TRC COMPANIES INC /DE/
EXHHIBIT 10.3.2
<DOCUMENT>
<TYPE>EX-10.3(2)
<SEQUENCE>4
<FILENAME>a2120323zex-10_32.htm
<DESCRIPTION>EXHHIBIT 10.3.2
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<BR></FONT><FONT SIZE=2><B>Exhibit&nbsp;10.3.2    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ke2435_amendment_no._4_to_revolving_credit_agreement"> </A>
<A NAME="toc_ke2435_2"> </A></FONT> <FONT SIZE=2><B>AMENDMENT NO. 4 TO<BR>  REVOLVING CREDIT AGREEMENT    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This </FONT><FONT SIZE=2><B>AMENDMENT NO. 4</B></FONT><FONT SIZE=2> ("Amendment") dated as of June&nbsp;30, 2003 is by and between </FONT> <FONT SIZE=2><B>WACHOVIA BANK, NATIONAL
ASSOCIATION</B></FONT><FONT SIZE=2> (formerly known as First Union National Bank), as an individual Lender and as Sole Lead Arranger and Administrative
Agent ("Wachovia"), Wachovia in its capacity as the Lead Arranger and Administrative Agent is hereinafter the "Agent", </FONT><FONT SIZE=2><B>MERRILL LYNCH BUSINESS FINANCIAL
SERVICES&nbsp;INC.</B></FONT><FONT SIZE=2>, as an individual Lender ("Merrill"), </FONT><FONT SIZE=2><B>BANKNORTH, N.A.,</B></FONT><FONT SIZE=2> as an individual Lender ("Banknorth", and together
with Wachovia and Merrill, the "Lenders") and </FONT><FONT SIZE=2><B>TRC COMPANIES,&nbsp;INC.</B></FONT><FONT SIZE=2>, a Delaware corporation ("TRC") and the subsidiaries of TRC listed herein,
(each a "Borrower" and collectively the "Borrowers"). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ke2435_w_i_t_n_e_s_s_e_t_h_"> </A>
<A NAME="toc_ke2435_3"> </A>
<BR></FONT><FONT SIZE=2><I>W I T N E S S E T H:    <BR>    </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Borrowers, Agent and Lenders are parties to a certain Revolving Credit Agreement dated as of March&nbsp;25, 2002, as amended by an Amendment
No.&nbsp;1 thereto dated as of August&nbsp;30, 2002, as further amended by an Amendment No.&nbsp;2 thereto dated as of September&nbsp;16, 2002, and as further amended by an Amendment
No.&nbsp;3 thereto dated as of February&nbsp;14, 2003 (said agreement, as so amended, and as further as amended and modified from time to time, the "Credit Agreement") and certain other Credit
Documents executed and delivered in connection therewith; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Borrowers, the Agent and the Lenders desire to amend the Credit Agreement to modify certain of the financial covenants set forth therein; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW,
THEREFORE, in consideration of the premises and other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the parties hereto hereby agree
as follows: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD><FONT SIZE=2>Defined
Terms; Effect of Amendment.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Unless
otherwise modified hereby, all capitalized terms used herein which are defined in the Credit Agreement, and not otherwise defined herein, are used herein as defined in the
Credit Agreement. All capitalized terms used herein which are defined in the Credit Agreement and modified herein shall have the meaning assigned to such terms in the Credit Agreement as so modified.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>This
Amendment is an amendment to the Credit Agreement. Unless the context of this Amendment otherwise requires, the Credit Agreement and this Amendment shall be read together and
shall have effect as if the provisions of the Credit Agreement and this Amendment were contained in one agreement. After the effective date of this Amendment, all references in the Credit Agreement to
the "Credit Agreement", "this Agreement", "hereto", "hereof", "hereunder" or words of like import referring to the Credit Agreement shall mean the Credit Agreement as amended by this Amendment, and
all references in the Notes and the other Credit Documents to the Credit Agreement shall mean the Credit Agreement as amended by this Amendment. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Amendment to Credit Agreement.  </I></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>The following new defined terms shall be inserted into Section&nbsp;1.01 in their respective appropriate alphabetical order: </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Environmental
Remediation Liabilities" shall mean the current and long-term portion of the amount of all liabilities in respect of environmental remediation claims that are
the responsibility of the Borrowers that are otherwise included in the Consolidated Total Liabilities." </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>1</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Insurance
Recoverable Assets" shall mean the amount of all unrealized insurance recoverables in respect of environmental remediation claims under the policies of insurance that inure to
