0.5%

Payout Ratio (TTM**): 7.6%

*Includes 190,784 exchangeable shares** Trailing twelve months ended September 30, 2018

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 US$38.6 billion market

• One of the largest retail auto glass operators 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

15-20%Canada

U.S.

Revenue Contribution:

5

Collision Operations

• 575 company operated collision locations across 25 U.S. states and five Canadian provinces

• 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

6

North American Collision Repair Footprint

Canada

127locations

448locations

6

• Florida (62)• Illinois (60)• Michigan (47)• North Carolina (29)• Indiana (28)• Georgia (27)• Ohio (27)• Washington (27)• Arizona (21)• Colorado (19)• Wisconsin (17)• Louisiana (12)

• Texas (12)• Maryland (10)• Oregon (10)• Tennessee (9)• Pennsylvania (7)• Missouri (5)• Oklahoma (5)• Utah (5) • Nevada (4)• Alabama (2)• Idaho (1)• Kansas (1)• Kentucky (1)

U.S.

• Ontario (80)• Alberta (15)• Manitoba (14) • British Columbia (14)• Saskatchewan (4)

7

Glass Operations

• Retail glass operations across 34 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

8

North American Glass Footprint

• Alabama• Arizona• Colorado• Connecticut• District of Columbia• Florida• Georgia• Idaho• Illinois• Indiana• Kentucky• Louisiana• Massachusetts• Maryland• Michigan• Minnesota• Missouri

• Nevada• New Hampshire• New York• North Carolina• Ohio• Oklahoma• Oregon • Pennsylvania• Rhode Island• Tennessee• Texas• Utah• Virginia• Washington• West Virginia• Wisconsin• Wyoming

8

U.S.

9

Market Overview & Business Strategy

9

10

Large, Fragmented Market

• Revenue for North American collision repair industry is estimated to be approximately US$38.6 billion annually (U.S. $36.2B, CDA $2.4B)

• 32,200 shops in the U.S.

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

U.S. Collision Repair Market

Source: The Romans Group, “Advancing Our Insights Into the 2017 U.S. and Canadian Collision Repair Marketplace”

Large MSO26.9%

Small MSO and

Franchises9.0%

Single Shops64.1%

Dealer-owned Shops18.5%

Independent Repair Shops81.5%

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 25.1% from late 2007 to 2017, and almost 60% over the past 37 years

• Large multi-shop collision repair operator (“MSO”) market share opportunity Large MSOs represented 8.6% of total locations in 2017 and 26.9% of estimated

2017 revenue (up from 9.1% in 2006) in the U.S. 96 MSOs had revenues of $20 million or greater in 2017 The top 10 MSOs together represent 67.3% 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, “Advancing Our Insights Into the 2017 U.S. and Canadian Collision Repair Marketplace”

New development: Two major MSOs, Caliber and ABRA, announced a merger in November 2018. The transaction is expected to close in early 2019.

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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 contributed 44% of revenue in 2017 Largest customer contributed 14% of revenue in 2017

12

13

Insurer Market Dynamics

Top 10 Insurer Market Share (U.S.) Insurer DRP Usage

Source: The Romans Group

Top 10 Insurers72.5%

Other Insurers27.5%

DRP61.7%

Other38.3%

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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 from increases in ride-share and related increased utilization of registered vehicles

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

*Source: CCC Information Services Inc. Crash Course 2018: Updated projection expands the ADAS technology to include 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

All Rights Reserved Copyright 2018 CCC Information Services Inc.

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 *

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 Vehicle Claim Counts

-0.0015024366

-0.002231752

-0.0033178701

-0.0048460615

-0.0067864643

-0.009191147

-0.0316133832

-0.1089588215

-0.1914723687

-0.2518896783

-0.2856234948

-0.3021522684

-0.3106278904

Sheet1

Estimated reduction in frequency

CY 2010-0%

CY 2011-0%

CY 2012-0%

CY 2013-0%

CY 2014-1%

CY 2015-1%

CY 2020-3%

CY 2025-11%

CY 2030-19%

CY 2035-25%

CY 2040-29%

CY 2045-30%

CY 2050-31%

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

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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

17

Expense ManagementO

pera

ting

Expe

nses

as %

of S

ales

Well managed operating expenses as a % of sales

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38.4% 38.8% 38.0% 37.1% 36.8% 36.5%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

2012 2013 2014 2015 2016 2017

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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%18

