December 3, 2019

Boyd Unitholders Overwhelmingly Support and Vote in Favour of the Proposed Corporate Conversion Arrangement

Not for distribution to U.S. newswire services or for dissemination in the United States

Winnipeg, Manitoba – December 3, 2019 – Boyd Group Income Fund (TSX: BYD.UN) (“the Fund”, “the Boyd Group” or “Boyd”) announced today that unitholders have voted in favor of the plan of arrangement (the “Arrangement”). The Arrangement will result in the conversion of the Fund from an income trust to a public corporation named “Boyd Group Services Inc.”, which will continue the business of The Boyd Group Inc. and its subsidiaries as one of the largest operators of non-franchised collision repair centers in North America in terms of number of locations and sales.

The detailed results of the vote regarding the Arrangement held at the Special Meeting of Boyd unitholders on Monday, December 2, 2019 in Winnipeg, Manitoba are set out below. These results reflect voting of 81.03% of all units outstanding, either by proxy or in person.

The requisite shareholder approval by the shareholders of Boyd Group Holdings Inc. was also obtained at a Special Meeting of its shareholders held just prior to the Special Meeting of Boyd unitholders. Boyd is scheduled to seek a final order from the Court of the Queen’s Bench of Winnipeg approving the Arrangement on December 10, 2019.

Subject to the satisfaction or waiver of all conditions precedent to the Arrangement, including obtaining the Final Order, the Arrangement is anticipated to be effective January 1, 2020.

Full details of the Arrangement and certain other matters are set out in Boyd’s management information circular dated October 14, 2019 (the “Information Circular”). A copy of the Information Circular and other meeting materials are available at www.boydgroup.com and on SEDAR under Boyd’s profile at www.sedar.com.

About The Boyd Group Income Fund

Boyd Group Income Fund is an unincorporated, open-ended mutual fund trust created for the purposes of acquiring and holding certain investments, including a majority interest in The Boyd Group Inc. and its subsidiaries. Boyd Group Income Fund units trade on the Toronto Stock Exchange (TSX) under the symbol BYD.UN. For more information on The Boyd Group Inc. or Boyd Group Income Fund, please visit our website at http://www.boydgroup.com.

About The Boyd Group Inc.

The Boyd Group Inc. (the “Company”), directly and through subsidiaries, is one of the largest operators of non-franchised collision repair centres in North America in terms of number of locations and sales. The Company operates locations in five Canadian provinces under the trade name Boyd Autobody & Glass (http://boydautobody.com) and Assured Automotive (http://www.assuredauto.ca), as well as in 27 U.S. states under the trade name Gerber Collision & Glass (http://www.gerbercollision.com). The Company uses newly acquired brand names during a transition period until acquired locations have been rebranded. The Company is also a major retail auto glass operator in the U.S. with operations across 34 U.S. states under the trade names Gerber Collision & Glass, Glass America, Auto Glass Service, Auto Glass Authority and Autoglassonly.com. The Company also operates a third party administrator, Gerber National Claims Services (“GNCS”), that offers glass, emergency roadside and first notice of loss services. GNCS has approximately 5,500 affiliated glass provider locations and 4,600 affiliated emergency roadside services providers throughout the U.S. For more information on The Boyd Group Inc. or Boyd Group Income Fund, please visit our website at (http://www.boydgroup.com).

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Caution concerning forward-looking statements

Statements made in this press release, other than those concerning historical financial information, may be forward-looking and therefore subject to various risks and uncertainties. Some forward-looking statements may be identified by words like “may”, “will”, “anticipate”, “estimate”, “expect”, “intend”, or “continue” or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on such statements, as actual results may differ materially from those expressed or implied in such statements. Factors that could cause results to vary include, but are not limited to: dependence upon The Boyd Group Inc. and its Subsidiaries; operational performance; acquisition risk; employee relations and staffing; brand management and reputation; market environment change; reliance on technology; foreign currency risk; loss of key customers; decline in number of insurance claims; margin pressure and sales mix changes; weather conditions; competition; access to capital; dependence on key personnel; tax position risk; quality of corporate governance; economic downturn; increased government regulation and tax risk; environmental, health and safety risk; fluctuations in operating results and seasonality; risk of litigation; execution on new strategies; insurance risk; cash distributions not guaranteed; unitholder limited liability is subject to contractual and statutory assurances that may have some enforcement risks; real estate management; interest rates; U.S. health care costs and workers compensation claims; low capture rates; energy costs; capital expenditures; and the Fund’s success in anticipating and managing the foregoing risks.

We caution that the foregoing list of factors is not exhaustive and that when reviewing our forward-looking statements, investors and others should refer to the “Risk Factors” section of the Fund’s Annual Information Form, the “Risks and Uncertainties” and other sections of our Management’s Discussion and Analysis of Operating Results and Financial Position and our other periodic filings with Canadian securities regulatory authorities. All forward-looking statements presented herein should be considered in conjunction with such filings.