the benefit of the Borrowers that are included in the Consolidated Current Assets." </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Section&nbsp;8.07
of the Credit Agreement shall be amended and restated to read as follows: </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"8.07.&nbsp;</FONT><FONT
SIZE=2><B>Debt Service Coverage Ratio.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Borrowers will not permit for each Test Period set forth below the
ratio of (A)&nbsp;Consolidated EBITDA </FONT><FONT SIZE=2><B>minus</B></FONT><FONT SIZE=2> the sum of (i)&nbsp;Capital Expenditure and (ii)&nbsp;Earnout Payments to (B)&nbsp;the sum of
(i)&nbsp;Consolidated Total Interest Expense </FONT><FONT SIZE=2><B>plus</B></FONT><FONT SIZE=2> Consolidated CPLTD, to be less than the ratio set opposite said Test Period: </FONT></P>

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<TH WIDTH="82%" ALIGN="LEFT"><FONT SIZE=1><B>Test Period<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1><B>Ratio</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="82%" VALIGN="TOP"><FONT SIZE=2>Test Period ending June 30, 2003 and September 30, 2003</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>3.00 to 1.00</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="82%" VALIGN="TOP"><FONT SIZE=2>Test Period ending December 31, 2003</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>2.50 to 1.00</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="82%" VALIGN="TOP"><FONT SIZE=2>Test Period ended March 31, 2004</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>4.00 to 1.00</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="82%" VALIGN="TOP"><FONT SIZE=2>Test Period ended June 30, 2004 and each Test Period thereafter ending as of each fiscal quarter end occurring thereafter"</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>4.50 to 1.00</FONT></TD>
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<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>Section&nbsp;8.09
of the Credit Agreement shall be amended and restated to read as follows: </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"8.09. Current Assets to Total Liabilities Ratio.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Borrower will not permit the ratio of (A)&nbsp;Consolidated Current
Assets </FONT><FONT SIZE=2><B>minus</B></FONT><FONT SIZE=2> Insurance Recoverable Assets to (B)&nbsp;Consolidated Total Liabilities </FONT><FONT SIZE=2><B>minus</B></FONT><FONT SIZE=2>
Environmental Remediation Liabilities to be less than 1.00 to 1.00, at all times, measured quarterly." </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD><FONT SIZE=2>Full
Force and Effect. Except as expressly modified by this Amendment, all of the terms and conditions of the Credit Agreement shall continue in full force and effect, and all parties
hereto shall be entitled to the benefits thereof. This Amendment is limited as written and shall not be deemed (i)&nbsp;to be an amendment of or a consent under or waiver of any other term or
condition of the Credit Agreement or (ii)&nbsp;to prejudice any right or rights which the Lenders now have or may have in the future under or in connection with the Credit Agreement or such other
agreements.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD><FONT SIZE=2>Representations
and Warranties. In order to induce the Lenders to enter into this Amendment, each Borrower makes the following representations and warranties to the Lenders, which
shall survive the execution and delivery hereof:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>The
execution and delivery of this Amendment has been authorized by all necessary corporate action on its part, this Amendment has been duly executed and delivered by
it, and this Amendment and the Credit Agreement, as amended hereby, constitutes the legal, valid and binding obligations of it enforceable against it in accordance with its terms subject to applicable
bankruptcy, insolvency, reorganization and other laws affecting creditors' rights generally, moratorium laws from time to time in effect and general principles of equity (regardless of whether such
enforceability is considered in a proceeding in equity or at law);
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>No
Event of Default has occurred and is continuing under the Credit Agreement, and no event has occurred which, with notice, lapse of time or both, would constitute
such an Event of Default; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>The
representations and warranties set forth in the Credit Agreement and the other Credit Documents are true and correct as of the date hereof in all material
respects.
