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1. Investor Presentation
Investor Presentation First Quarter Fiscal 2015
TRR

2. 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, 2014, 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.
Also, this presentation contains references to non-GAAP metrics such as EBITDA, gross margin, adjusted EPS and free cash flow. A reconciliation of GAAP to non-GAAP metrics can be found on slides 21 and 22.

3. 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
110+ U.S. offices London office
3,200+ employees
NYSE: TRR
3
Company Profile
www.trcsolutions.com

4. Investment Highlights
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Well-positioned in markets with solid 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
Continuing to build backlog

5. TRC’s Diversified Business Model
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$132.8M
21% YOY Growth
$170.5M
5% YOY Growth
$47.0M
6% YOY Growth
Net Service Revenue by Segment
Fiscal Year 2014
Total NSR: $355.0 Million
11% YOY Growth
Infrastructure
13%
Environmental 49%
Energy 38%
Estimated Client Distribution
by Industry1
Power / Utility
Oil & Gas
Transportation
Other
50%
10%
10%
30%
(1) TRC estimates

6. Environmental Segment
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
Segment Drivers
Continued development of upstream, midstream and downstream oil & gas markets
Increased permitting and power plant decommissioning activities
Proposed EPA rule: Carbon Pollution Emission Guidelines
Re-emergence of industrial, real estate and construction markets
$163.2
$170.5
FY 2013
FY 2014
Net Service Revenue (in millions)
$30.8
$35.3
FY 2013
FY 2014
Segment Profit (in millions)
+5%
+15%

7. Energy Segment
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Energy Services
Electrical transmission, distribution & substation engineering
Testing and commissioning
Energy efficiency
Communications engineering
Segment Drivers
Expanding utility capital spend programs on aging transmission and distribution infrastructure
Greenhouse gas rule
Dynamic revolution in domestic fuel supplies driving shifts in use of utility assets (e.g. Coal ↓, Natural Gas ↑, Renewables ↑, Efficiency ↑)
$109.8
$132.8
FY 2013
FY 2014
Net Service Revenue (in millions)
$23.3
$26.5
FY 2013
FY 2014
Segment Profit (in millions)
+21%
+14%

8. Infrastructure Segment
Infrastructure Services
Transportation design services
Civil engineering services
Security consulting & engineering services
Geotechnical engineering & materials inspection
Construction engineering, inspection & management
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Segment Drivers
Healthier State budgets providing for more transportation funding
State and regional policies prioritizing transportation across the country
Need to upgrade and repair aging infrastructure, especially bridges and roadways
Expansion of transportation services
$44.2
$47.0
FY 2013
FY 2014
Net Service Revenue (in millions)
$8.7
$8.8
FY 2013
FY 2014
Segment Profit (in millions)
+6%
+1%

9. 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

10. High-Profile Private Sector Clients
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11. Working With All Levels of Government
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State and Local
Federal

12. 12
Growth Strategy
0%
5%
10%
15%
20%
25%
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Total
Organic
Total & Organic NSR Growth
Recent Acquisitions NOVA Safety & Environmental (September 2014) Covino Environmental Associates (July 2014) EMCOR Energy Services, Inc. (January 2014) Utility Support Systems, Inc. (July 2013)
•Investing in high-margin organic growth opportunities
•Pursuing strategic acquisitions to expand our platform in key North American markets

13. 13
$245.9
$301.8
$320.4
$355.0
FY 2011 FY 2012 FY 2013 FY2014
$81.3
$92.6
Q1 2014 Q1 2015
Net Service Revenue
(in millions)
Significant Long Term Growth Potential
+14%

14. $14.4
$24.4 $25.5
$29.7
5.9%
8.1% 7.9%
8.5%
FY 2011 FY 2012 FY 2013 FY 2014
Margin & EBITDA Growth Reflect Leverage in Business Model
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Consolidated EBITDA
(1) EBITDA (a non-GAAP metric) excludes an $11.1 million reduction in the litigation accrual in fiscal 2012 from a post-trial motion that was granted to
disregard a substantial portion of the verdict in the Arena Towers matter and a $17.3 million increase in the litigation accrual in fiscal 2011.
$6.4
$8.3
7.9%
9.0%
Q1 2014 Q1 2015
+30%
Consolidated EBITDA1
(in millions)
Consolidated EBITDA
EBITDA Margin EBITDA Margin

