Q1 Fiscal 2014 Investor Review

November 6, 2013

T R R

Chris Vincze Tom Bennet Chairman & CEO Chief Financial Officer

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 15.

Q1 Fiscal 2014 Highlights

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NSR(1) increased 8% YOY to $81.3M

EBITDA increased 5% YOY to $6.4M

Operating income decreased 8% YOY to $4.3M

(1) TRC believes net service revenue (gross revenue less subcontractor costs and other direct reimbursable charges) best reflects the value of services provided to its customers and is the most meaningful indicator of its revenue performance.

NSR backlog increased 1% YOY to $239.0M

Revenue growth in all three segments

TRC’s Diversified Business Model

4

$28.8M

$38.4M

$12.6M

Q1 2014 Net Service Revenue by Segment

Infrastructure 16%

Environmental 48%

Energy 36%

Envi

ronm

enta

l Seg

men

t

5

$37.4 $38.4

Q1 2013 Q1 2014

Net Service Revenue (in millions)

$6.9

$9.3

Q1 2013 Q1 2014

Segment Profit (in millions)

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

Segment Challenges Finding talent Ongoing uncertainties with

energy policy and environmental regulations

Pricing pressures Federal and overall public

sector funding still down

+3%

+35%

Ener

gy S

egm

ent

6

$25.6 $28.8

Q1 2013 Q1 2014

Net Service Revenue (in millions)

$6.0

$4.1

Q1 2013 Q1 2014

Segment Profit (in millions)

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 ↑)

Segment Challenges Pricing new client projects Uncertainty related to use of

utility capital Client capacity and strategy to

manage projects Migration of larger competitors

into market Finding and maintaining talent

-32%

+12%

Infr

astr

uctu

re S

egm

ent

7

$11.2 $12.6

Q1 2013 Q1 2014

Net Service Revenue (in millions)

$2.1

$2.8

Q1 2013 Q1 2014

Segment Profit (in millions)

Segment Drivers Need to upgrade and repair

aging infrastructure, especially bridges and roadways

Additional state funds for capital projects

Expansion of transportation services

Segment Challenges Significant competition Lack of long-term federal

policy and funding - MAP21 expires in 2014

+12%

+36%

$50 $45

$57 $69

$129 $125

$0

$50

$100

$150

$200

$250

Q1 2013 Q1 2014

Segment NSR Backlog

NSR Backlog & New Project Wins

8

(in millions)

Energy • Regional NY Utility -

Telecommunications Engineering Project

• Iberdrola NERC Studies

Environmental • EPA Superfund Site in CT • Confidential Client – Pipeline

Project in NY-NJ

Infrastructure • PA Turnpike Construction

Engineering for 6 Bridge re-decking Projects

• West Virginia DOT Design Build Roadway Project

$236 $239 +1%

New Project Wins

9

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

Markets Outlook

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Energy – Solid short-, medium-, and long-term outlook

• Aging and inefficient transmission and distribution systems requiring long term capital investments, estimated at $50B over next few years 1

• New regulatory drivers, e.g., NERC and FERC 1000 will drive additional investments

• Environmental Regulations surrounding air, water, effluents, etc. will provide continued uncertainty on capital spend direction

• Energy Efficiency markets estimated to grow > 10%/year over the next decade 2

Environmental – Improving short-term and solid medium- and long-term outlook

• Energy and Industrial segment market conditions improving

• Federal and Public markets still declining

• Decommissioning expenditures will double over next few years as 150+ plants are listed for closure

• New regulations set strict limits on the amount of carbon emissions that can be generated by new US power plants will require significant investment

• US Non-federal environmental markets expected to grow between 4-5% per year over next few years 3

Infrastructure – Improving short-term and solid medium- and long-term outlook

• State Infrastructure funding expected to grow 4-5% per year based on improving local economies 4

• $3.6 Trillion required for state of good repair 5

• Increasing use of Public Private Partnerships to support funding gaps

• Potential for National Infrastructure Bank

1 + 2 Source: EIA/EPRI Spring 2013 Report 3 Source: Environmental Business Journal (2013) 4 Source: National Association of State Budget Office (NASBO) (Spring 2013) 5 Source: American Society of Civil Engineers 2013 Report on Americas Infrastructure

CEO Summary

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

• Executing a focused profitable growth strategy

• Strong balance sheet and cash position

• Stable but growing backlog

$75.2 $81.3

Q1 2013 Q1 2014

Net Service Revenue (in millions)

Quarterly Financial Results Overview

12

$6.1 $6.4

Q1 2013 Q1 2014

EBITDA(1) (in millions)

$4.6 $4.3

Q1 2013 Q1 2014

Operating Income (in millions)

$0.15

$0.08

Q1 2013 Q1 2014

Diluted EPS

+8%

-8%

+5%

-47%

Q1 2013

$75.2

$1.7

$63.7

15.3%

$7.2

$4.6

$6.1

8.2%

$(0.2)

5.2%

$4.3

$0.15 13

Net service revenue

Insurance recoverables and other income

Cost of services (COS)

Gross margin

General and administrative expenses

Operating income

EBITDA

EBITDA as a % of NSR

Federal and state income tax provision

Effective tax rate

Net income

Diluted earnings per common share

Q1 2014

$81.3

$12.3

$78.4

3.5%

$8.8

$4.3

$6.4

7.9%

$(1.7)

40.6%

$2.5

$0.08

(In millions, except per share data)

$75.2

$81.3

84.7%

96.5%

Q1 2013 Q1 2014

Cost of Services as % of NSR

$75.2

$81.3

9.5%

10.8%

Q1 2013 Q1 2014

G&A Expenses as % of NSR

Quarterly Income Statement Highlights

Exit Strategy Change in Estimate

Net Service Revenue $ (5.1)

Insurance Recoverables 12.4

Cost of Services 7.3

Operating Income $ -

14

Balance Sheet Highlights

Cash and cash equivalents

Days sales outstanding (DSO)

Cash Flow Highlights

Cash flow from operations

Capital expenditures

Free cash flow

Q1 2013

$14.9

86 days

$(3.8)

$(0.7)

$(4.5)

Q1 2014

$22.0

95 days

$1.1

$(1.6)

$(0.5)

(In millions)

Balance Sheet and Cash Flow Highlights

Reconciliation of Non-GAAP Measures

15

In millions

Q1 - 2013 Q1 - 2014

Net income applicable to TRC Companies, Inc.'s common shareholders $4.3 $2.5

Interest expense 0.1 0.1

Federal and state income tax provision 0.2 1.7

Depreciation and amortization 1.5 2.1

Net loss applicable to noncontrolling interest (0.0) 0.0

Consolidated EBITDA $6.1 $6.4

In millions

Q1 - 2013 Q1 - 2014

Net service revenue $75.2 $81.3

Cost of services 63.7 78.4

Gross Margin $11.5 $2.9

Gross Margin % 15.3% 3.5%

In millions

Q1 - 2013 Q1 - 2014

Net cash provided by operating activities ($3.8) $1.1

Additions to property and equipment (0.7) (1.6)

Free Cash Flow ($4.5) ($0.5)

Earnings Before Interest, Taxes, Depreciation, Amortization

Gross Margin and Gross Margin %

Free Cash Flow