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>5.</FONT></DT><DD><FONT SIZE=2>Counterparts.
This Amendment may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, and all which when taken together shall
constitute one and the same agreement. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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<DT style='margin-bottom:-11pt;'><FONT SIZE=2>6.</FONT></DT><DD><FONT SIZE=2>Governing
Law. This Amendment, including the validity thereof and the rights and obligations of the parties hereunder, shall be construed in accordance with and governed by the laws of
the State of New Jersey.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>7.</FONT></DT><DD><FONT SIZE=2>Conditions
Precedent. This Amendment shall not be effective until (i)&nbsp;the Agent shall have received counterparts of this Amendment, duly executed by each of the parties hereto,
(ii)&nbsp;the Borrowers shall have paid to the Agent for the ratable benefit of the Lenders, a fee of $90,000 in respect of the amendment fees contemplated in Section&nbsp;3.05 of the Credit
Agreement, and (iii)&nbsp;Borrowers shall have paid all reasonable fees and expenses of the Agent's counsel incurred in connection with the preparation, negotiation, execution and delivery and
review of this Amendment. The date on which all of the foregoing conditions are satisfied as determined by the Lenders is referred to herein as the "Effective Date".
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>8.</FONT></DT><DD><FONT SIZE=2>Execution
Certification. The Borrowers hereto certified that this Amendment and each of the notes referenced in Section&nbsp;10 above were executed by the Borrowers in the State of
Connecticut and delivered to the Agent in the State of New Jersey. </FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SIGNATURE
PAGES TO FOLLOW] </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF</FONT><FONT SIZE=2><B>, THE UNDERSIGNED HAVE EXECUTED THIS AMENDMENT AS OF THE DAY AND YEAR FIRST ABOVE WRITTEN.</B></FONT></P>

<P><FONT SIZE=2><B>THE BORROWERS:  </B></FONT></P>

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<TD COLSPAN=2><FONT SIZE=2><B>TRC COMPANIES,&nbsp;INC.</B></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="56%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>HAROLD C. ELSTON, JR.</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Harold C. Elston, Jr.,<BR></FONT> <FONT SIZE=2><I>Senior Vice President</I></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><BR><FONT SIZE=2><B>TRC ENGINEERS,&nbsp;INC.</B></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="56%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>HAROLD C. ELSTON, JR.</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Harold C. Elston, Jr.,<BR></FONT> <FONT SIZE=2><I>Vice President&nbsp;&amp; Treasurer</I></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><BR><FONT SIZE=2><B>TRC ENVIRONMENTAL CORPORATION</B></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="56%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>HAROLD C. ELSTON, JR.</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Harold C. Elston, Jr.,<BR></FONT> <FONT SIZE=2><I>Vice President &amp; Treasurer</I></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><BR><FONT SIZE=2><B>TRC ENVIRONMENTAL SOLUTIONS,&nbsp;INC.</B></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="56%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>HAROLD C. ELSTON, JR.</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Harold C. Elston, Jr.,<BR></FONT> <FONT SIZE=2><I>Assistant Treasurer</I></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><BR><FONT SIZE=2><B>TRC MARIAH ASSOCIATES&nbsp;INC.</B></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="56%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>HAROLD C. ELSTON, JR.</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Harold C. Elston, Jr.,<BR></FONT> <FONT SIZE=2><I>Vice President &amp; Treasurer</I></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><BR><FONT SIZE=2><B>TRC GARROW ASSOCIATES,&nbsp;INC.</B></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="56%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>HAROLD C. ELSTON, JR.</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Harold C. Elston, Jr.,<BR></FONT> <FONT SIZE=2><I>Treasurer</I></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><BR><FONT SIZE=2><B>TRC ALTON GEOSCIENCE,&nbsp;INC.