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| Commission File No. 1-6314Washington, DC  20549                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  (Mark One)x         Annual Report Pursuant to Section 13 or 15(d) of the Securities Act of 1934. For the fiscal year ended December 31, 2010. o         Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the transition period from __________-to-__________. Tutor Perini Corporation(Exact name of registrant as specified in its charter) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |
| Massachusetts(State of Incorporation)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 04-1717070(IRS Employer Identification No.) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |
| 15901 Olden Street, Sylmar, California(Address of principal executive offices)                                                                                                                                                                                                                                                                                                                                                                                                                                          | 91342(Zip Code) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |
| (818) 362-8391(Registrant’s telephone number, including area code)                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |
| Securities registered pursuant to Section 12(b) of the Act:                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |
| Title of Each Class                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Name of each exchange on which registered |
| Common Stock, $1.00 par value                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | The New York Stock Exchange |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |
| Securities registered pursuant to Section 12(g) of the Act:  None                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |

| Large accelerated filer o | Accelerated filer x | Non-accelerated filer o(Do not check if a smaller reporting company) | Smaller reporting company o |
|---------------------------|---------------------|----------------------------------------------------------------------|-----------------------------|

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TUTOR 

|     |   |                                                                                                               | PAGE          |
|----------|--------|--------------------------------------------------------------------------------------------------------------------|---------------|
| PART I   |   |                                                                                                               |          |
|     |   |                                                                                                               |          |
| Item 1:  |   | Business                                                                                                           | 3 – 13  |
|     |   |                                                                                                               |          |
| Item 1A: |   | Risk Factors                                                                                                       | 14 – 23 |
|     |   |                                                                                                               |          |
| Item 1B: |   | Unresolved Staff Comments                                                                                          | 23            |
|     |   |                                                                                                               |          |
| Item 2:  |   | Properties                                                                                                         | 24            |
|     |   |                                                                                                               |          |
| Item 3:  |   | Legal Proceedings                                                                                                  | 25            |
|     |   |                                                                                                               |          |
| Item 4:  |   | (Removed and Reserved)                                                                                             | 25            |
|     |   |                                                                                                               |          |
| PART II  |   |                                                                                                               |          |
|     |   |                                                                                                               |          |
| Item 5:  |   | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 27 – 28 |
|     |   |                                                                                                               |          |
| Item 6:  |   | Selected Financial Data                                                                                            | 29 – 30 |
|     |   |                                                                                                               |          |
| Item 7:  |   | Management’s Discussion and Analysis of Financial Condition and Results of Operations                        | 31 – 45 |
|     |   |                                                                                                               |          |
| Item 7A: |   | Quantitative and Qualitative Disclosures About Market Risk                                                         | 45            |
|     |   |                                                                                                               |          |
| Item 8:  |   | Financial Statements and Supplementary Data                                                                        | 46            |
|     |   |                                                                                                               |          |
| Item 9:  |   | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure                               | 46            |
|     |   |                                                                                                               |          |
| Item 9A: |   | Controls and Procedures                                                                                            | 47 – 48 |
|     |   |                                                                                                               |          |
| Item 9B: |   | Other Information                                                                                                  | 49            |
|     |   |                                                                                                               |          |
| PART III |   |                                                                                                               |          |
|     |   |                                                                                                               |          |
| Item 10: |   | Directors, Executive Officers and Corporate Governance                                                             | 49            |
|     |   |                                                                                                               |          |
| Item 11: |   | Executive Compensation                                                                                             | 49            |
|     |   |                                                                                                               |          |
| Item 12: |   | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters                     | 49            |
|     |   |                                                                                                               |          |
| Item 13: |   | Certain Relationships and Related Transactions, and Director Independence                                          | 49            |
|     |   |                                                                                                               |          |
| Item 14: |   | Principal Accounting Fees and Services                                                                             | 49            |
|     |   |                                                                                                               |          |
| PART IV  |   |                                                                                                               |          |
|     |   |                                                                                                               |          |
| Item 15: |   | Exhibits and Financial Statement Schedules                                                                         | 50            |
|     |   |                                                                                                               |          |
|     |   | Signatures                                                                                                         | 51            |

----

Index

BUSINESS

----

Index

----

Index

----

Index

|                |   | Revenues by Segment          |      |
|---------------------|--------|------------------------------|-----------|
|                |   | Year Ended December 31, |      |
|                |   | 2010                         |      |   | 2009 |   |   | 2008 |   |
|                |   | (in thousands)               |      |
| Building            |   | $                            | 2,326,980 |   |   | $ | 4,484,937 |   |   | $ | 5,146,563 |   |
| Civil               |   |                         | 667,704   |   |   |   | 361,677 |   |   |   | 310,722 |   |
| Management Services |   |                         | 204,526   |   |   |   | 305,352 |   |   |   | 203,001 |   |
| Total               |   | $                            | 3,199,210 |   |   | $ | 5,151,966 |   |   | $ | 5,660,286 |   |

