Investor Presentation

January 2013

Forward Looking Statements

Statements contained in this presentation that are not historical facts may constitute forward-looking statements, including statements relating to future revenues, future earnings, future business projects, future backlog and book of business, and other future business, economic and industry trends and conditions. We believe that our expectations are reasonable and are based on reasonable assumptions; however, we caution against relying on any of our forward-looking statements as such forward-looking statements by their nature involve risks and uncertainties. A variety of factors, including but not limited to the following, could cause our business and financial results, as well as the timing of events, to differ materially from those expressed or implied in our forward-looking statements: declines in the economy or client spending; federal sequestration; changes in our book of business; our compliance with government regulations; impairment of our goodwill; integration of acquisitions; employee, agent or partner misconduct; our ability to procure government contracts; liabilities for pending and future litigation; environmental liabilities; changes in commodity prices; availability of bonding and insurance; our reliance on government appropriations; unilateral termination provisions in government contracts; our ability to make accurate estimates and assumptions; our accounting policies; workforce utilization; our and our partners ability to bid on, win, perform and renew contracts and projects; our dependence on partners, subcontractors and suppliers; customer payment defaults; our ability to recover on claims; impact of target and fixed-priced contracts on earnings; the inherent dangers at our project sites; the impact of changes in laws and regulations; nuclear indemnifications and insurance; misstatements in expert reports; a decline in defense spending; industry competition; our ability to attract and retain key individuals; retirement plan obligations; our leveraged position and the ability to service our debt; restrictive covenants in finance arrangements; risks associated with international operations; business activities in high security risk countries; information technology risks; natural and man-made disaster risks; our relationships with labor unions; our ability to protect our intellectual property rights; anti-takeover risks and other factors discussed more fully in our Form 10-Q for the period ended September 28, 2012, as well as in other reports subsequently filed from time to time with the United States Securities and Exchange Commission. The forward-looking statements represent our current intentions as of the date on which they were made and we assume no obligation to revise or update any forwardlooking statements.

Diversified Business Mix with Full Service Capabilities

Technical Services Project Development Program Management

IT Services

Planning, Design & Engineering

Construction & Management

Operations & Maintenance

Decommissioning & Closure

3Q 2012 Revenue by End Market

Infrastructure
16% 10% 28%

Oil & Gas Power

Federal

37%

9%

Industrial

FY 2011 Contract Risk Profile

FY 2011 Revenue by Service Offering

Reimbursable Cost(1)
Fixed Price(2)

Engineering & Technical Services

Operations & Maintenance

Construction Management & Construction

Notes: (1) Reimbursable contracts include: Reimbursable, Time & Materials and Target Price contracts (2) Fixed Price contracts include: Firm Fixed-Price and Fixed-Price Per Unit contracts. URS has minimum exposure to lump sum turnkey projects

Solid Cash Flow Results Through the Cycle

Cash Flow Generation
2007-2011 CFO CAGR: 12%
($M)

700 600

$652

$610
500

$528

$505

400 $319 300

200

$374

$482

$437

$277

$283

100 0 2007 2008 2009 2010 2011

Cash From Operations (CFO)

Free Cash Flow(1)

Notes: (1) Defined as net cash from operating activities less capital expenditures. See reconciliation table for GAAP equivalent

Well Diversified Federal Sector

Federal
Growth Drivers FY 2011 Revenue Mix
DOD DOE, NDA Other Agencies

DOD market opportunities include:

Intelligence community support ($3.3B) & Chemical, Biological, Radiological, Nuclear, and Explosives (CBRNE) ($7.9B)

Apptis acquisition provides access to $30B

high-end Government IT market

Stable base of activity under existing DOD

indefinite delivery contracts

FY 2011 Revenue 3Q 2012 Backlog

$4.6 B $7.0 B

DOE growth opportunity in National Nuclear

Security Administration (NNSA)

Expand presence in UK NDA and adjacent

international markets

Competitive advantages: Tier 1 Federal Contractor #1 in Environmental Management

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Strong Infrastructure Business

Infrastructure
Growth Drivers FY 2011 Revenue Mix
Transportation Water / Wastewater Facilities, Other

Diversified long-term funding sources:

Bonds, user fees, public-private sponsorships & state general funds

Passage of MAP-21 federal

transportation bill and TIFIA federal credit program

Infrastructure spending in China & India

FY 2011 Revenue 3Q 2012 Backlog $1.9 B $3.1 B

Backlog stable at $3.1 Billion

Competitive advantages: Global presence through 400+ offices
(including all US States)

Client driven project delivery models

Attractive End Markets in the Industrial Sector

Industrial
Growth Drivers FY 2011 Revenue Mix
Manufacturing & Other Facilities Mgmt Chem / Pharma Mining

Growth in outsourced facilities

management for multinationals

Increased focus on environmental

compliance

Existing commodity prices support

investment

Opportunities in international mining

FY 2011 Revenue 3Q 2012 Backlog $1.2 B $888 M
(Australia)

Competitive advantages: Fully integrated E&C services Master Service Agreements with
nearly half of Fortune 500

Long-term, Flexible Supplier to the Power Sector

Power
Growth Drivers FY 2011 Revenue Mix
Air Quality Control Systems Nuclear Services Fossil Generation T&D and Other

Air quality legislation and regulation:

Federal & State

Fossil: Focus on natural gas-fired plants Nuclear: Fukushima-related

modifications, major component replacement, and life cycle services

T&D: Aging, undersized infrastructure,

FY 2011 Revenue 3Q 2012 Backlog $1.1 B $1.5 B
linking of renewable sources to population centers

Competitive advantages: Full EPC services, bundled or discrete Over 200 AQCS installations 60-year nuclear services provider Over 100 natural-gas units
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Well Positioned in the Oil & Gas Sector

Oil & Gas

Growth Drivers FY 2011 Revenue Mix
Upstream Midstream
Downstream

Sustained oil prices and increasing

investments

Robust demand for lifecycle services

(environmental and EPCM/PM)

Activity in Canadian oil sands Acquisition of Flint Energy (May 2012)

provides significant scale in oil & gas in North America

FY 2011 Revenue 3Q 2012 Backlog

$692 M $1.3 B

Competitive advantages: Master Service Agreements with

major oil & gas companies

Strategic global locations in oil & gas

development areas

Exposure across full energy cycle

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Oil & Gas Division Has Exposure Across Full Energy Cycle
Upstream Midstream Downstream

OILFIELD SERVICES

FACILITY CONSTRUCTION

PRODUCTION SERVICES

MAINTENANCE SERVICES

Operations in Western Canada & US

Significant oil sands exposure

Midstream field services

Significant oil sands exposure

Representative Services Rig moving (largest in North America) Largest fabricator of oil sands equipment modules Large project construction Project management and module fabrication Pipeline construction and well tie-ins Asset management and maintenance services to large oil sands producers & refineries Pipeline and plant maintenance Turnaround services Multi-year contracts
10

Fluid hauling
Pressure and vacuum services Oil field equipment hauling

Field & mechanical construction

7 structural steel & modular fabrication facilities in Canada

Multi-year contracts

Key Financial Highlights

Attractive top-line growth outlook Strong margin performance Cost control and efficiency is an ongoing discipline Improved EBITDA* margin every year from FY 2007 to FY 2011 (up 210 bps)

Cash flow focus Working capital management is an integral part of URS culture Strong and consistent free cash flow generation Investment-grade rating

Acquisition strategy augments organic growth Opportunistic share repurchase

Repurchased >$400M of stock since the beginning of FY 2010

Announced quarterly cash dividend of $0.20 per common share for 4Q 2012
Notes: *See reconciliation table for GAAP equivalent

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Proven Ability to Create Value from Strategic Acquisitions

3Q 2012 Revenue by End Market

1990-2011

Total Revenue CAGR: 24% Organic Revenue* CAGR: 13% Share Price CAGR: 12%
Revenues
($B)
16
Transit, Power, Construction Management

Infrastructure
16%

28%

Oil & Gas Power

10%

Federal

37%

9%

Industrial

Infrastructure, International

Federal IT

Oil & Gas

12

Industrial / Commercial Federal O&M

Power, Nuclear, Infrastructure

10.1

9.2

9.2

9.5

10.4

8 Transportation 5.4 4 0.1

0

0.3 1996

0.4

0.8 1998

1.4

2.2

2.3

2.4

3.2

3.4

3.9

4.2

1990

1997

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

LTM

Notes: *Represents total revenues minus acquisition revenues

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Strong Performance Through the Cycle

