Investor Presentation

First Quarter Fiscal 2014

T R R

Safe Harbor Statement

2

Certain statements in this presentation may be forward-looking statements within the meaning of Section 27A of

the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You can identify these

statements by forward-looking words such as "may," "expects," "plans," "anticipates," "believes," "estimates," or

other words of similar import. You should consider statements that contain these words carefully because they

discuss TRC’s future expectations, contain projections of the Company’s future results of operations or of its

financial condition, or state other "forward-looking" information. TRC believes that it is important to communicate

its future expectations to its investors. However, there may be events in the future that the Company is not able to

accurately predict or control and that may cause its actual results to differ materially from the expectations

described in its forward-looking statements. Investors are cautioned that all forward-looking statements involve

risks and uncertainties, and actual results may differ materially from those discussed as a result of various factors,

including, but not limited to, the uncertainty of TRC’s operational and growth strategies; circumstances which could

create large cash outflows, such as contract losses, litigation, uncollectible receivables and income tax assessments;

regulatory uncertainty; the availability of funding for government projects; the level of demand for TRC’s services;

product acceptance; industry-wide competitive factors; the ability to continue to attract and retain highly skilled

and qualified personnel; the availability and adequacy of insurance; and general political or economic conditions.

Furthermore, market trends are subject to changes, which could adversely affect future results. See the risk factors

and additional discussion in TRC’s Annual Report on Form 10-K for the fiscal year ended June 30, 2013, Quarterly

Reports on Form 10-Q, and other factors detailed from time to time in the Company’s other filings with the

Securities and Exchange Commission.

This presentation contains references to non-GAAP metrics such as EBITDA, gross margin and free cash flow. A

reconciliation of GAAP to non-GAAP metrics can be found on slide 19.

A pioneer in groundbreaking scientific and engineering developments since 1969, TRC is a national engineering, consulting and construction management firm that provides integrated services to three primary markets:

Energy | Environmental | Infrastructure

Expert problem solvers

100 + U.S. offices London office

2,900+ employees

NYSE: TRR

3

Company Profile

www.trcsolutions.com

Investment Highlights

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Well positioned in markets with solid medium- to long-term growth opportunities

Executing a focused profitable growth strategy

Large addressable market opportunity

Diversified revenue stream with attractive customer base

Strong balance sheet and cash position

Stable but growing backlog

TRC’s Diversified Business Model

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$110M 14% YOY Growth

$163M 3% YOY Growth

$44M 2% YOY Growth

Net Service Revenue by Segment

Fiscal Year 2013 Total NSR: $320.4 Million

6% YOY Growth

Infrastructure 14%

Environmental 51%

Energy 35%

Estimated Client Distribution by Industry(1)

Power / Utility

Oil & Gas

Transportation

Other

50%

10%

10%

30%

(1) Estimates as of June 2013.

Envi

ronm

enta

l Seg

men

t

6

Environmental Services

Permitting and resource management

Remediation and hazardous waste management

Air quality and air measurements

Building sciences, industrial hygiene, and compliance

Solid waste

51% of Total NSR

Segment Drivers

Increasing permitting and power plant decommissioning activities

Greenhouse gas rules – CO2

Continued development of upstream, midstream and downstream oil & gas markets

Re-emergence of industrials and related capital spend

$159.0 $163.2

FY 2012 FY 2013

Net Service Revenue (in millions)

$32.0 $30.8

FY 2012 FY 2013

Segment Profit (in millions)

+3%

-4%

Ener

gy S

egm

ent

7

35% of Total NSR

Energy Services

Electrical transmission, distribution & substation engineering

Energy efficiency

Communications engineering

Segment Drivers

Greenhouse gas rule – CO2

Expanding utility capital spend programs on aging transmission and distribution infrastructure

Dynamic revolution in domestic fuel supplies driving shifts in use of utility assets (e.g. Coal ↓, Natural Gas ↑, Renewables ↑, Efficiency ↑)

$96.0 $109.8

FY 2012 FY 2013

Net Service Revenue (in millions)

$23.5 $23.3

FY 2012 FY 2013

Segment Profit (in millions)

+14%

-1%

Infr

astr

uctu

re S

egm

ent Infrastructure Services

Transportation design services

Civil engineering services

Security consulting & engineering services

Geotechnical engineering & materials inspection

Construction engineering, inspection & management

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14% of Total NSR

Segment Drivers

Need to upgrade and repair aging infrastructure, especially bridges and roadways

Additional state funds for capital projects

Expansion of transportation services

$43.5 $44.2

FY 2012 FY 2013

Net Service Revenue (in millions)

$7.7 $8.7

FY 2012 FY 2013

Segment Profit (in millions)

+2%

+12%

Multi-disciplinary teams implement complex projects

Nationwide network is a crucial asset that

can be integral to project success

TRC helps clients: realize a higher return on investment manage risks align project solutions with

operational priorities integrate multiple areas of

expertise to arrive at a better solution

Why Clients Choose TRC

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Concept

Delivery & Operations

Permitting, Engineering, & Construction

High-Profile Private Sector Clients

10

Working With All Levels of Government

11

State and Local Federal

12

Growth Strategy

0%

2%

4%

6%

8%

10%

12%

Q2 2013 Q3 2013 Q4 2013 Q1 2014

Total

Organic

Total & Organic NSR Growth Recent Acquisitions

• Ocampo Esta Corp. (Covina operations)

• GE’s Air Emissions Testing business

• Heschong Mahone Group, Inc.