----

Index

|                          |   | Building Segment Revenues by End Market |      |
|-------------------------------|--------|-----------------------------------------|-----------|
|                          |   | 2010                                    |      |   | 2009 |   |   | 2008 |   |
|                          |   | (in thousands)                          |      |
| Hospitality and Gaming        |   | $                                       | 814,768   |   |   | $ | 2,672,799 |   |   | $ | 3,714,822 |   |
| Transportation Facilities     |   |                                    | 516,556   |   |   |   | 419,318 |   |   |   | 51,175 |   |
| Healthcare Facilities         |   |                                    | 283,498   |   |   |   | 409,216 |   |   |   | 619,959 |   |
| Industrial Buildings          |   |                                    | 260,800   |   |   |   | 76,917 |   |   |   | 55,251 |   |
| Municipal and Government |   |                                    | 207,650   |   |   |   | 273,455 |   |   |   | 33,688 |   |
| Education Facilities          |   |                                    | 113,779   |   |   |   | 218,943 |   |   |   | 215,472 |   |
| Office Buildings              |   |                                    | 46,493    |   |   |   | 127,758 |   |   |   | 298,914 |   |
| Condominiums                  |   |                                    | 21,489    |   |   |   | 140,813 |   |   |   | 97,580 |   |
| Sports and Entertainment      |   |                                    | 9,068     |   |   |   | 41,744 |   |   |   | 26,136 |   |
| Other                         |   |                                    | 52,879    |   |   |   | 103,974 |   |   |   | 33,566 |   |
| Total                         |   | $                                       | 2,326,980 |   |   | $ | 4,484,937 |   |   | $ | 5,146,563 |   |

|                           |   | Civil Segment Revenues by End Market |    |
|--------------------------------|--------|--------------------------------------|---------|
|                           |   | 2010                                 |    |   | 2009 |   |   | 2008 |   |
|                           |   | (in thousands)                       |    |
| Mass Transit                   |   | $                                    | 392,787 |   |   | $ | 93,053 |   |   | $ | 30,812 |   |
| Highways                       |   |                                 | 124,386 |   |   |   | 77,952 |   |   |   | 103,968 |   |
| Bridges                        |   |                                 | 109,719 |   |   |   | 103,354 |   |   |   | 110,201 |   |
| Wastewater Treatment and Other |   |                                 | 40,398  |   |   |   | 87,308 |   |   |   | 57,263 |   |
| Sitework                       |   |                                 | 414     |   |   |   | 10 |   |   |   | 8,478 |   |
| Total                          |   | $                                    | 667,704 |   |   | $ | 361,677 |   |   | $ | 310,722 |   |

|                     |   | Management Services Segment |    |
|--------------------------|--------|-----------------------------|---------|
|                     |   | Revenues by End Market      |    |
|                     |   | 2010                        |    |   | 2009 |   |   | 2008 |   |
|                     |   | (in thousands)              |    |
| U.S. Government Services |   | $                           | 152,434 |   |   | $ | 276,833 |   |   | $ | 183,757 |   |
| Surety and Other         |   |                        | 52,092  |   |   |   | 28,519 |   |   |   | 19,244 |   |
| Total                    |   | $                           | 204,526 |   |   | $ | 305,352 |   |   | $ | 203,001 |   |

|                          |   | Revenues by Client Source    |   |
|-------------------------------|--------|------------------------------|--------|
|                          |   | Year Ended December 31, |   |
|                          |   | 2010                         |   |   | 2009 |   |   | 2008 |   |
|                          |   |                         |   |   |   |   |   |   |   |
| Private Owners                |   |                         | 47     | % |   |   | 70 | % |   |   | 85 | % |
| State and Local Governments   |   |                         | 44     | % |   |   | 23 | % |   |   | 12 | % |
| Federal Governmental Agencies |   |                         | 9      | % |   |   | 7 | % |   |   | 3 | % |
|                          |   |                         | 100    | % |   |   | 100 | % |   |   | 100 | % |

----

Index

|                |   | Backlog by Business Segment |      |
|---------------------|--------|-----------------------------|-----------|
|                |   | December 31,           |      |   | December 31, |   |
|                |   | 2010                        |      |   | 2009 |   |
|                |   | (dollars in thousands)      |      |
| Building            |   | $                           | 2,663,315 |   |   |   | 62 | % |   | $ | 3,125,780 |   |   |   | 73 | % |
| Civil               |   |                        | 1,360,084 |   |   |   | 32 | % |   |   | 1,001,507 |   |   |   | 23 | % |
| Management Services |   |                        | 260,891   |   |   |   | 6 | % |   |   | 182,904 |   |   |   | 4 | % |
| Total               |   | $                           | 4,284,290 |   |   |   | 100 | % |   | $ | 4,310,191 |   |   |   | 100 | % |

