Perini Corporation provides general contracting, including building and civil construction, and construction management and design-build services to private clients and public agencies in the U.S. and selected overseas locations. Founded 110 years ago in Massachusetts as a civil infrastructure contractor, our business is conducted through three primary segments: building, civil, and management services.

Building Operations
Our building operations, comprised of Perini Building Company, Inc. and James A. Cummings, Inc., focus on large, complex projects in the hospitality and gaming, sports and entertainment, educational, transportation and health care markets. We believe our success results from our proven philosophy, "Building Relationships on Trust," and our ability to manage large, complex projects with aggressive fast-track schedules, elaborate designs and advanced systems while providing accurate budgeting and strict quality control. Although price is a key competitive factor, our strong reputation, long-standing customer relationships and significant level of repeat and referral business have enabled us to achieve our leading position.

Our reputation for completing projects on time is a significant competitive advantage in the building market, as any delay in project completion may result in significant loss of revenues for the owner. In ENR's, 2004 rankings, we ranked as the nation's 16th largest contractor in the general building market, 2nd largest builder in the hotel, motel and convention center market, 7th in "Sports," and 10th in "Entertainment." The Company was ranked 17th among the top 20 Construction Management-at-Risk firms based on revenue.

In January 2003, we acquired Cummings to expand our presence in the southeast region of the United States. Cummings, which is now a wholly owned subsidiary, specializes in the construction of schools, municipal buildings and commercial developments.

Management Services
Perini Management Services Inc. provides diversified construction, design-build and maintenance services to the U.S. military and government agencies as well as power producers, surety companies and multi-national corporations. We are well known for our ability to plan and execute rapid response assignments and multi-year contracts through diversified construction and design-build abilities. We have demonstrated consistently superior performance on competitively bid or negotiated multi-year, multi-trade, task order and ID/IQ (Indefinite Delivery/Indefinite Quantity) construction programs. Most recently, we have been chosen by the federal government for significant projects related to defense and reconstruction projects in Iraq and Afghanistan.

Perini Management Services, Inc. was ranked 1st among U.S. power contractors engaged in power transmission and distribution construction (a result of contracts for the restoration of electrical infrastructure in Iraq), 13th among the "Top 50 U.S. Contractors Working Abroad," and 15th among the top 50 power contractors.

Perini Management Services, Inc. was ranked 6th among power contractors on the strength of the Company's ongoing relationship with Exelon Nuclear to provide operations and maintenance support services at 10 power generating stations, consisting of 17 operating units in Illinois, Pennsylvania and New Jersey. We are also under agreement with a major North American surety company to provide rapid response, contract completion services. Upon notification from the surety of a contractor bond default, we provide management or general contracting services to fulfill the contractual and financial obligations of the surety.

Combined results of PMSI and Perini Building Company placed Perini 26th among Design/Builders in the U.S.

Civil Construction
Our civil construction operations are involved in public works construction primarily in the northeastern United States, including the repair, replacement and reconstruction of public infrastructure such as highways, bridges and mass transit systems.

We have been active in civil construction since 1894 and believe we are expert at managing large, complex civil construction projects. Our corporate integrity, financial strength and outstanding record of performance on challenging civil works projects pre-qualifies us for projects in situations where smaller, less diversified contractors are unable to do so. This is a competitive advantage that makes us an attractive partner on the largest infrastructure projects and prestigious DBOM (design-build-operate-maintain) contracts, which combine the nation's top contractors with engineering firms, equipment manufacturers and project development consultants in a competitive bid selection process to execute highly sophisticated public works projects.

ENR's 2004 rankings place us as the 11th largest builder in mass transit and rail. We have completed several of the most significant civil construction projects in the northeast including a portion of Boston's Central Artery/Third Harbor Tunnel project (the "Big Dig"), reconstruction projects such as the Williamsburg and Triborough Bridges in New York, JFK AirTrain, Hudson-Bergen Light Rail Transit, Jamaica Station and Long Island Expressway.

Shareholder Information
Our common stock is currently listed on the New York Stock Exchange under the symbol "PCR." Our $21.25 Preferred Stock will remain listed on the American Stock Exchange.

Robert Band
President & COO, (508) 628-2295