	What is the tax treatment of unitholder distributions? Unitholder distributions declared by the Fund are anticipated to be taxable primarily as other income for unitholders. The Fund will make an annual determination as to the breakdown of dividend and interest income. Unless otherwise communicated, dividends paid or allocated are eligible dividends. Complete tax treatment details will be sent to unitholders annually via a T3 Form. As well, the Fund will annually summarize the tax characteristics of distributions and include them within the investor relations section of its web site. top

	What is the tax treatment of Class A Boyd Group Holdings Inc. shareholder distributions? Class A Boyd Group Holdings Inc. shareholder distributions declared by the Fund are anticipated to be taxable as dividend income for shareholders. Unless otherwise communicated, dividends paid or allocated are eligible dividends. Complete tax treatment details will be sent to Class A Boyd Group Holdings Inc. shareholders annually via a T5 Form. As well, the Fund will annually summarize the tax characteristics of dividends and include them within the investor relations section of its web site. top

	How will the taxable portion of the distributions be communicated to Boyd Group securityholders? Additionally, each year Fund unitholders will receive a T3 Form and Class A Boyd Group Holdings Inc. shareholders will receive a T5 Form the provides this information. The Boyd Group will also post this information annually on the Canadian Depository for Securities ("CDS") Web site and include a summary within the investor relations section of its web site. top

	What is the tax treatment for U.S. unitholders of the Boyd Group Income Fund? For U.S. residents that own units of the Boyd Group Income Fund, the Fund's distributions are qualified as a dividend and are subject to a 15% non-resident withholding tax. For U.S. unitholders that do not have a Tax Identification Number ("TIN") the Fund's interest or dividend paying agent (Valiant Trust Company) is required to withhold an additional 25% backup withholding tax. A U.S. tax form (W9 Form) is sent to all U.S. unitholders to provide their TIN information. top

	Is it possible for U.S. residents that own units of the Boyd Group Income Fund to obtain an exemption from Canadian withholding taxes? U.S. residents that own units of the Boyd Group Income Fund can apply for an exemption from Canadian withholding tax by requesting a letter of exemption from the International Tax Services Office in Ottawa, Ontario (Tel: 1-800-267-3395) top

	How did my original The Boyd Group Inc. shares get converted to income trust units? On February 28, 2003 the Company converted to an Income Trust. The following is an example of the conversion, assuming a shareholder of The Boyd Group Inc. owned 100 Class A shares prior to the conversion; Step 1. Share Consolidation on a 4:1 basis The 100 Class A shares of The Boyd Group Inc were consolidated on a 4:1 basis such that the shareholder would receive 25 new Class A shares of The Boyd Group Inc. This consolidation or reverse split applied to all shareholders such that the relative interest of any one shareholder as a result of this consolidation remained unchanged. Step 2. Conversion of Class A Shares of The Boyd Group Inc. As a result of the approved Plan of Arrangement, all Class A shares of The Boyd Group Inc. were exchanged for a combination of: a) Trust Units in Boyd Group Income Fund and b) Class A shares in a new holding company, Boyd Group Holdings Inc. The Class A shares that you refer to that are in your account today (after conversion) are not the publicly traded Class A shares of The Boyd Group Inc. Here is what happened to the 100 Class A shares of The Boyd Group Inc. in our example: a) 64.96% of the Class A shares were exchanged for Trust Units (64.96%x25 = 16 Units).b) 35.04% of the Class A shares were exchanged for new Class A shares in the holding company mentioned above (35.04% x 25 = 9). top