----

Index

|                          |   | Building Segment Backlog by End Market |      |
|-------------------------------|--------|----------------------------------------|-----------|
|                          |   | December 31,                      |      |   | December 31, |   |
|                          |   | 2010                                   |      |   | 2009 |   |
|                          |   | (dollars in thousands)                 |      |
| Municipal and Government |   | $                                      | 804,296   |   |   |   | 30 | % |   | $ | 460,765 |   |   |   | 15 | % |
| Healthcare Facilities         |   |                                   | 563,834   |   |   |   | 21 | % |   |   | 713,296 |   |   |   | 23 | % |
| Industrial Buildings          |   |                                   | 394,822   |   |   |   | 15 | % |   |   | 255,859 |   |   |   | 8 | % |
| Hospitality and Gaming        |   |                                   | 366,395   |   |   |   | 14 | % |   |   | 783,794 |   |   |   | 25 | % |
| Transportation Facilities     |   |                                   | 269,080   |   |   |   | 10 | % |   |   | 737,084 |   |   |   | 24 | % |
| Education Facilities          |   |                                   | 179,118   |   |   |   | 7 | % |   |   | 105,650 |   |   |   | 3 | % |
| Condominiums                  |   |                                   | 34,962    |   |   |   | 1 | % |   |   | 9,475 |   |   | <1% |   |
| Office Buildings              |   |                                   | 10,748    |   |   | <1 | % |   |   | 7,114 |   |   | <1% |   |
| Other                         |   |                                   | 40,060    |   |   |   | 2 | % |   |   | 52,743 |   |   |   | 1 | % |
| Total                         |   | $                                      | 2,663,315 |   |   |   | 100 | % |   | $ | 3,125,780 |   |   |   | 100 | % |

|                           |   | Civil Segment Backlog by End Market |      |
|--------------------------------|--------|-------------------------------------|-----------|
|                           |   | December 31,                   |      |   | December 31, |   |
|                           |   | 2010                                |      |   | 2009 |   |
|                           |   | (dollars in thousands)              |      |
| Highways                       |   | $                                   | 698,028   |   |   |   | 51 | % |   | $ | 319,514 |   |   |   | 32 | % |
| Bridges                        |   |                                | 381,579   |   |   |   | 28 | % |   |   | 181,863 |   |   |   | 18 | % |
| Mass Transit                   |   |                                | 155,985   |   |   |   | 11 | % |   |   | 457,786 |   |   |   | 46 | % |
| Wastewater Treatment and Other |   |                                | 117,914   |   |   |   | 9 | % |   |   | 42,131 |   |   |   | 4 | % |
| Sitework                       |   |                                | 6,578     |   |   | <1 | % |   |   | 213 |   |   | <1 | % |
| Total                          |   | $                                   | 1,360,084 |   |   |   | 100 | % |   | $ | 1,001,507 |   |   |   | 100 | % |

|                     |   | Management Services Segment Backlog by End Market |    |
|--------------------------|--------|---------------------------------------------------|---------|
|                     |   | December 31,                                 |    |   | December 31, |   |
|                     |   | 2010                                              |    |   | 2009 |   |
|                     |   | (dollars in thousands)                            |    |
| U.S. Government Services |   | $                                                 | 219,087 |   |   |   | 84 | % |   | $ | 147,192 |   |   |   | 80 | % |
| Surety and Other         |   |                                              | 41,804  |   |   |   | 16 | % |   |   | 35,712 |   |   |   | 20 | % |
| Total                    |   | $                                                 | 260,891 |   |   |   | 100 | % |   | $ | 182,904 |   |   |   | 100 | % |

----

Index

|   | • | Guaranteed maximum price (GMP) contracts provide for a cost plus fee arrangement up to a maximum agreed upon price.  These contracts place risks on the contractor for amounts in excess of the GMP, but may permit an opportunity for greater profits than under Cost Plus contracts through sharing agreements with the owner on any cost savings that may be realized.  Services provided by our building segment to various private customers often are performed under GMP contracts. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Cost plus fee (Cost Plus) contracts provide for reimbursement of the costs required to complete a project plus a stipulated fee arrangement.  Cost Plus contracts include cost plus fixed fee (CPFF) contracts and cost plus award fee (CPAF) contracts.  CPFF contracts provide for reimbursement of the costs required to complete a project plus a fixed fee.  CPAF contracts provide for reimbursement of the costs required to complete a project plus a base fee as well as an incentive fee based on cost and/or schedule performance.  Cost Plus contracts serve to minimize the contractor’s financial risk, but may also limit profits. |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Fixed price (FP) contracts, which include fixed unit price contracts, are generally used in competitively bid public civil and building construction projects and generally commit the contractor to provide all of the resources required to complete a project for a fixed sum or at fixed unit prices.  Usually FP contracts transfer more risk to the contractor but offer the opportunity, under favorable circumstances, for greater profits.  FP contracts represent a significant portion of our publicly bid civil construction projects.  We also perform publicly bid building construction projects and certain task order contracts for agencies of the U.S. government in our management services segment under FP contracts. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Construction management (CM) contracts are those under which a contractor agrees to manage a project for the owner for an agreed-upon fee, which may be fixed or may vary based upon negotiated factors. CM contracts serve to minimize the contractor’s financial risk, but may also limit profit relative to the overall scope of a project. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Design-build contracts are those under which a contractor provides both design and construction services for a customer.  These contracts may be either GMP, fixed price contracts or cost plus fee contracts. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

|                 |   | Revenues for the             |   |
|----------------------|--------|------------------------------|--------|
|                 |   | Year Ended December 31, |   |
|                 |   | 2010                         |   |   | 2009 |   |   | 2008 |   |
|                 |   |                         |   |   |   |   |   |   |   |
| Cost Plus, GMP or CM |   |                         | 51     | % |   |   | 72 | % |   |   | 89 | % |
| FP                   |   |                         | 49     | % |   |   | 28 | % |   |   | 11 | % |
|                 |   |                         | 100    | % |   |   | 100 | % |   |   | 100 | % |

|                 |   | Backlog as of     |   |
|----------------------|--------|-------------------|--------|
|                 |   | December 31, |   |
|                 |   | 2010              |   |   | 2009 |   |   | 2008 |   |
|                 |   |              |   |   |   |   |   |   |   |
| Cost Plus, GMP or CM |   |              | 43     | % |   |   | 53 | % |   |   | 78 | % |
| FP                   |   |              | 57     | % |   |   | 47 | % |   |   | 22 | % |
|                 |   |              | 100    | % |   |   | 100 | % |   |   | 100 | % |

