August 9, 2007

Boyd Group Income Fund Reports 2007 Second Quarter Results

Winnipeg, Manitoba — August 9, 2007 — Boyd Group Income Fund (TSX: BYD.UN) (“the Fund”) today reported its financial results for the three and six-month periods ended June 30, 2007. The Fund’s complete fiscal 2007 second quarter financial statements and MD&A will be available on www.sedar.com on August 10, 2007.

    2007 Second Quarter Highlights
    -   Revenue increased 10.9% to $49.7 million compared to $44.8 million in
        Q2 2006
    -   Same store sales growth of 5.8% in the U.S. and 11.0% in Canada
    -   Net earnings increased to $0.9 million from a net loss of
        $0.7 million in Q2 2006
    -   Repayment of $0.6 million U.S. of Canadian senior debt facility
“For the third consecutive quarter, both our Canadian and U.S. operations achieved strong same store sales growth, leading to growth in the Fund’s overall revenue, margins and net earnings,” said Terry Smith, CEO of the Boyd Group. “Looking ahead, we will continue to utilize cash flow from operations to strengthen the Fund’s balance sheet while monitoring the Fund’s financial position to assess the appropriate time to resume distributions at conservative and sustainable levels. With continued positive financial performance in the second half of 2007, we would expect to resume distributions sometime in the fourth quarter of this year. ”

Financial Results

For the second quarter ended June 30, 2007, revenue increased 10.9% to $49.7 million, compared to revenue of $44.8 million in the second quarter of 2006. The increase in revenue resulted from same store sales growth, both in Canada and the U.S., as well as $2.1 million in new sales generated from start-up collision repair centres in the U.S.

On a regional basis, sales in Canada in the second quarter of 2007 totalled $18.3 million, an increase of $1.8 million or 11.0%, compared to the second quarter a year ago. Sales increases in Canada are entirely due to same store sales growth, with increases reported in all four western provinces.

Sales in the U.S. in the second quarter of 2007 increased 10.8% to $31.4 million from $28.3 million in the second quarter a year ago. Sales increases in the U.S. included $2.1 million in new sales from three 2006 start-ups in Tacoma and Renton, Washington, and Scottsdale, Arizona, as well as one new 2007 start-up located in Glenview, Illinois. Same store sales in the U.S. increased $1.0 million or 3.5%, compared to the same period of the prior year. Excluding the impact of foreign currency translation, U.S. same store sales increased by $1.6 million or 5.8%, compared to the second quarter a year ago.

Earnings before interest, income taxes, depreciation and amortization (“EBITDA”)¹ for the second quarter of 2007 totalled $3.0 million or 6.0% of sales compared to EBITDA of $2.5 million or 5.5% of sales in the same period of the prior year. The increase in EBITDA was primarily the result of higher sales and lower operating expenses as a percentage of sales.

Net earnings for the three months ended June 30, 2007 totalled $0.9 million or $0.08 per fully diluted unit compared to a net loss of ($0.7) million or ($0.06) per fully diluted unit for the same period in the prior year. The increase in net earnings reflects the strong same store sales growth for the second quarter of 2007, in both Canada and the U.S., coupled with reductions in operating costs as a percentage of sales.

For the six months ended June 30, 2007 revenue increased 11.6% to $102.5 million compared to revenue of $91.9 million in the same period a year ago. EBITDA for the six months ended June 30, 2007 totalled $6.2 million, or 6.1% of sales, compared to EBITDA of $4.4 million, or 4.8% of sales, in the corresponding period a year ago. The Fund’s net earnings for the six months ended June 30, 2007 were $1.6 million or $0.15 per fully diluted unit compared to a net loss of $2.4 million or $(0.24) per fully diluted unit in the same period a year ago.

The Fund had total debt outstanding at June 30, 2007 of $36.1 million, comprised of: $5.8 million in net bank indebtedness; $2.6 million of Canadian senior bank term debt; $13.8 million of U.S. senior bank debt; $0.3 million of supplier debt; $0.6 million of vendor loans; $1.3 million of obligations under capital lease; and $11.7 million in subordinate convertible debentures and exchangeable notes. This compares to $40.3 million in total debt outstanding as at March 31, 2007 and $41.0 million at December 31, 2006. Positive cash flow for the year was used to repay $1.2 million U.S. of Canadian senior bank debt, $0.6 million U.S. per quarter, and reduce net bank indebtedness. The translation of U.S. debt with a weaker U.S. dollar, relative to the Canadian dollar, also helped reduce the total debt outstanding.