	Why would I want to continue to hold the Class A Holding Company share if the distributions are the same after year one? When your old Boyd Class A shares were exchanged for Trust Units, this is a taxable event. Depending on what you paid for Boyd Class A shares, the conversion of these shares to Trust Units will likely result in a capital gain to you. This capital gain will be taxable in 2003. When your old Boyd Class A shares were exchanged for Holding Company shares, this may or may not be a taxable event, at your option. When a shareholder exchanges shares in this fashion, there is an election available to the shareholder, within the Canadian Income Tax Act, that allows this exchange to take place without resulting in taxable capital gains. This "tax deferral" only continues until such time as you may decide to exchange your Holding Company shares for Trust Units. This exchange (like the exchange of the old Boyd Class A shares) to Trust Units is also a taxable event. Hence, every shareholder, as a result of this mechanism, has an opportunity to defer some tax as long as they may want to, by continuing to hold the shares of the Holding Company (these shares will always be exchangeable for Trust Units, so there is not reason to exchange, unless you want to sell, and in that event you would have a taxable gain anyway). I should note that if your holdings are within an RRSP or some other type of "tax deferral plan" then the tax deferral created by these Holding Company shares will not result in any additional benefit to you, hence you may want to elect to have the original conversion treated as a taxable event. top

	Why did Boyd reduce the distributions of the Holding Company shares during the first year? The answer to this question is market driven. We were advised by our underwriters that this feature would make the sale of new Trust Units more attractive to new investors. A part of this transaction was to raise a minimum of $9.0 million of new capital. Boyd's Management Group also contributed heavily to this incentive. The Management Group had 85% of their Boyd Class A shares exchanged to Holding Company shares (compared to the 35.04% for other shareholders) and as a result, will receive reduced distributions on 85% of their holdings. In addition, the Management Group's Holding Company shares continue to receive reduced distributions throughout the second year (equal to 70% of the trust unit distribution) and are not exchangeable for Trust Units at any time in the first two years. top

	Why do my Class A shares of Boyd Group Holdings Inc. show no value? The Boyd Group Holdings Inc. ("Holdco") shares will not be publicly traded and as a result, most brokers have not attempted to establish the correct value for these shares. They have simply placed these shares in your account at 0 value. These Holdco shares do, however, have significant value for the following three reasons: The Holdco shares will receive monthly cash distributions at the same time as the Trust units receive distributions. During the first year after the effective date of the conversion (February 28, 2003), the Holdco shares will receive a monthly distribution equal to 40% of the distribution that will be received on a trust unit. For example, we are planning on making the first cash distribution, for the month of March, on April 30, 2003. This distribution will be $0.095 per trust unit and $0.038 for each Holdco share ($0.095 x 40% = $0.038). Holdco shares will receive distributions equivalent to 70% of a trust unit distribution during the second year and equal to 100% thereafter. The primary purpose of the reduced distribution in the first and second year was to provide an incentive for new investors to participate in the Initial Public Offering. The reduced distributions create a "cash reserve" in the company that provides added protection in making future distributions. The Holdco shares are exchangeable for Trust units at any time; however, the rate of exchange is reduced during the first year after the effective date. In the first month after the effective date, you could elect to exchange your Holdco shares for Trust units, but would receive 0.4 Trust units for each Holdco share exchanged. In the second month, the rate of exchange increases to 0.45 Trust units per share and continues to increase by 0.05 each month thereafter, such that after the first year, the rate of exchange is one Trust unit for each Holdco share. If you exchange your Holdco shares for Trust units, you will receive the distributions applicable to Trust units (i.e. if you did this after one year, you would receive 100% of the Trust unit distribution thereafter). Tax Deferral on Holdco shares. The third reason why the Holdco shares have value is tax related. When your original Boyd Class A shares were converted to Trust units, this is a taxable event (to the extent this resulted in a capital gain to you, this gain would be taxable immediately). In the case of the conversion of your original Boyd Class A shares to Class A shares of Holdco you, as a shareholder, can elect to defer this gain. This tax deferral feature of the Holdco shares can be very significant to any shareholder that has significant holdings of shares that are not already held within a tax deferred plan (such as an RRSP). Whether or not this tax deferral is a benefit to a particular shareholder will depend on that shareholder's individual tax situation. This tax deferral also has value. As you can see, establishing the appropriate value for the Holdco shares can depend upon what the individual shareholder plans to do with these shares. If for example, you held the shares for the first year, received the distributions, and achieved the tax deferral, and then exchanged the shares for Trust units after one year, it is likely that the end result is essentially equivalent to having a trust unit. top