----

Index

----

Index

----

Index

RISK 

----

Index

|   | • | political risks, including risks of loss due to civil disturbances, guerilla activities and insurrection; |
|--------|---------|-----------------------------------------------------------------------------------------------------------|

|   | • | acts of terrorism and acts of war; |
|--------|---------|------------------------------------|

|   | • | unstable economic, financial and market conditions; |
|--------|---------|-----------------------------------------------------|

|   | • | potential incompatibility with foreign subcontractors and vendors; |
|--------|---------|--------------------------------------------------------------------|

|   | • | foreign currency controls and fluctuations; |
|--------|---------|---------------------------------------------|

|   | • | trade restrictions; |
|--------|---------|---------------------|

|   | • | variations in taxes; and |
|--------|---------|--------------------------|

|   | • | changes in labor conditions, labor strikes and difficulties in staffing and managing international operations. |
|--------|---------|----------------------------------------------------------------------------------------------------------------|

----

Index

|   | • | Fixed price and certain design-build contracts require us to perform the contract for a fixed price irrespective of our actual costs. As a result, we realize a profit on these contracts only if we successfully control our costs and avoid cost overruns. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Cost plus fee contracts provide for reimbursement of the costs required to complete a project, but generally have a lower base fee and an incentive fee based on cost and/or schedule performance. If our costs exceed the revenues available under such a contract or are not allowable under the provisions of the contract, we may not receive reimbursement for these costs. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

|   | • | Guaranteed maximum price contracts provide for a cost plus fee arrangement up to a maximum agreed-upon price. These contracts also place the risk on us for cost overruns that exceed the guaranteed maximum price. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Construction management contracts are those under which we agree to manage a project for a customer for an agreed upon fee, which may be fixed or may vary based upon negotiated factors. Profitability on these types of contracts is impacted by changes in the scope of work or design issues, which could cause cost overruns beyond our control and limit profits on these contracts. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

----

Index

|   | • | competition from other construction companies operating on the island of Guam; |
|--------|---------|--------------------------------------------------------------------------------|

|   | • | the political environment in the United States and Japan; |
|--------|---------|-----------------------------------------------------------|

|   | • | the ability to satisfy various local regulations and concerns surrounding the environmental impact of such a large-scale project on the island of Guam; |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | the financial and other terms agreed upon between the United States and Japan with respect to the relocation; |
|--------|---------|---------------------------------------------------------------------------------------------------------------|

|   | • | the United States military’s and the Japanese government’s availability of funds for the continued funding of the expansion and relocation in light of funding demands for other national priorities and commitments; |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | political, military and terrorist activities that affect the United States foreign policy; |
|--------|---------|--------------------------------------------------------------------------------------------|

|   | • | the ability of the Company to invest sufficiently, and on favorable terms, in expanding Black Construction’s capabilities on the island of Guam, including hiring and relocating necessary personnel, acquiring land (including warehousing and barracks) and acquiring and relocating equipment; and |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | economic, political and other risks relating to business outside of the United States (despite the fact that the island of Guam is a United States territory). |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

|   | • | difficulties in integrating diverse corporate cultures and management styles; |
|--------|---------|-------------------------------------------------------------------------------|

|   | • | additional or conflicting government regulation; |
|--------|---------|--------------------------------------------------|

|   | • | disparate company policies and practices; |
|--------|---------|-------------------------------------------|

|   | • | client relationship issues; |
|--------|---------|-----------------------------|

|   | • | diversion of our management’s time, attention and resources; |
|--------|---------|--------------------------------------------------------------------|

|   | • | decreased utilization during the integration process; |
|--------|---------|-------------------------------------------------------|

|   | • | loss of key existing or acquired personnel; |
|--------|---------|---------------------------------------------|

|   | • | increased costs to improve or coordinate managerial, operational, financial and administrative systems; |
|--------|---------|---------------------------------------------------------------------------------------------------------|

|   | • | dilutive issuances of equity securities, including convertible debt securities to finance acquisitions; |
|--------|---------|---------------------------------------------------------------------------------------------------------|

|   | • | the assumption of legal liabilities; and |
|--------|---------|------------------------------------------|

|   | • | amortization of acquired intangible assets. |
|--------|---------|---------------------------------------------|

----

Index

|   | · | make it difficult for us to satisfy our financial obligations, including making scheduled principal and interest payments on the Notes and our other indebtedness; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | limit our ability to borrow additional funds for working capital, capital expenditures, acquisitions or other general business purposes; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | limit our ability to use our cash flow or obtain additional financing for future working capital, capital expenditures, acquisitions or other general business purposes; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | require us to use a substantial portion of our cash flow from operations to make debt service payments; |
|--------|--------|---------------------------------------------------------------------------------------------------------|

|   | · | limit our flexibility to plan for, or react to, changes in our business and industry; |
|--------|--------|---------------------------------------------------------------------------------------|

|   | · | place us at a competitive disadvantage compared to our less leveraged competitors; and |
|--------|--------|----------------------------------------------------------------------------------------|

|   | · | increase our vulnerability to the impact of adverse economic and industry conditions. |
|--------|--------|---------------------------------------------------------------------------------------|