Distributable Cash²
On December 15, 2005, the Fund suspended cash distributions to unitholders until further notice. The Trustees of the Fund and senior management of the Boyd Group determined that a temporary suspension of distributions was in the best interests of unitholders as it would allow the Boyd Group to strengthen its balance sheet and improve its cash position and financial flexibility. Subject to continued improvement in year-over-year financial performance in the second half of 2007, the Fund anticipates reinstating distributions at some time in the fourth quarter of 2007. Over the intervening period, Boyd Group will continue to use its cash flow from operations to strengthen its balance sheet while monitoring its financial position to assess the appropriate time to resume distributions at conservative and sustainable levels.

2007 Second Quarter Conference call & Web cast
Management of the Boyd Group Income Fund will host a conference call to discuss the Fund’s 2007 second quarter financial results on Friday, August 10, 2007 at 10:00 a.m. EDT. The conference call will be webcast live at www.boydgroup.com and archived for 90 days. A taped replay of the conference call will also be available until Friday August 17, 2007 at midnight by calling 1-877-289-8525 or 416-640-1917, reference number 21240776#.

(¹)(²) EBITDA and distributable cash are not recognized measures under Canadian generally accepted accounting principles (GAAP). Management believes that in addition to revenue, net earnings and cash flows, distributable cash and EBITDA are useful supplemental measures as they provide investors with an indication of earnings from operations and cash available for distribution, both before and after debt service, capital expenditures and income tax. Investors should be cautioned, however, that EBITDA and distributable cash should not be construed as an alternative to net earnings determined in accordance with GAAP as an indicator of the Fund’s performance. Boyd’s method of calculating distributable cash may differ from other public issuers and, accordingly, may not be comparable to similar measures used by other issuers. For a detailed explanation of how the Fund’s distributable cash is calculated, please refer to the Fund’s MD&A filing for the three months ended June 30, 2007, which can be accessed via the SEDAR Web site (www.sedar.com).

About The Boyd Group Inc.

The Boyd Group Inc. is the largest operator of collision repair centres in Canada and among the largest in North America. The company operates locations in the four western Canadian provinces principally under the trade names Boyd Autobody & Glass and Service Collision Repair, as well as in six U.S. states principally under the trade name Gerber Collision & Glass. The company also operates Gerber National Glass Services, an auto glass repair and replacement referral business with affiliated service providers throughout the United States. For more information on The Boyd Group Inc. or Boyd Group Income Fund, please visit our Web site at www.boydgroup.com .

About The Boyd Group Income Fund

The 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.

For further information, please contact:

Terry Smith
CEO
Tel: (204) 895-1244 (ext. 222)
terry.smith@boydgroup.com

Bruce Wigle
Investor Relations
Tel: (416) 815-0700 or toll free 1-800-385-5451 (ext. 228)
bwigle@equicomgroup.com

Dan Dott
Chief Financial Officer
Tel: (204) 895-1244
dan.dott@boydgroup.com

This press release 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. The Fund assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contemplated by the forward-looking statements.