15. $52
$44
$54
$47
$40
$60
$58
$83
$138
$131
$135
$127
FY 2011
FY 2012
FY 2013
FY 2014
Segment Backlog1
Backlog & New Project Wins
15
(in millions)
Energy
•PSE&G
•Exelon
Environmental
•Confidential mid-stream oil & gas client
•Spectra Energy
Infrastructure
•PennDOT
•VDOT
$235
$257
$247
Key Project Wins
(1) Backlog is presented on a Net Service Revenue basis.
$230

16. Q1 2014 $22.0 95 days $1.1 $(1.6) $(0.5)
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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
Q4 2014
$27.6
84 days
$18.2
$(1.3)
$16.9
Q1 2015 $28.8 92 days $2.5 $(1.4) $1.1
(In millions)
Balance Sheet and Cash Flow Highlights
Announced $10 million share repurchase program

17. Key Initiatives
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Consistently improve financial performance
Invest in organic growth opportunities
Increase focus on strategic markets:
Oil & Gas – Market provides expansive opportunities
Utility/Power – Aging domestic infrastructure will require capital investments to improve reliability and to supply power from new sources
Transportation – National transportation delivery systems need to be modernized in both the public and private sectors
Continue to pursue strategic acquisitions that provide geographic expansion and enhanced technical capabilities

18. Investment Highlights
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Well-positioned in markets with solid 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
Continuing to build backlog

19. FY 2013 $320.4 $4.5 $268.5 16.2% $30.7 $18.6 $25.5 7.9% $18.0 41.9% $36.3 $1.23 $0.36
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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 benefit (provision) Adjusted effective tax rate1 Net income Diluted earnings per common share Adjusted diluted earnings per common share
FY 2014
$355.0
$17.9
$312.1
12.1%
$31.1
$20.9
$29.7
8.4%
$(8.7)
42.0%
$12.1
$0.40
$0.40
(In millions, except per share data)
Full Year Income Statement Highlights
$320.4
$355.0
83.8%
87.9%
FY 2013
FY 2014
Cost of Services as % of NSR
$320.4
$355.0
9.6%
8.7%
FY 2013
FY 2014
G&A Expenses as % of NSR
Exit Strategy Change in Estimate
Net Service Revenue
$ (6.9)
Insurance Recoverables
17.3
Cost of Services
10.4
Operating Income
$ -
(1) Prior period was affected by a deferred tax asset valuation allowance which substantially reduced the effective tax rate. Adjusted EPS shows, for comparative purposes, prior period results as if they were affected by TRC’s current annual estimated tax rate. See page 21 for reconciliation.

20. Q1 2015 $92.6 $4.8 $81.2 12.3% $8.0 $6.0 $8.3 9.0% $3.5 $0.11
Q1 2014
$81.3
$12.3
$78.4
3.5%
$8.8
$4.3
$6.4
7.9%
$2.5
$0.08
20
(In millions, except per share data)
Quarterly Income Statement Highlights
$81.3
$92.6
96.5%
87.7%
Q1 2014
Q1 2015
Cost of Services as % of NSR
$81.3
$92.6
10.8%
8.7%
Q1 2014
Q1 2015
G&A Expenses as % of NSR
Exit Strategy Activity
Q1 2014
Q1 2015
Net Service Revenue
$ (5.1)
$ (1.0)
Insurance Recoverables
12.4
4.6
Cost of Services
7.3
4.1
Operating Income
$ -
$ (0.5)
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
Net income
Diluted earnings per common share