Adjusted EBITDA and Margin(1)
($M) 800 $700 700 600 8.7% 500 400 $315 300 200 100 0 2007 2008 2009 2010 2011 1st 9 mo. 2012 6.6% 6.4% 5.8% 5 6 7.9% 7.6% 7 8 $648 $609 9

2007-2011 Adj. EBITDA CAGR: 24%

$755 $696

(%) 10

Adj. EBITDA

Margin (%)

Notes: (1) See reconciliation table for adjusted EBITDA and margin, and reconciliation to operating income

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Solid Earnings Results Through the Cycle

Adjusted Earnings Per Share(1)
($)
4.00 $3.53 3.50 3.00 $2.59 2.50 2.00 1.50 1.00 0.50 0.00 2007 2008 2009 2010 2011 $2.30 $3.29 $3.28

2007-2011 Adj. EPS CAGR: 11%

Notes: (1) See reconciliation table for adjusted earnings per share and GAAP equivalent

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Book of Business Supports Outlook

Book of Business(2) ($B)
30.0

Book of Business Total: 26.0

Multi-year revenues in backlog > 90% of option years have converted into backlog

7.2
20.0

> 50% of indefinite delivery contracts have converted into backlog Multi-year agency / equity method JV contracts (1) are included at the net earnings level
Backlog by Market Sector ($B) 3Q 2012 7.0 3.1 1.3 1.5 0.9 13.8

5.1

10.0

Federal 13.8 Infrastructure Oil & Gas Power

0.0 3Q 2012
Indefinite Delivery Contracts Option Years Backlog

Industrial Total backlog(2)

Notes: (1) Programs managed under an agency or equity joint venture basis with URS serving as the lead partner. Shown for purposes of inter-sector comparability (2) Total may differ slightly due to rounding

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Investment Considerations

Diversified Business Model with Full Service Capabilities

Leadership Positions in Attractive End Markets

World-Class Technical Expertise Established Brand with Blue Chip Customer Base Proven Ability to Integrate Strategic Acquisitions Strong and Consistent Free Cash Flow Generation

Earnings and Cash Flow Growth Through the Business Cycle, Reflective
of Strategic End Market Diversity and Variable Cost Structure

5-year Revenue CAGR: 18% 5-year Adjusted EPS CAGR: 10%* 5-year Free Cash Flow CAGR: 26%*
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Notes: *See reconciliation table for GAAP equivalent

Appendix

Revenue Breakdown
Amounts shown in the table below are net of eliminations
(In millions) Nine months ended September 28, 2012 Infrastructure & Environment Federal Services Energy & Construction Oil & Gas (3) Total $
(2)

Federal

Infrastructure

Oil and Gas (1)

Power

Industrial (1)

Total

500.6 2,117.5 810.4 3,428.5

1,171.4 178.5 1,349.9

399.0 186.6 869.7 1,455.3

158.2 752.2 910.4

527.5 328.2 855.7

2,756.7 2,117.5 2,255.9 869.7 7,999.8

Nine months ended September 30, 2011 Infrastructure & Environment Federal Services Energy & Construction Oil & Gas (3) Total $
(2)

475.1 1,967.8 1,043.2 3,486.1

1,166.3 255.5 1,421.8

363.0 129.6 492.6

141.3 690.2 831.5

585.6 334.2 919.8

2,731.3 1,967.8 2,452.7 7,151.8

Notes:

(1) Historically, we have included revenues from the oil & gas market sector as part of our presentation of revenues from the industrial & commercial market sector. Effective at the beginning of our 2012 fiscal year, we revised our presentation to show our revenues from the oil & gas market sector separately. In addition, we have changed the name of our industrial and commercial market sector to industrial market sector. For comparative purposes, we reclassified the prior periods data to conform them to the current periods presentation.
(2) The operating results of Apptis have been included in our consolidated results since the acquisition on June 1, 2011.

(3) The operating results of Flint have been included in our consolidated results since the acquisition on May 14, 2012.