INTERIM CONSOLIDATED BALANCE SHEETS (Unaudited)
June 30, 2007 and December 31, 2006
-------------------------------------------------------------------------
                                                 June 30,    December 31,
                                                   2007          2006
-------------------------------------------------------------------------
Assets
Current assets:
  Cash                                        $  4,751,353  $  4,090,443
  Accounts receivable                           19,143,701    19,086,709
  Rebates receivable                               106,044       431,703
  Income taxes recoverable                          70,974             -
  Inventory                                      4,383,482     4,428,595
  Prepaid expenses                               1,506,696     1,468,077
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                                                29,962,250    29,505,527
Note receivable                                    349,419       382,901
Property, plant and equipment                   15,604,487    17,616,705
Future income tax asset                          1,807,595     2,452,111
Deferred costs                                     828,063     1,292,866
Derivative Contracts                               256,600             -
Goodwill                                        16,012,754    16,586,721
Intangible assets                               14,891,410    16,816,030
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                                              $ 79,712,578  $ 84,652,861
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Liabilities and Equity
Current liabilities:
  Bank indebtedness                           $ 10,508,196  $ 10,575,931
  Accounts payable and accrued liabilities      19,364,398    19,709,568
  Income taxes payable                                   -        34,064
  Current portion of long-term debt              2,712,330     3,029,977
  Current portion of obligations under
   capital leases                                  266,134       279,985
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                                                32,851,058    33,629,525
Long-term debt                                  14,309,899    17,362,426
Obligations under capital leases                   986,241     1,107,168
Convertible debt                                11,701,605    12,695,065
Unearned rebates                                12,365,783    13,417,316
Non-controlling interest                           437,389       493,125
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                                                72,651,975    78,704,625
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Equity
  Unitholders' capital                          53,055,994    53,059,819
  Shareholders' capital                             56,238        58,362
  Equity component of convertible debt           1,102,745             -
  Contributed surplus                              537,364       107,067
  Warrants                                               -       421,500
  Deficit                                      (36,657,692)  (37,509,258)
  Accumulated other comprehensive loss         (11,034,046)  (10,189,254)
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                                                 7,060,603     5,948,236
-------------------------------------------------------------------------
                                              $ 79,712,578  $ 84,652,861
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INTERIM CONSOLIDATED STATEMENTS OF DEFICIT (Unaudited)
Six Months Ended June 30,
-------------------------------------------------------------------------
                                                   2007          2006
-------------------------------------------------------------------------
Deficit, beginning of period                  $(37,509,258) $(15,599,879)
Transition adjustment on adoption of
 Financial Instruments                            (758,761)            -
Net earnings (loss) for period                   1,610,327    (2,434,106)
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Deficit, end of period                        $(36,657,692) $(18,033,985)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
INTERIM CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) (Unaudited)
Six Months Ended June 30,
-------------------------------------------------------------------------
                                                   2007          2006
-------------------------------------------------------------------------
Sales                                         $102,515,746  $ 91,856,898
Cost of sales                                   57,301,511    53,129,147
-------------------------------------------------------------------------
Gross margin                                    45,214,235    38,727,751
-------------------------------------------------------------------------
Operating expenses                              39,400,025    36,038,095
Foreign exchange gains                            (404,386)   (1,760,936)
Depreciation and amortization                    1,612,089     1,839,503
Amortization of deferred costs, financing
 fees and other intangible assets                  759,926     1,362,657
Interest expense                                 1,751,004     1,505,009
-------------------------------------------------------------------------
                                                43,118,658    38,984,328
-------------------------------------------------------------------------
Earnings (loss) before income taxes and
 non-controlling interest                        2,095,577      (256,577)
-------------------------------------------------------------------------
Income tax expense
  Current                                          101,990       179,687
  Future                                           396,807       543,386
-------------------------------------------------------------------------
                                                   498,797       723,073
-------------------------------------------------------------------------
Net earnings (loss) before non-controlling
 interest                                        1,596,780      (979,650)
Non-controlling interest                            13,547       (30,908)
-------------------------------------------------------------------------
Net earnings (loss) from continuing operations   1,610,327    (1,010,558)
Loss from discontinued operations                        -    (1,423,548)
-------------------------------------------------------------------------
Net earnings (loss)                           $  1,610,327  $ (2,434,106)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Weighted average number of units and
 Class A common shares outstanding              10,527,216    10,287,124
Basic earnings (loss) per unit and Class A
 common share from continuing operations      $      0.153  $     (0.098)
Loss per unit from discontinued operations               -        (0.139)
-------------------------------------------------------------------------
Basic earnings (loss) per unit and Class A
 common share                                 $      0.153  $     (0.237)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Diluted earnings (loss) per unit and Class A
 common share from continuing operations      $      0.152  $     (0.098)
Loss per unit from discontinued operations               -        (0.139)