Sam

e-St

ore

Sale

s Gro

wth

*

-7%

-2%

3%

8%

13%

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

Q1-17

Q2-17

Q3-17***

Q4-17

Q1-18

Q2-18

Q3-18****

3-year average SSSG: 3.9%

5-year average SSSG: 5.0%10-year average SSSG: 3.7%

Chart1

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

Q3-16Q3-16

Q4-16Q4-16

Q1-17Q1-17

Q2-17Q2-17

Q3-17***Q3-17***

Q4-17Q4-17

Q1-18Q1-18

Q2-18Q2-18

Q3-18****Q3-18****

Same-Store Sales Growth

Column1

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

0.047

0.045

0.012

0.034

0.01

-0.005

0.014

0.04

0.032

0.049

Sheet1

Same-Store Sales GrowthColumn1

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%

Q4-11**4.70%-0.50%

Q1-12-0.40%10 year3.7%

Q2-12-1.30%5 year5.0%

Q3-12-0.80%3 year3.9%

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%

Q3-164.70%

Q4-164.50%

Q1-171.20%

Q2-173.40%

Q3-17***1.00%-0.50%

Q4-171.40%

Q1-184.00%

Q2-183.20%

Q3-18****4.90%

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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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5442

64

29

58

105

79

575

0

20

40

60

80

100

120

0

100

200

300

400

500

600

700

2012 2013 2014 2015 2016 2017 2018

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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21

FinancialReview

21

Revenue Growth

22

$434.4

$578.3

$844.1

$1,174.1

$1,387.1

$1,569.4

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

2012 2013 2014 2015 2016 2017

(C$ millions)

Adjusted EBITDA Growth

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$29.4

$41.5

$69.0

$101.7

$124.3

$145.6

$0

$20

$40

$60

$80

$100

$120

$140

2012 2013 2014 2015 2016 2017

(C$ millions)

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Financial Summary

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* Adjusted EBITDA, adjusted net earnings, and adjusted distributable cash are not recognized measures under International Financial Reporting Standards ("IFRS"). See the Fund’s Q3 2018 MD&A for more information.

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

3-months ended 9-months ended

September 30,2018

September 30,2017

September 30,2018

September 30,2017

Sales $459.6 $391.9 $1,369.5 $1,154.8

Gross Profit $208.7 $178.9 $623.2 $530.3

Adjusted EBITDA* $41.2 $35.6 $125.8 $103.8

Adjusted EBITDA Margin* 9.0% 9.1% 9.2% 9.0%

Adjusted Net Earnings* $20.4 $12.5 $62.4 $41.4

Adjusted Net Earnings* per unit $1.037 $0.671 $3.174 $2.270

Adjusted Distributable Cash* $8.0 $6.5 $95.3 $53.6

Adjusted Distributable Cash* per average unit and Class A common share $0.400 $0.343 $4.792 $2.899

Payout Ratio 33.0% 37.2% 8.3% 13.3%

Payout Ratio (TTM) 7.6% 10.8% 7.6% 10.8%

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Strong Balance Sheet

(in C$ millions) September 30, 2018 December 31, 2017

Cash $51.3 $47.8

Long-Term Debt $224.8 $258.0

Obligations Under Finance Leases $8.7 $8.9

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

$182.2 $219.1

Net Debt / Adjusted EBITDA (TTM) 1.1x 1.4x

25

26

Financial Flexibility

• Cash of $51.3 million

• Net Debt to EBITDA TTM ratio of 1.1x

• 5-year committed facility of US$300 million which can increase to US$450 million with accordion feature, maturing May 2022

• Over $400 million in cash and available credit

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

27

U.S. Tax Reform Impact

• U.S. effective tax rate decreased by 13% after considering state taxes beginning January 1, 2018

• Proforma 2017 (if tax reform was effective January 1, 2017): would have lowered total tax expense (current and deferred) by approximately $11.0M

• Boyd’s low leverage makes interest deductibility limitation very unlikely to impact Boyd unless its leverage increases significantly in the future

• Tax efficiency of the income trust structure is still maintained, however the benefit is reduced due to lower U.S. tax rate

• The Company has rolled out enhancements to benefits for U.S. employees that will be funded by a portion of the tax savings to be realized from U.S. Tax Reform

28

Distributions

Annualized Distribution per Unit (C$)

Annualized distributions have increased by 9.8% since 2014

28

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 - Oct17

Nov 17 -Oct 18

Nov 18 - present

29

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%

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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%

31

Experienced & Committed Management Team

Brock BulbuckCEO

Pat PathipatiExecutive Vice-President & CFO

Tim O’DayPresident & COO

32

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 same-store-sales growth, 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.

33

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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Slide Number 1Forward-Looking StatementsCapital Markets Profile (as at December 31, 2018)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 Strong Growth in Collision LocationsSlide Number 21Revenue GrowthAdjusted EBITDA GrowthFinancial SummaryStrong Balance SheetFinancial FlexibilityU.S. Tax Reform Impact DistributionsFive-year Return to UnitholdersDelivering long-term value to unitholders Experienced & Committed �Management TeamOutlookSummary