21. Reconciliation of Non-GAAP Measures
21
In millionsFY 2011FY 2012FY 2013FY 2014Net income applicable to TRC Companies, Inc.'s common shareholders($16.6)$33.6$36.3$12.1Interest expense0.80.70.30.2Federal and state income tax provision1.1(3.9)(18.0)8.7Depreciation and amortization4.75.56.98.8Net loss applicable to noncontrolling interest(0.1)(0.1)-(0.1) Equity in earnings from unconsolidated affiliates, net of taxes-(0.3)-- Accretion charges on preferred stock7.3--- Consolidated EBITDA$(2.8)$35.5$25.5$29.7In millionsFY 2011FY 2012FY 2013FY 2014Net service revenue$245.9$301.8$320.4$355.0Cost of services202.3246.5268.5312.1Gross Margin$43.6$55.3$51.9$42.9Gross Margin %17.7%18.3%16.2%12.1% FY 2011FY 2012FY 2013FY 2014Reported diluted earnings per common share$(0.69)$1.16$1.23$0.40Less: Adjustment to normalize effective tax rate (eliminate tax valuation allowance)--(0.87)- Adjusted diluted earnings per common share$(0.69)$1.16$0.36$0.40Weighted-average common shares outstanding24,107 28,822 29,601 30,140 In millionsFY 2011FY 2012FY 2013FY 2014Net cash provided by operating activities$12.5$19.4$14.4$21.4Additions to property and equipment(3.1)(7.1)(3.9)(5.1) Free Cash Flow$9.4$12.3$10.5$16.3Gross Margin and Gross Margin % Free Cash FlowEarnings Before Interest, Taxes, Depreciation, AmortizationAdjusted EPS

22. Reconciliation of Non-GAAP Measures
22
In millionsQ1 - 2014Q1 - 2015Net income applicable to TRC Companies, Inc.'s common shareholders$2.5$3.5Interest expense0.10.0Federal and state income tax provision1.72.5Depreciation and amortization2.12.3Net loss applicable to noncontrolling interest0.00.0Consolidated EBITDA$6.4$8.3In millionsQ1 - 2014Q1 - 2015Net service revenue$81.3$92.6Cost of services78.481.2Gross Margin$2.9$11.4Gross Margin %3.5%12.3% In millionsQ1 - 2014Q1 - 2015Cash flow from operations$1.1$2.5Additions to property and equipment(1.6)(1.4) Free Cash Flow$(0.5)$1.1Earnings Before Interest, Taxes, Depreciation, AmortizationGross Margin and Gross Margin % Free Cash Flow

23. Definitions for Non-GAAP Measures
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Earnings Before Interest, Taxes, Depreciation, Amortization (EBITDA) The Company presents EBITDA because it believes that it is a useful tool for the Company, its lenders and its investors to measure the Company’s ability to meet debt service, capital expenditure and working capital requirements. As used in the presentation, EBITDA is operating income plus depreciation and amortization. Note that a separate, modified non-GAAP term “Consolidated Adjusted EBITDA” is specified in the Company’s revolving credit agreement. Gross Margin and Gross Margin % The Company presents Gross Margin and Gross Margin % to allow investors to better evaluate short-term and long-term profitability trends. The definition of Gross Margin is equal to Net Service Revenue less Cost of Services. Gross Margin % is equal to Gross Margin Divided by Net Service Revenue. Free Cash Flow The Company presents free cash flow, and ratios based on it, to conduct and evaluate its business because, although it is similar to cash flow from operations, the Company believes it is a useful measure of cash flows since purchases of fixed assets are a necessary component of ongoing operations. The definition of Free Cash Flow is equal to net cash provided by (used in) operating activities plus additions to property and equipment. Adjusted Diluted Earnings Per Common Share Adjusted Diluted Earnings Per Common Share is defined as reported earnings per common share excluding the tax impact of the reversal of a portion of the valuation allowance. The Company does not believe that this excluded item is indicative of its ongoing operating results, and it is not considered when forecasting future results. The Company believes Adjusted Diluted Earnings Per Common Share is of value to its current and potential investors when comparing results from past, present and future periods.