----

Index

|   | • | create liens or other encumbrances; |
|--------|---------|-------------------------------------|

|   | • | enter into certain types of transactions with our affiliates; |
|--------|---------|---------------------------------------------------------------|

|   | • | make certain capital expenditures; |
|--------|---------|------------------------------------|

|   | • | make investments, loans or other guarantees; |
|--------|---------|----------------------------------------------|

|   | • | sell or otherwise dispose of a portion of our assets; or |
|--------|---------|----------------------------------------------------------|

|   | • | merge or consolidate with another entity. |
|--------|---------|-------------------------------------------|

----

Index

STAFF 

----

Index

PROPERTIES

| Principal Offices         |     | Business Segment(s)                     |   | Owned or Leased by Tutor Perini |   | Approximate Acres |   | Approximate Square Feet of Office Space |
|---------------------------|----------|-----------------------------------------|--------|---------------------------------|--------|-------------------|--------|-----------------------------------------|
| Framingham, MA            |     | Management Services                     |   | Owned                           |   | 9                 |   | 103,500                                 |
| Las Vegas, NV             |     | Building                                |   | Leased                          |   | -                 |   | 88,100                                  |
| Hendersen, NV             |     | Building                                |   | Owned                           |   | 12                |   | 62,200                                  |
| Jessup, MD                |     | Civil                                   |   | Owned                           |   | 9                 |   | 46,000                                  |
| Sylmar, CA                |     | Building, Civil and Management Services |   | Leased                          |   | -                 |   | 45,700                                  |
| Redwood City, CA          |     | Building                                |   | Leased                          |   | -                 |   | 44,900                                  |
| Philadelphia, PA          |     | Building                                |   | Leased                          |   | -                 |   | 35,800                                  |
| Sylmar, CA                |     | Building                                |   | Owned                           |   | 2                 |   | 28,700                                  |
| Phoenix, AZ               |     | Building                                |   | Leased                          |   | -                 |   | 28,400                                  |
| Barrigada, Guam           |     | Management Services                     |   | Owned                           |   | 4                 |   | 27,000                                  |
| Irvine, CA                |     | Building                                |   | Owned                           |   | 2                 |   | 24,500                                  |
| Folcroft, PA              |     | Building                                |   | Leased                          |   | -                 |   | 21,600                                  |
| New Rochelle, NY          |     | Civil                                   |   | Owned                           |   | 1                 |   | 21,500                                  |
| Peekskill, NY             |     | Civil                                   |   | Owned                           |   | 5                 |   | 21,000                                  |
| Ft. Lauderdale, FL        |     | Building                                |   | Leased                          |   | -                 |   | 17,500                                  |
| San Diego, CA             |     | Building                                |   | Leased                          |   | -                 |   | 13,200                                  |
| Roseville, CA             |     | Building                                |   | Leased                          |   | -                 |   | 13,100                                  |
| Lakeview Terrace, CA      |     | Civil                                   |   | Leased                          |   | -                 |   | 11,000                                  |
| San Leandro, CA           |     | Civil                                   |   | Leased                          |   | -                 |   | 7,800                                   |
| Orlando, FL               |     | Building                                |   | Leased                          |   | -                 |   | 4,700                                   |
| Arlington, VA             |     | Building                                |   | Leased                          |   | -                 |   | 2,900                                   |
| Seattle, WA               |     | Civil                                   |   | Leased                          |   | -                 |   | 2,800                                   |
| Metro Manila, Philippines |     | Management Services                     |   | Leased                          |   | -                 |   | 2,500                                   |
| Pleasanton, CA            |     | Building                                |   | Leased                          |   | -                 |   | 1,300                                   |
| Agana Heights, Guam       |     | Management Services                     |   | Owned                           |   | -                 |   | 800                                     |
| Los Angeles, CA           | Building |                                    | Leased |                            | -      |              | 400    |
| Austin, TX                |     | Building                                |   | Leased                          |   | -                 |   | 200                                     |
|                      |     |                                    |   |                            |   | 44                |   | 677,100                                 |
| Principal Permanent       |     |                                    |   |                            |   |              |   |                                    |
| Storage Yards             |     |                                    |   |                            |   |              |   |                                    |
| Fontana, CA               |     | Building and Civil                      |   | Leased                          |   | 33                |   |                                    |
| Las Vegas, NV             |     | Building                                |   | Owned                           |   | 29                |   |                                    |
| Barrigada, Guam           |     | Management Services                     |   | Owned                           |   | 13                |   |                                    |
| Elkridge, MD              |     | Civil                                   |   | Owned                           |   | 7                 |   |                                    |
| Jessup, MD                |     | Civil                                   |   | Owned                           |   | 7                 |   |                                    |
| Stockton, CA              |     | Building                                |   | Owned                           |   | 7                 |   |                                    |
| Barrigada, Guam           |     | Management Services                     |   | Leased                          |   | 4                 |   |                                    |
| Annapolis Junction, MD    |     | Civil                                   |   | Owned                           |   | 3                 |   |                                    |
| Las Vegas, NV             |     | Building                                |   | Leased                          |   | 3                 |   |                                    |
| Lakeview Terrace, CA      |     | Civil                                   |   | Leased                          |   | 2                 |   |                                    |
| San Leandro, CA           |     | Civil                                   |   | Leased                          |   | 1                 |   |                                    |
| Framingham, MA            |     | Building and Civil                      |   | Owned                           |   | 1                 |   |                                    |
| Seattle, WA               |     | Civil                                   |   | Leased                          |   | -                 |   |                                    |
| Salt Lake City, UT        |     | Civil                                   |   | Leased                          |   | -                 |   |                                    |
| Pasig, Philippines        |     | Management Services                     |   | Leased                          |   | -                 |   |                                    |
|                      |     |                                    |   |                            |   |              |   |                                    |
|                      |     |                                    |   |                            |   | 110               |   |                                    |