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Revenues and Operating Income (Loss) by Division

Three Months Ended (In millions) Revenues Infrastructure & Environment Federal Services (1) Energy & Construction Oil & Gas (2) Inter-segment eliminations Total revenues Operating income (loss) Infrastructure & Environment Federal Services (1) Energy & Construction Oil & Gas (2) Corporate Total operating income (loss) September 2012 $ 920.7 $ 682.8 781.5 592.2 (29.6) 2,947.6 $ September 2011 950.8 $ 718.7 844.6 (42.4) 2,471.7 $ Nine Months Ended September 2012 2,851.1 $ 2,118.1 2,285.1 869.7 (124.2) 7,999.8 $ September 2011 2,790.2 1,968.5 2,521.4 (128.3) 7,151.8

67.1 $ 64.8 64.6 28.9 (21.8) 203.6 $

60.7 $ (307.1) (355.3) (18.5) (620.2) $

175.7 $ 217.5 167.5 31.9 (78.1) 514.5 $

170.6 (225.5) (222.8) (59.9) (337.6)

Notes: (1) The operating results of Apptis have been included in our consolidated results since the acquisition on June 1, 2011. (2) The operating results of Flint have been included in our consolidated results since the acquisition on May 14, 2012.

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Reconciliation Table
The following EBITDA and free cash flow measures are not computed in accordance with generally accepted accounting principles ("GAAP"). These non-GAAP measures may be useful to investors seeking to better understand how we generate and manage our earnings and cash flow; however, they should not be used as a substitute for their reconciled GAAP measure.

EPS Reconciliation ($) 2006 2007 2008 2009 2010 2011 Adjusted diluted EPS before the impact of the following item: 2.15 2.30 2.59 3.29 3.28 3.53 Reduction in income tax expense 0.52 Adjusted diluted EPS before the impact of the following items: 2.15 2.30 2.59 3.29 3.80 3.53 Goodwill impairment charge, net of tax (9.46) Restructuring charge, net of tax - (0.11) (0.07) Loss on extinguishment of debt, net of tax (0.02) Acquisition-related expenses, net of tax - (0.15) (0.01) GAAP Diluted EPS $ 2.15 $ 2.30 $ 2.59 $ 3.29 $ 3.54 $ (6.03)

EBITDA Reconciliation ($M) Adjusted EBITDA Depreciation Amortization of intangible assets Goodwill impairment charge, pre-tax Restructuring charge, pre-tax Loss on extinguishment of debt, pre-tax Acquisition-related expenses, pre-tax Operating income 2007 2008 2009 2010 315 648 609 700 (45) (90) (87) (84) (7) (53) (53) (49) (11) (12) $ 263 $ 505 $ 469 $ 544 $

1st 9 mo. 2011 2012 755 696 (82) (92) (61) (74) (826) (6) (3) (1) (16) (223) $ 515

4-Year Adjusted EPS CAGR 5-Year Adjusted EPS CAGR

Notes: Adjusted EPS CAGR reconciliation to GAAP can not be performed

2007 2008 2009 2010 2011 $ 2.30 $ 2.59 $ 3.29 $ 3.28 $ 3.53 $ 2.15 $ 2.30 $ 2.59 $ 3.29 $ 3.28 $ 3.53

2006

CAGR 11% 10%

($M) 4-Year Adjusted EBITDA CAGR

2007 2008 2009 2010 2011 $ 315 $ 648 $ 609 $ 700 $ 755

CAGR 24%

Notes: EBTIDA defined as operating income plus depreciation and amortization of intangible assets Totals may differ slightly due to rounding

Free Cash Flow Reconciliation ($M) Free cash flow Capital expenditures Net cash from operating activities (CFO) 2006 2007 2008 2009 2010 2011 136 277 283 610 482 437 29 42 92 42 45 68 $ 165 $ 319 $ 374 $ 652 $ 528 $ 505

EBITDA Margin Reconciliation (%) Revenue ($M) Adjusted EBITDA ($M) Adjusted EBITDA Margin 2007 2008 5,383 10,086 315 648 5.8% 6.4% 2009 9,249 609 6.6% 2010 9,177 700 7.6% 2011 9,545 755 7.9%

1st 9 mo. 2012 8,000 696 8.7%

($M) 5-Year Free cash flow CAGR

2006 2007 2008 2009 2010 2011 $ 136 $ 277 $ 283 $ 610 $ 482 $ 437

CAGR 26%

Notes: EBTIDA Margin defined as EBITDA divided by revenue Totals may differ slightly due to rounding

Notes: Free cash flow defined as net cash from operating activities less capital expenditures Totals may differ slightly due to rounding

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