	How can I sell my BGHI Class A common shares? The BGHI Class A common shares are not traded. They must be converted to Trust Units which can then be sold on the public market. top

	How do I convert my BGHI Class A common shares to Trust Units? The Notice of Retraction on the back of the share certificate must be completed, signed and dated. The certificate should then be sent to the Transfer Agent for processing. top

	Where can I obtain further information on The Boyd Group Inc. and the Boyd Group Income Fund? For more information, please contact Investor Relations top

	What is the size of your market? The collision repair sector in Canada and the U.S. is a $40 billion industry, globally estimated at $120 billion annually. top

	Are you one of the largest companies in the industry? Yes, we are one of the largest. There are a handful of private companies in North America, perhaps 5 to 10, that like us are growing through consolidation of the industry. It is estimated that, in the aggregate, all of these companies represent less than 3% of the total North American market. top

	How would you describe your corporate culture? Our corporate culture could be described as being grounded in "good old fashioned" values. We have a simple "work hard, treat others with respect and do the right thing" type of culture that has served us very well. top

	How many employees do you currently have? The company has approximately 2,000 employees across North America. top

	When is your fiscal year end? Our fiscal year end is December 31. top

	How can I obtain a copy of your Annual Report and other financial documents? The Fund's Annual Report, as well as other financial documents are contained within the Investor Relations section of our web site. To receive hard copies, please contact Investor Relations. Boyd Group Income Fund is listed on the Toronto Stock Exchange and also files disclosure documents required by provincial securities laws electronically through SEDAR. You can access the Fund's documents on the SEDAR web site at www.sedar.com. top

	What stock exchange does the Boyd Group Income Fund trade on? What is the ticker symbol? The Boyd Group Income Fund is traded on the Toronto Stock Exchange under the symbol BYD.UN. top

	Where can Boyd Group Income Fund units be bought or sold? Boyd Group Income Fund units can be bought or sold through a stockbroker, bank, or any other financial institution that provides brokerage services. top

	Who is the Boyd Group Income Fund's transfer agent and registrar? Mail/Courier Valiant Trust Company Suite 310, 606 - 4th Street S.W., Calgary, AB T2P 1T1 CANADA Phone (403) 233-2801 Toll-Free: 866-313-1872 Website http://www.valianttrust.com E-Mail top

	How do I sell or transfer ownership of my trust units stock, or change my address or other personal information? We recommend that you contact your stockbroker. Should you require additional information regarding your account, or assistance with transactions, you may contact our transfer agent and registrar at the address listed above. top

	How can a certificate for the Boyd Group Income Fund units be obtained? You may own Boyd Group Income Fund units without actually having a paper certificate. When units are purchased, they are electronically transferred to, and held by custodians through the Canadian Depository for Securities (CDS). If requested, certificates can be obtained in the name of the registered owner by making a request to Boyd's transfer agent and registrar at the address listed above. If your broker is the registered owner, they must make the request for a certificate on your behalf. top

	Who are the Boyd Group Income Fund's external auditors? Deloitte & Touche, LLP top

	Where is the Boyd Group's head office located? 3570 Portage Avenue Winnipeg, Manitoba R3K 0Z8 Ph (204) 895-1244 Fx (204) 895-1283 top

	Who can I contact for additional investor related information on the Boyd Group Income Fund? Dan Dott Vice President & CFO The Boyd Group Inc. 3570 Portage Avenue Winnipeg, Manitoba R3K 0Z8 Phone: (204) 895-1244 ext. 229 Fax: (204) 895-1283 Email: OR Brock Bulbuck President & CEO Phone: (204) 895-1244 ext. 223 Email: OR Salvador Diaz The Equicom Group Inc. Phone: (416) 815-0700 ext. 242 Toll Free: (800) 385-5451 ext. 242 Email: top