Investor Roadshow Presentation February 2020 www.TrueBlue.com - PowerPoint PPT Presentation

Investor Roadshow Presentation February 2020 www.TrueBlue.com

Forward-Looking Statements

Investment highlights Implementing technology to digitize our business model, increase market share and drive growth Strong balance sheet and cash flow to support stock buybacks 3

TrueBlue at a glance 139,000 724,000 One of the largest U.S. industrial One of the largest global Clients served annually People connected to with strong diversity 1 work during 2019 staffing providers RPO providers 2 2014-2019 2014-2019 Average Return Free Cash Flow 3 CAGR on Equity 4 $2.4B 17% 16% Growth Return 2019 Revenue PeopleScout named a Leader and HRO Today magazine repeatedly Thousands of veterans hired each Recognized for breakthrough board Star Performer by Everest Group for recognizes PeopleScout as a global year via internal programs as well as practices that promote greater service delivery, technology and market leader Hiring Our Heroes and Wounded diversity and inclusion buyer satisfaction Warriors 1 No single client accounted for more than 3% of total revenue for FY 2019. 2 Source: Everest Group. Overall recruitment process outsourcing rankings by annual number of hires (2018). 3 Calculated as net cash provided by operating activities, minus purchases for property and equipment. See the appendix to this p resentation and “Financial Information” in the Investors section of our website at www.trueblue.com for a definition and full reconciliation of non-GAAP financial measures to GAAP financial results. 4 4 Calculated as adjusted net income divided by average shareholders’ equity over the prior four quarters.

Three specialized segments meet diverse client needs Contingent, on-site Talent solutions for industrial staffing and outsourcing the recruiting commercial driver services 1 process for permanent employees 2 PeopleReady PeopleManagement PeopleScout Revenue mix 3 62% 27% 11% Segment profit 3 62% 10% 29% Margin 6% 2% 15% 1 We use the following distinct brands to market our PeopleManagement contingent workforce solutions: Staff Management | SMX, SIMOS Insourcing Solutions and Centerline Drivers. 2 Also includes managed service provider business, which provides clients with improved quality and spend management of their contingent labor vendors. 3 Revenue and segment profit calculations based on FY 2019. Figures may not sum due to rounding. Management evaluates performance based on segment revenue and segment profit. Segment profit is comparable to segment adjusted EBITDA amounts reported in prior periods, and this change did not impact the mix of profit by segment. Segment profit includes revenue, related cost of services, and ongoing operating expenses directly attributable to the reportable segment. Segment profit excludes goodwill and intangible impairment charges, depreciation and amortization expense, unallocated corporate general and administrative expense, interest, other income and expense, income taxes, and costs not considered to be ongoing costs of the segment.

Solving workforce challenges globally robust worker complex age 65 shortage globa lobal solutions and this age group will outnumber growth diverse 1 Bureau of Labor Statistics Employment Projections: Occupations with the most job growth, 2016-2026. Industrial staffing and RPO jobs: #2: food prep/serving workers, #8: labor, freight, stock, and material movers, #12: construction laborers and #16: customer service representatives. 6 2 U.S. Census Bureau, An Aging Nation: Projected Number of Children and Older Adults (2018).

TrueBlue’s strategic market positioning Strong position in attractive vertical markets Powerful secular forces in industrial staffing Construction  22%  Positive Demographic Trends Manufacturing  24%   Compelling Transportation &   Wholesale Technology 20%  Retail & Services  22%  Capitalizing on Industry Evolution FY 2019 Mix by Vertical 7

Leading our business into a digital future TM JobStack Industry-leading mobile app that connects our Industry-leading platform for sourcing, screening associates with jobs and delivering a permanent workforce Winner of the 2019  Driving value via higher  Brandon Hall Award for candidate satisfaction, faster “Best Advance in conversion rates, reduced Workforce Management time to fill and client scalability Technology” Winner of the 2019 Recruiting  Highly rated in iOS and  Service Innovation (ReSI) Android app stores Award for "Most Innovative Enterprise Solution" Approximately 4 million  shifts filled in 2019, or a job every 9 seconds

Segment strategy highlights  Leverage operational  Compelling value  15%+ potential operating data and predictive proposition with margin on incremental analytics to deliver a attractive margins revenue differentiated on-site  Global RPO market  JobStack TM creating solution experiencing strong favorable differentiation  Focus on new client wins growth with clients and and expansions  Leverage expanded associates particularly within retail capabilities in the UK to and transportation  Leveraging JobStack to compete for global verticals opportunities streamline associate onboarding  Industry leading proprietary technology – Affinix TM is a next- generation HR tool Boost shareholder returns through share repurchases

PeopleScout: attractive margin and rapid growth Ind Indust ustry y Leader Leadership ship Segment Profit Margin  One of t One of the he lar largest gest global lobal pr provi vider ders s o PeopleScout Emer Emerging ging he healthc althcar are e ver ertical tical str stren ength gth 15% o TBI Total 9% Differ Dif erentia entiated Ser ted Service vice  Pr Prop oprietar rietary y tec techn hnolog ology y driv drives es o value val ue-ad add r d recr ecruitm uitment ent ca capa pabil bilit ities ies FY-15 FY-19 Growi Gr wing Mar ng Market et  17 17% g % globa lobal l mar market et growth th CAGR GR 1 o Glob Global P al Prospec ospects ts PeopleScout % of Total Company Results  Op Oppo portun tunity ity to br to broa oade den n foo ootprint tprint in in o Revenue Segment Profit Eur Europ ope e an and A d Asi sia a Pac acific ific 29% Acq cquir uired ed UK UK op oper erations i tions in n Jun une e 20 2018 18 o increasing PeopleScout’s ability to 11% compete compe te for or mor more g e global lobal busi business ness 5% 4% FY-15 FY-19 1 Source: Everest Group RPO Annual Report (2019). Represents estimated market CAGR from 2018 to 2021.

Well-positioned to boost returns with share repurchases millions 1.7x $233 1.0x 0.9x $109 $78 $66 0.6x $54 0.3x 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Free Cash Flow 2 Total Debt to Adjusted EBITDA 1 Solid return on equity 3 millions 17% 17% 16% $39 $37 $35 13% 13% $6 $0 2015 2016 2017 2018 2019 Share Repurchases 2015 2016 2017 2018 2019 1 See the appendix to this presentation and “Financial Information” in the Investors section of our website at www.trueblue.com for a definition and full reconciliation of non-GAAP financial measures to GAAP financial results. 2 Calculated as net cash provided by operating activities, minus purchases for property and equipment. See the appendix to this p resentation and “Financial Information” in the Investors section of our website at www.trueblue.com for a definition and full reconciliation of non-GAAP financial measures to GAAP financial results. 3 Calculated as adjusted net income divided by average shareholders’ equity at the end of the prior four quarters.