October 4, 2007

Boyd Group Announces Intention To Settle Convertible Debentures

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

Winnipeg, Manitoba — October 4, 2007 — The Boyd Group Income Fund (TSX: BYD.UN) (the “Fund”) today announced that it intends to exercise its right to pay the principal amount owing of approximately $2.3 million under its 8% convertible debentures due December 2, 2007 (the “2002 Debentures”) by way of the issuance of Fund trust units (“Units”) on December 2, 2007 at an issue price equal to the greater of the weighted average trading price of the Units for the twenty trading days immediately preceding the fifth day prior to which the principal is to be paid, or $5.52 per Unit. At an issue price of $5.52, the Fund would expect to issue approximately 420,000 Units to satisfy its 2002 Debenture obligations.

Concurrent with the issuance of Units to retire the 2002 Debentures, the Fund will also compel the conversion into Units, of its Series I 8.5% convertible debentures due January 4, 2008 (the “Series I Debentures”) in the amount of approximately $0.1 million and redeem its 8% convertible debentures due September 30, 2008 (the “2003 Debentures”) in the amount of approximately $1.6 million by issuance of Units in payment of the principal owing under the 2003 Debentures. The Fund expects to issue approximately 23,000 units at an issue price of $4.70588 to settle the Series I Debentures and approximately 368,000 units at an issue price of $4.41 to settle the 2003 Debentures. The issue prices of the Units are calculated pursuant to the terms of each of the series of debentures which provide for a minimum price at which Units will be issued notwithstanding what the actual trading price of the Units may be at the time of issuance.

In the aggregate, these transactions will reduce the Fund’s liabilities by approximately $4.0 million and are expected to increase the number of Units outstanding by 811,000 to approximately 10.4 million Units. The Fund also has approximately 860,000 Class A common shares outstanding that are convertible into Fund Units on a one-for-one basis.

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
Tel: (204) 895-1244 (ext. 222)

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

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.