-------------------------------------------------------------------------
Diluted earnings (loss) per unit and Class A
 common share                                 $      0.152  $     (0.237)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)
(Unaudited)
Six Months Ended June 30,
-------------------------------------------------------------------------
                                                   2007          2006
-------------------------------------------------------------------------
Net earnings (loss)                           $  1,610,327  $ (2,434,106)
  Other comprehensive loss, net of
   income taxes
    Change in unrealized gains on translating
     financial statements of self-sustaining
     foreign operations                           (840,238)   (1,519,001)
    Change in derivative instruments
     designated as cash flow hedges                105,513             -
    Reclassification to earnings of realized
     amounts on cash flow hedges                   (54,311)            -
-------------------------------------------------------------------------
  Other comprehensive loss, net of income taxes   (789,036)   (1,519,001)
-------------------------------------------------------------------------
Comprehensive earnings (loss)                 $    821,291  $ (3,953,107)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Six Months Ended June 30,
-------------------------------------------------------------------------
                                                   2007          2006
-------------------------------------------------------------------------
CONTINUING OPERATIONS
Cash flows from operating activities
  Net earnings (loss) from continuing
   operations                                 $  1,610,327  $ (1,010,558)
  Items not affecting cash
    Non-controlling interest                       (13,547)       30,908
    Future income taxes                            396,807       543,386
    Amortization of discount on convertible debt   120,154             -
    Amortization of discount on long-term debt      21,947             -
    Amortization of deferred costs, financing
     fees and other intangible assets              759,926     1,362,657
    Depreciation and amortization                1,612,089     1,839,503
    Amortization of unearned rebates, net
     of settlement amounts                        (647,964)    1,290,301
    Unit option compensation expense                 8,797         8,796
    (Gain) loss on disposal of equipment            (2,743)      103,123
-------------------------------------------------------------------------
                                                 3,865,793     4,168,116
  Changes in non-cash working capital items       (738,876)   (2,559,947)
-------------------------------------------------------------------------
                                                 3,126,917     1,608,169
-------------------------------------------------------------------------
Cash flows (used in) provided by financing
 activities
  Increase in obligations under long-term debt           -    14,935,700
  Repayment of long-term debt                   (1,457,327)  (14,242,809)
  (Decrease) increase in bank indebtedness         (67,735)    2,308,444
  Repayment of obligations under capital leases   (147,666)   (1,337,253)
  Unit price guarantee                                   -      (244,180)
  Increase in unearned rebates                     186,943    13,193,944
  Repayment of unearned rebates                          -   (11,801,274)
  Increase in financing costs                            -      (185,922)
  Collection of rebates receivable                 538,080       263,506
-------------------------------------------------------------------------
                                                  (947,705)    2,890,156
-------------------------------------------------------------------------
Cash flows used in investing activities
  Proceeds on sale of equipment                     26,848        78,373
  Equipment purchases and facility improvements   (363,645)     (741,520)
  Acquisition and development of businesses       (147,148)   (1,187,542)
  Deferred costs                                  (220,155)     (354,354)
  Acquisition of other assets                      (60,174)       (6,000)
-------------------------------------------------------------------------
                                                  (764,274)   (2,211,043)
-------------------------------------------------------------------------
Foreign exchange                                  (753,075)     (682,467)
-------------------------------------------------------------------------
  Net increase in cash position provided by
   continuing operations                           661,863     1,604,815
-------------------------------------------------------------------------
DISCONTINUED OPERATIONS
  Operating activities                                (953)      (72,358)
  Financing activities                                   -        (1,680)
  Investing activities                                   -       104,474
-------------------------------------------------------------------------
  Net (decrease) increase in cash position
   used in discontinued operations                    (953)       30,436
-------------------------------------------------------------------------
Net increase in cash position                      660,910     1,635,251
Cash, beginning of period                        4,090,443     1,076,588
-------------------------------------------------------------------------
Cash, end of period                           $  4,751,353  $  2,711,839
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Income taxes paid                             $    211,797  $    190,668
-------------------------------------------------------------------------
Interest paid                                 $  1,771,516  $  2,119,235
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INTERIM CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) (Unaudited)
Three Months Ended June 30,
-------------------------------------------------------------------------
                                                   2007          2006
-------------------------------------------------------------------------
Sales                                         $ 49,720,436  $ 44,831,759
Cost of sales                                   27,874,907    24,848,253
-------------------------------------------------------------------------
Gross margin                                    21,845,529    19,983,506
-------------------------------------------------------------------------
Operating expenses                              19,049,882    17,622,117
Foreign exchange gains                            (210,673)     (123,640)
Depreciation and amortization                      836,512       965,592
Amortization of deferred costs, financing
 fees and other intangible assets                  348,847       496,830
Interest expense                                   861,453       781,849
-------------------------------------------------------------------------
                                                20,886,021    19,742,748
-------------------------------------------------------------------------
Earnings before income taxes and
 non-controlling interest                          959,508       240,758
-------------------------------------------------------------------------
Income tax expense
  Current                                            1,443       130,112