----

Index

PROCEEDINGS

AND 

----

Index

| Name, Offices Held and Age                                                                                            |   | Year First Elected to Present Office and Business Experience                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|-----------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Ronald N. Tutor, Director, Chairman and Chief Executive Officer – 70                                            |   | He has served as a Director since January 1997 and has served as our Chief Executive Officer since March 2000.  He has also served as our Chairman since July 1999, Vice Chairman from January 1998 to July 1999, and Chief Operating Officer from January 1997 until March 2000 when he became Chief Executive Officer.  Prior to our merger with Tutor-Saliba Corporation in September 2008, Mr. Tutor served as Chairman, President and Chief Executive Officer of Tutor-Saliba Corporation since prior to 1995 and actively managed that company since 1966.                                                                                                                                                                                                                                                   |
|                                                                                                                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Robert Band, Director and President of Tutor Perini and Chief Executive Officer, Management Services Group – 63 |   | He was appointed Chief Executive Officer of Management Services Group in March 2009. He has served as a Director since May 1999.  He has also served as our President since May 1999 and as Chief Operating Officer from March 2000 to March 2009.  Previously, he served as Chief Executive Officer from May 1999 until March 2000, Executive Vice President and Chief Financial Officer from December 1997 until May 1999, and President of Perini Management Services, Inc. since January 1996.  Previously, he served in various operational and financial capacities since 1973, including Treasurer from May 1988 to January 1990.                                                                                                                                                            |
|                                                                                                                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| James (“Jack”) Frost, Executive Vice President and Chief Executive Officer, Civil Group – 57        |   | He was appointed to his current position in March 2009.  Previously he was Executive Vice President and Chief Operating Officer of Tutor-Saliba. He joined Tutor-Saliba in 1988.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                                                                                                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Mark A. Caspers, Executive Vice President and Chief Executive Officer, Building Group – 47                      |   | He was appointed to his current position in March 2009. Previously he was President and Chief Operating Officer of Perini Building Company, where he has worked since 1982.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                                                                                                                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Kenneth R. Burk, Executive Vice President and Chief FinancialOfficer – 51                                       |   | He was appointed to his current position in March 2009.  Previously he served as Senior Vice President and Chief Financial Officer from September 2007 to March 2009.  From February 2001 until July 2007, he served as President and Chief Executive Officer of Union Switch and Signal, Inc., a provider of technology services, control systems and specialty rail components for the rail transportation industry.  From 1999 until 2000, he served as Executive Vice President and Chief Operating Officer of Railworks Corporation, a provider of services and supplies to the rail transportation industry.  From 1994 to 1999, he served as Senior Vice President and Chief Financial Officer of Dick Corporation, a Pittsburgh, Pennsylvania-based engineering and construction firm. |
|                                                                                                                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| William B. Sparks, Executive Vice President, Treasurer and Corporate Secretary – 62                             |   | He was appointed to his current position in March 2009. He joined Tutor-Saliba in 1995 as Senior Vice President and Chief Financial Officer.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |

----

Index

PART 

|                                 |   | 2010   |   |   | 2009   |   |
|--------------------------------------|--------|--------|--------|--------|--------|--------|
|                                 |   | High   |   |   |   | Low    |   |   | High |   |   |   | Low |   |
| Market Price Range per Common Share: |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Quarter Ended                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| March 31                             |   | $      | 23.75  |   | -      |   | $ | 18.15 |   |   | $ | 26.60 |   | - |   | $ | 10.21 |   |
| June 30                              |   |   | 25.48  |   | -      |   |   | 16.37 |   |   |   | 23.77 |   | - |   |   | 11.73 |   |
| September 30                         |   |   | 21.25  |   | -      |   |   | 15.56 |   |   |   | 21.98 |   | - |   |   | 13.83 |   |
| December 31                     |   |   | 23.85  |   | -      |   |   | 18.60 |   |   |   | 22.35 |   | - |   |   | 16.26 |   |