</B></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="56%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>HAROLD C. ELSTON, JR.</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Harold C. Elston, Jr.,<BR></FONT> <FONT SIZE=2><I>Assistant Treasurer</I></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><BR><FONT SIZE=2><B>VECTRE CORP.</B></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="56%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>HAROLD C. ELSTON, JR.</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Harold C. Elston, Jr.,<BR></FONT> <FONT SIZE=2><I>Treasurer</I></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="56%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

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<TR VALIGN="BOTTOM">
<TD COLSPAN=2 VALIGN="TOP"><BR><FONT SIZE=2><B>HUNTER ASSOCIATES TEXAS,&nbsp;LTD.<BR> </B></FONT><FONT SIZE=2>By Hunter Associates,&nbsp;Inc., its General Partner</FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="56%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>HAROLD C. ELSTON, JR.</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Harold C. Elston, Jr.,<BR></FONT> <FONT SIZE=2><I>Treasurer</I></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><BR><FONT SIZE=2><B>LOWNEY ASSOCIATES</B></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="56%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>HAROLD C. ELSTON, JR.</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Harold C. Elston, Jr.,<BR></FONT> <FONT SIZE=2><I>Treasurer</I></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><BR><FONT SIZE=2><B>OMNI ENVIRONMENTAL CORPORATION</B></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="56%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>HAROLD C. ELSTON, JR.</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Harold C. Elston, Jr.,<BR></FONT> <FONT SIZE=2><I>Treasurer</I></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><BR><FONT SIZE=2><B>IMBSEN&nbsp;&amp; ASSOCIATES</B></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="56%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>HAROLD C. ELSTON, JR.</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Harold C. Elston, Jr.,<BR></FONT> <FONT SIZE=2><I>Assistant Treasurer</I></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2 VALIGN="TOP"><BR><FONT SIZE=2><B>ENGINEERED AUTOMATION SYSTEMS, INCORPORATED</B></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="56%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>HAROLD C. ELSTON, JR.</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Harold C. Elston, Jr.,<BR></FONT> <FONT SIZE=2><I>Treasurer</I></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2 VALIGN="TOP"><BR><FONT SIZE=2><B>ECON CAPITAL, LP<BR> </B></FONT><FONT SIZE=2>By TRC Companies,&nbsp;Inc., its General Partner</FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="56%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>HAROLD C. ELSTON, JR.</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Harold C. Elston, Jr.,<BR>
Treasurer</FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2 VALIGN="TOP"><BR><FONT SIZE=2><B>TRC ENERGYSOLVE LLC<BR> </B></FONT><FONT SIZE=2>By TRC Companies,&nbsp;Inc., its Managing Member</FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="56%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>HAROLD C. ELSTON, JR.</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Harold C. Elston, Jr.,<BR></FONT> <FONT SIZE=2><I>Treasurer</I></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2 VALIGN="TOP"><BR><FONT SIZE=2><B>GBF HOLDINGS LLC</B></FONT><FONT SIZE=2><BR>
By TRC Companies,&nbsp;Inc., its Managing Member</FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="56%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>HAROLD C. ELSTON, JR.</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Harold C. Elston, Jr.,<BR></FONT> <FONT SIZE=2><I>Treasurer</I></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2 VALIGN="TOP"><BR><FONT SIZE=2><B>PBWO HOLDINGS, LLC<BR> </B></FONT><FONT SIZE=2>By TRC Companies,&nbsp;Inc., its Managing Member</FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="56%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>HAROLD C. ELSTON, JR.</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Harold C. Elston, Jr.,<BR></FONT> <FONT SIZE=2><I>Treasurer</I></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="56%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<BR>