  Future                                           108,560       734,248
-------------------------------------------------------------------------
                                                   110,003       864,360
-------------------------------------------------------------------------
Net earnings (loss) before non-controlling
 interest                                          849,505      (623,602)
Non-controlling interest                             3,205       (12,397)
-------------------------------------------------------------------------
Net earnings (loss) from continuing operations     852,710      (635,999)
Loss from discontinued operations                        -       (18,039)
-------------------------------------------------------------------------
Net earnings (loss)                           $    852,710  $   (654,038)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Weighted average number of units and Class A
 common shares outstanding                      10,527,216    10,289,716
Basic earnings (loss) per unit and Class A
 common share from continuing operations      $      0.081  $     (0.062)
Loss per unit from discontinued operations               -        (0.002)
-------------------------------------------------------------------------
Basic earnings (loss) per unit and Class A
 common share                                 $      0.081  $     (0.064)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Diluted earnings (loss) per unit and Class A
 common share from continuing operations      $      0.080  $     (0.062)
Loss per unit from discontinued operations               -        (0.002)
-------------------------------------------------------------------------
Diluted (loss) earnings per unit and Class A
 common share                                 $      0.080  $     (0.064)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)
(Unaudited)
Three Months Ended June 30,
-------------------------------------------------------------------------
                                                   2007          2006
-------------------------------------------------------------------------
Net earnings (loss)                           $    852,710  $   (654,038)
  Other comprehensive loss, net of
   income taxes
    Change in unrealized gains on translating
     financial statements of self-sustaining
     foreign operations                           (637,292)   (1,179,576)
    Change in derivative instruments
     designated as cash flow hedges                 97,407             -
    Reclassification to earnings of realized
     amounts on cash flow hedges                   (34,451)            -
-------------------------------------------------------------------------
  Other comprehensive loss, net of income taxes   (574,336)   (1,179,576)
-------------------------------------------------------------------------
Comprehensive earnings (loss)                 $    278,374  $ (1,833,614)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Three Months Ended June 30,
-------------------------------------------------------------------------
                                                   2007          2006
-------------------------------------------------------------------------
CONTINUING OPERATIONS
Cash flows from operating activities
  Net earnings (loss) from continuing
   operations                                 $    852,710  $   (635,999)
  Items not affecting cash
    Non-controlling interest                        (3,205)       12,397
    Future income taxes                            108,560       734,248
    Amortization of discount on convertible
     debt                                           55,044             -
    Amortization of discount on long-term debt      12,920             -
    Amortization of deferred costs, financing
     fees and other intangible assets              348,847       496,830
    Depreciation and amortization                  836,512       965,592
    Amortization of unearned rebates, net of
     settlement amounts                           (318,221)     (326,940)
    Unit option compensation expense                 4,399         6,048
    (Gain) loss on disposal of equipment              (285)      107,697
-------------------------------------------------------------------------
                                                 1,897,281     1,359,873
  Changes in non-cash working capital items        779,599      (241,351)
-------------------------------------------------------------------------
                                                 2,676,880     1,118,522
-------------------------------------------------------------------------
Cash flows (used in) provided by financing
 activities
  Repayment of long-term debt                     (706,045)     (388,537)
  (Decrease) increase in bank indebtedness      (2,029,804)      621,616
  Repayment of obligations under capital leases    (78,664)      (55,766)
  Unit price guarantee                                   -      (244,180)
  Increase in unearned rebates                     186,943       241,861
  Increase in financing costs                            -       (21,838)
  Collection of rebates receivable                 260,039       263,506
-------------------------------------------------------------------------
                                                (2,367,531)      416,662
-------------------------------------------------------------------------
Cash flows used in investing activities
  Proceeds on sale of equipment                     23,603        32,071
  Equipment purchases and facility improvements   (181,674)     (265,814)
  Acquisition and development of businesses        (90,060)     (487,372)
  Deferred costs                                  (142,601)     (135,867)
  Acquisition of other assets                      (60,174)       (6,000)
-------------------------------------------------------------------------
                                                  (450,906)     (862,982)
-------------------------------------------------------------------------
Foreign exchange                                  (546,172)     (398,126)
-------------------------------------------------------------------------
Net (decrease) increase in cash position
 provided by continuing operations                (687,729)      274,076
-------------------------------------------------------------------------
DISCONTINUED OPERATIONS
  Operating activities                                   -       287,708
-------------------------------------------------------------------------
  Net increase in cash position from
   discontinued operations                               -       287,708
-------------------------------------------------------------------------
Net (decrease) increase in cash position          (687,729)      561,784
Cash, beginning of period                        5,439,082     2,771,671
-------------------------------------------------------------------------
Cash, end of period                           $  4,751,353  $  3,333,455
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Income taxes paid                             $    112,424  $     96,886
-------------------------------------------------------------------------
Interest paid                                 $    870,521  $    613,108
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Corporate Headquarters
The Boyd Group Inc.

3570 Portage Avenue
Winnipeg, Manitoba, R3K 0Z8
Email: info@boydgroup.com
Tel: 204-895-1244
Fax: 204-895-1283