----

Index

|                     |   | Fiscal Year Ending December 31, |   |
|--------------------------|--------|--------------------------------------|--------|
|                     |   | 2005                                 |   |   | 2006 |   |   | 2007 |   |   | 2008 |   |   | 2009 |   |   | 2010 |   |
|                     |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Tutor Perini Corporation |   |                                 | 100.00 |   |   |   | 127.45 |   |   |   | 171.51 |   |   |   | 96.81 |   |   |   | 74.87 |   |   |   | 92.53 |   |
| NYSE Composite Index     |   |                                 | 100.00 |   |   |   | 120.47 |   |   |   | 131.15 |   |   |   | 79.67 |   |   |   | 102.20 |   |   |   | 115.88 |   |
| DJ Heavy Construction    |   |                                 | 100.00 |   |   |   | 124.74 |   |   |   | 236.96 |   |   |   | 106.34 |   |   |   | 121.55 |   |   |   | 156.07 |   |

----

Index

SELECTED 

|                                                  |   | Year Ended December 31,          |      |
|-------------------------------------------------------|--------|---------------------------------------|-----------|
|                                                  |   | 2010 (1)                              |      |   | 2009 (2) |   |   | 2008 (3) |   |   | 2007 |   |   | 2006 |   |
|                                                  |   | (In thousands, except per share data) |      |
| OPERATING SUMMARY                                     |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenues:                                             |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |
| Building                                              |   | $                                     | 2,326,980 |   |   | $ | 4,484,937 |   |   | $ | 5,146,563 |   |   | $ | 4,248,814 |   |   | $ | 2,515,051 |   |
| Civil                                                 |   |                                  | 667,704   |   |   |   | 361,677 |   |   |   | 310,722 |   |   |   | 234,778 |   |   |   | 281,137 |   |
| Management Services                                   |   |                                  | 204,526   |   |   |   | 305,352 |   |   |   | 203,001 |   |   |   | 144,766 |   |   |   | 246,651 |   |
| Total                                                 |   |                                  | 3,199,210 |   |   |   | 5,151,966 |   |   |   | 5,660,286 |   |   |   | 4,628,358 |   |   |   | 3,042,839 |   |
| Cost of Operations                                    |   |                                  | 2,861,362 |   |   |   | 4,763,919 |   |   |   | 5,327,056 |   |   |   | 4,379,464 |   |   |   | 2,873,444 |   |
| Gross Profit                                          |   |                                  | 337,848   |   |   |   | 388,047 |   |   |   | 333,230 |   |   |   | 248,894 |   |   |   | 169,395 |   |
| G&A Expense                                       |   |                                  | 165,536   |   |   |   | 176,504 |   |   |   | 133,998 |   |   |   | 107,913 |   |   |   | 98,516 |   |
| Goodwill and Intangible Asset Impairment (4)          |   |                                  | -         |   |   |   | - |   |   |   | 224,478 |   |   |   | - |   |   |   | - |   |
| Income (Loss) From  Construction Operations |   |                                  | 172,312   |   |   |   | 211,543 |   |   |   | (25,246 | ) |   |   | 140,981 |   |   |   | 70,879 |   |
| Other Income (Expense), Net                           |   |                                  | (2,280    | ) |   |   | 1,098 |   |   |   | 9,559 |   |   |   | 15,361 |   |   |   | 2,581 |   |
| Interest Expense                                      |   |                                  | (10,564   | ) |   |   | (7,501 | ) |   |   | (4,163 | ) |   |   | (1,947 | ) |   |   | (3,771 | ) |
| Income (Loss) Before Income Taxes                     |   |                                  | 159,468   |   |   |   | 205,140 |   |   |   | (19,850 | ) |   |   | 154,395 |   |   |   | 69,689 |   |
| Provision for Income Taxes                            |   |                                  | (55,968   | ) |   |   | (68,079 | ) |   |   | (55,290 | ) |   |   | (57,281 | ) |   |   | (28,153 | ) |
| Net Income (Loss)                                     |   | $                                     | 103,500   |   |   | $ | 137,061 |   |   | $ | (75,140 | ) |   | $ | 97,114 |   |   | $ | 41,536 |   |
|                                                  |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income (Loss) Available for Common Stockholders       |   | $                                     | 103,500   |   |   | $ | 137,061 |   |   | $ | (75,140 | ) |   | $ | 97,114 |   |   | $ | 41,117 | (5) |
|                                                  |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Per Share of Common Stock:                            |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic Earnings (Loss)                                 |   | $                                     | 2.15      |   |   | $ | 2.82 |   |   | $ | (2.19 | ) |   | $ | 3.62 |   |   | $ | 1.56 |   |
| Diluted Earnings (Loss)                               |   | $                                     | 2.13      |   |   | $ | 2.79 |   |   | $ | (2.19 | ) |   | $ | 3.54 |   |   | $ | 1.54 |   |
|                                                  |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash Dividend Paid                                    |   | $                                     | 1.00      |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |
| Book Value                                            |   | $                                     | 27.88     |   |   | $ | 26.54 |   |   | $ | 23.56 |   |   | $ | 13.65 |   |   | $ | 9.18 |   |
|                                                  |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted Average Common Shares Outstanding:           |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                 |   |                                  | 48,111    |   |   |   | 48,525 |   |   |   | 34,272 |   |   |   | 26,819 |   |   |   | 26,308 |   |
| Diluted                                               |   |                                  | 48,649    |   |   |   | 49,084 |   |   |   | 34,272 |   |   |   | 27,419 |   |   |   | 26,758 |   |