• Utility Support Systems, Inc. (USS)

• Invest in high-margin organic growth opportunities focused on: • Utility/Power • Oil & Gas • Infrastructure

• Pursue strategic acquisitions to enhance service offerings and geographic footprint of all three segments

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$245.9

$301.8 $320.4

FY 2011 FY 2012 FY 2013

Net Service Revenue(in millions)

6%

$75.2 $81.3

Q1 2013 Q1 2014

Net Service Revenue

(in millions)

8%

Q1 2014 v. Q1 2013

Significant Long Term Growth Potential

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Net service revenue

Cost of services

Gross margin

General and administrative expenses

Arena Towers litigation reversal

Operating income

EBITDA

EBITDA as a % of NSR

Federal and state income tax benefit

Net income applicable to TRC Companies, Inc.

Diluted earnings per common share

FY 2012

$301.8

$246.5

18.3%

$31.0

$(11.1)

$30.0

$24.4

8.1%

$3.9

$33.6

$1.16

FY 2013

$320.4

$268.5

16.2%

$30.7

-

$18.6

$25.5

7.9%

$18.0

$36.3

$1.23

(In millions, except per share data)

81.7% 83.8%

FY 2012 FY 2013

Cost of Services as % of NSR

10.3% 9.6%

FY 2012 FY 2013

G&A Expenses as % of NSR

Full Year Income Statement Highlights

$301.8

$320.4

$301.8

$320.4

$14,435

$24,403 $25,464

5.9%

8.1% 7.9%

FY 2011 FY 2012 FY 2013

Consolidated EBITDA

EBITDA Reflects Leverage in Business Model

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(in thousands)

Consolidated EBITDA EBITDA Margin

$52 $44 $54

$40 $60 $58

$138 $131 $135

2011 2012 2013

Segment NSR Backlog

NSR Backlog & New Project Wins

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(in millions)

Energy • Public Service New Hampshire

EPC Project • NYSERDA Multifamily

Environmental • Sabal Trail Natural Gas Pipeline • Alabama Department of

Environmental Management

Infrastructure • Confidential Client – Waste

Water Treatment Plant • PennDOT District 4-0

$235 $247

New Project Wins

$230

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Balance Sheet Highlights

Cash and cash equivalents

Days sales outstanding (DSO)

Cash Flow Highlights

Cash flow from operations

Capital expenditures

Free cash flow

FY 2012

$16.6

78 days

$19.4

$7.1

$12.3

FY 2013

$18.1

83 days

$14.4

$3.9

$10.5

(In millions)

Balance Sheet and Cash Flow Highlights

Investment Highlights

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Well positioned in markets with solid medium- to long-term growth opportunities

Executing a focused profitable growth strategy

Large addressable market opportunity

Diversified revenue stream with attractive customer base

Strong balance sheet and cash position

Stable but growing backlog

Reconciliation of Non-GAAP Measures

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In millions

FY 2011 FY 2012 FY 2013

Net income applicable to TRC Companies, Inc.'s common shareholders (16.6)$ 33.6$ 36.3$

Interest expense 0.8 0.7 0.3

Federal and state income tax provision 1.1 (3.9) (18.0)

Depreciation and amortization 4.7 5.5 6.9

Net loss applicable to noncontrolling interest (0.1) (0.1) -

Equity in earninngs from unconsolidated affiliates, net of taxes - (0.3) -

Accretion charges on preferred stock 7.3 - -

Consolidated EBITDA (2.8)$ 35.5$ 25.5$

In millions

FY 2011 FY 2012 FY 2013

Net service revenue 245.9$ 301.8$ 320.4$

Cost of services 202.3 246.5 268.5

Gross Margin 43.6$ 55.3$ 51.9$

Gross Margin % 17.7% 18.3% 16.2%

In millions

FY 2011 FY 2012 FY 2013

Net cash provided by operating activities 12.5$ 19.4$ 14.4$

Additions to property and equipment (3.1) (7.1) (3.9)

Free Cash Flow 9.4$ 12.3$ 10.5$

Earnings Before Interest, Taxes, Depreciation, Amortization

Gross Margin and Gross Margin %

Free Cash Flow