<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=5,SEQ=5,EFW="2120323",CP="TRC COMPANIES, INC.",DN="3",CHK=638429,FOLIO='5',FILE='DISK018:[03BOS5.03BOS2435]KE2435A.;33',USER='LPALLES',CD='14-OCT-2003;14:37' -->
<A NAME="page_ke2435_1_6"> </A>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD COLSPAN=2><BR><FONT SIZE=2><B>CO-ENERGY GROUP LLC</B></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="56%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>HAROLD C. ELSTON, JR.</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Harold C. Elston, Jr.,<BR></FONT> <FONT SIZE=2><I>Assistant Treasurer</I></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><BR><FONT SIZE=2><B>HUNTER ASSOCIATES,&nbsp;INC.</B></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="56%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>HAROLD C. ELSTON, JR.</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Harold C. Elston, Jr.,<BR></FONT> <FONT SIZE=2><I>Treasurer</I></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2 VALIGN="TOP"><BR><FONT SIZE=2><B>METUCHEN REALTY ACQUISITION, LLC<BR> </B></FONT><FONT SIZE=2>By TRC Companies,&nbsp;Inc., its Managing Member</FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="56%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>HAROLD C. ELSTON, JR.</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Harold C. Elston, Jr.,<BR></FONT> <FONT SIZE=2><I>Treasurer</I></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2 VALIGN="TOP"><BR><FONT SIZE=2><B>E/PRO ENGINEERING AND ENVIRONMENTAL CONSULTING LLC</B></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="56%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>HAROLD C. ELSTON, JR.</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Harold C. Elston, Jr.,<BR></FONT> <FONT SIZE=2><I>Treasurer</I></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><BR><FONT SIZE=2><B>CARSON-SALCEDO-MCWILLIAMS,&nbsp;INC.</B></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="56%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>HAROLD C. ELSTON, JR.</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Harold C. Elston, Jr.,<BR></FONT> <FONT SIZE=2><I>Treasurer</I></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2 VALIGN="TOP"><BR><FONT SIZE=2><B>NEW CENTURY ENGINEERING SUPPORT SERVICES, LLC</B></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="56%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>HAROLD C. ELSTON, JR.</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Harold C. Elston, Jr.,<BR></FONT> <FONT SIZE=2><I>Treasurer</I></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2 VALIGN="TOP"><BR><FONT SIZE=2><B>SITE-BLAUVELT ENGINEERS,&nbsp;INC.</B></FONT><FONT SIZE=2><BR>
(New Jersey)</FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="56%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>HAROLD C. ELSTON, JR.</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Harold C. Elston, Jr.,<BR></FONT> <FONT SIZE=2><I>Treasurer</I></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><BR><FONT SIZE=2><B>SITE CONSTRUCTION SERVICES&nbsp;INC.</B></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="56%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>HAROLD C. ELSTON, JR.</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Harold C. Elston, Jr.,<BR></FONT> <FONT SIZE=2><I>Treasurer</I></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2 VALIGN="TOP"><BR><FONT SIZE=2><B>SITE-BLAUVELT ENGINEERS,&nbsp;INC.<BR> </B></FONT><FONT SIZE=2>(New York)</FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="56%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>HAROLD C. ELSTON, JR.</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Harold C. Elston, Jr.,<BR></FONT> <FONT SIZE=2><I>Treasurer</I></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="56%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=6,SEQ=6,EFW="2120323",CP="TRC COMPANIES, INC.",DN="3",CHK=745594,FOLIO='6',FILE='DISK018:[03BOS5.03BOS2435]KE2435A.;33',USER='LPALLES',CD='14-OCT-2003;14:37' -->
<A NAME="page_ke2435_1_7"> </A>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2 VALIGN="TOP"><BR><FONT SIZE=2><B>SITE-BLAUVELT ENGINEERS,&nbsp;INC.</B></FONT><FONT SIZE=2><BR>
