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).