(Virginia)</FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="56%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>HAROLD C. ELSTON, JR.</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Harold C. Elston, Jr.,<BR></FONT> <FONT SIZE=2><I>Treasurer</I></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><BR><FONT SIZE=2><B>ESSEX ENVIRONMENTAL,&nbsp;INC.</B></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="56%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>HAROLD C. ELSTON, JR.</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Harold C. Elston, Jr.,<BR></FONT> <FONT SIZE=2><I>Treasurer</I></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><BR><FONT SIZE=2><B>CUBIX CORPORATION</B></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="56%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>HAROLD C. ELSTON, JR.</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Harold C. Elston, Jr.,<BR></FONT> <FONT SIZE=2><I>Treasurer</I></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><BR><FONT SIZE=2><B>NOVAK ENGINEERING,&nbsp;INC.</B></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="56%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>HAROLD C. ELSTON, JR.</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Harold C. Elston, Jr.,<BR></FONT> <FONT SIZE=2><I>Treasurer</I></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><BR><FONT SIZE=2><B>SGS WITTER,&nbsp;INC.</B></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="56%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>HAROLD C. ELSTON, JR.</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Harold C. Elston, Jr.,<BR></FONT> <FONT SIZE=2><I>Treasurer</I></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2 VALIGN="TOP"><BR><FONT SIZE=2><B><I>THE AGENT:<BR> </I></B></FONT><FONT SIZE=2><B>WACHOVIA BANK, NATIONAL ASSOCIATION,</B></FONT><FONT SIZE=2><BR>
(formerly known as First Union National Bank),<BR></FONT> <FONT SIZE=2><B>as Agent</B></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="56%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>PAUL J. BAKEY, JR.</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Paul J. Bakey,<BR></FONT> <FONT SIZE=2><I>Vice President</I></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2 VALIGN="TOP"><BR><FONT SIZE=2><B>THE LENDERS:<BR>
WACHOVIA BANK, NATIONAL ASSOCIATION,</B></FONT><FONT SIZE=2><BR>
(formerly known as First Union National Bank),<BR></FONT> <FONT SIZE=2><B>individually</B></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="56%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>PAUL J. BAKEY, JR.</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Paul J. Bakey<BR></FONT> <FONT SIZE=2><I>Vice President</I></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="56%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<BR>
<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=7,SEQ=7,EFW="2120323",CP="TRC COMPANIES, INC.",DN="3",CHK=677485,FOLIO='7',FILE='DISK018:[03BOS5.03BOS2435]KE2435A.;33',USER='LPALLES',CD='14-OCT-2003;14:37' -->
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2 VALIGN="TOP"><BR><FONT SIZE=2><B>MERRILL LYNCH BUSINESS FINANCIAL SERVICES&nbsp;INC.</B></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="56%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>DUSTIN J. VAN PEARSEM</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Dustin J. Van Pearsem,<BR></FONT> <FONT SIZE=2><I>Assistant Vice President</I></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><BR><FONT SIZE=2><B>BANKNORTH, N.A.</B></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="56%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>JEFFREY R. WESTLING</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Jeffrey R. Westling,<BR></FONT> <FONT SIZE=2><I>Senior Vice President</I></FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=8,SEQ=8,EFW="2120323",CP="TRC COMPANIES, INC.",DN="3",CHK=262831,FOLIO='8',FILE='DISK018:[03BOS5.03BOS2435]KE2435A.;33',USER='LPALLES',CD='14-OCT-2003;14:37' -->
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<BR>
<P><br><A NAME="03BOS2435_3">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2><A HREF="#toc_ke2435_1">Exhibit 10.3.2</A></FONT><BR>
</UL>
<FONT SIZE=2><A HREF="#toc_ke2435_2">AMENDMENT NO. 4 TO REVOLVING CREDIT AGREEMENT</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ke2435_3">W I T N E S S E T H</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=CMCELRO,SEQ=,EFW="2120323",CP="TRC COMPANIES, INC.",DN="3" -->
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</TEXT>
</DOCUMENT>