----

Index

|                                    |   | Year Ended December 31,  |      |
|-----------------------------------------|--------|-------------------------------|-----------|
|                                    |   | 2010 (1)                      |      |   | 2009 (2) |   |   | 2008 (3) |   |   | 2007 |   |   | 2006 |   |
|                                    |   | (In thousands, except ratios) |      |
| FINANCIAL POSITION SUMMARY              |   |                          |      |   |   |   |   |   |   |   |   |   |   |   |   |
|                                    |   |                          |      |   |   |   |   |   |   |   |   |   |   |   |   |
| Working Capital                         |   | $                             | 592,928   |   |   | $ | 303,118 |   |   | $ | 225,049 |   |   | $ | 293,521 |   |   | $ | 193,952 |   |
|                                    |   |                          |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current Ratio                           |   |                          | 1.61      | x |   |   | 1.23 | x |   |   | 1.13 | x |   |   | 1.24 | x |   |   | 1.22 | x |
|                                    |   |                          |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Long-term Debt, less current maturities |   |                          | 374,350   |   |   |   | 84,771 |   |   |   | 61,580 |   |   |   | 13,358 |   |   |   | 34,135 |   |
|                                    |   |                          |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stockholders’ Equity              |   |                          | 1,312,994 |   |   |   | 1,288,426 |   |   |   | 1,138,226 |   |   |   | 368,334 |   |   |   | 243,859 |   |
|                                    |   |                          |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ratio of Long-term Debt to Equity       |   |                          | .29       | x |   |   | .07 | x |   |   | .05 | x |   |   | .04 | x |   |   | .14 | x |
|                                    |   |                          |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Assets                            |   | $                             | 2,779,220 |   |   | $ | 2,820,654 |   |   | $ | 3,073,078 |   |   | $ | 1,654,115 |   |   | $ | 1,195,992 |   |
|                                    |   |                          |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| OTHER DATA                              |   |                          |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                    |   |                          |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Backlog at Year End (6)                 |   | $                             | 4,284,290 |   |   | $ | 4,310,191 |   |   | $ | 6,675,903 |   |   | $ | 7,567,665 |   |   | $ | 8,451,381 |   |
|                                    |   |                          |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| New Business Awarded (7)                |   | $                             | 3,173,309 |   |   | $ | 2,786,256 |   |   | $ | 4,768,524 |   |   | $ | 3,744,642 |   |   | $ | 3,596,436 |   |

| (1) | Includes the results of Superior Gunite, acquired November 1, 2010.  See Note 15 of Notes to Consolidated Financial Statements entitled “Acquisitions”. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Includes the results of Keating, acquired January 15, 2009.  See Note 15 of Notes to Consolidated Financial Statements entitled “Acquisitions”. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Includes the results of Tutor-Saliba, acquired September 8, 2008. |
|-----|-------------------------------------------------------------------|

| (4) | Represents $224.5 million impairment charge to adjust goodwill and certain intangible assets to their fair values in the fourth quarter of 2008. See Note 3 of Notes to Consolidated Financial Statements entitled “Goodwill and Other Intangible Assets”. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Includes an adjustment to net income for the excess of fair value over carrying value upon redemption of the remaining outstanding balance of our $21.25 Preferred Stock, or $2.125 Depositary Shares, in May 2006. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | A construction project is included in our backlog at such time as a contract is awarded or a letter of commitment isobtained and adequate construction funding is in place.  Backlog is not a measure defined in accounting principles generally accepted in the United States of America, or GAAP, and our backlog may not be comparable to the backlog of other companies.  Management uses backlog to assist in forecasting future results. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | New business awarded consists of the original contract price of projects added to our backlog in accordance with Note (6) above plus or minus subsequent changes to the estimated total contract price of existing contracts.  Management uses new business awarded to assist in forecasting future results. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

ITEM 

----

Index

----

Index

|                |   | Backlog at December 31, 2009 |    |   | New Business Awarded (1) |   |    | Revenue Recognized in 2010 |   |   | Backlog at December 31, 2010 |   |
|---------------------|--------|-----------------------------------|---------|--------|--------------------------|--------|---------|----------------------------|--------|--------|-----------------------------------|--------|
|                |   | (in millions)                     |    |
| Building            |   | $                                 | 3,125.8 |   |                     | $      | 1,864.5 |                       |   | $      | (2,327.0                          | )      |   | $ | 2,663.3 |   |
| Civil               |   |                              | 1,001.5 |   |                     |   | 1,026.3 |                       |   |   | (667.7                            | )      |   |   | 1,360.1 |   |
| Management Services |   |                              | 182.9   |   |                     |   | 282.5   |                       |   |   | (204.5                            | )      |   |   | 260.9 |   |
| Total               |   | $                                 | 4,310.2 |   |                     | $      | 3,173.3 |                       |   | $      | (3,199.2                          | )      |   | $ | 4,284.3 |   |

|   | (1) | New business awarded consists of the original contract price of projects added to our backlog plus or minus subsequent changes to the estimated total contract price of existing contracts. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

|                     | December 31, |   |
|--------------------------|-------------------|--------|
|                     | 2010              |   | 2009 |   |
|                     | (in thousands)    |   |
| Unapproved Change Orders |              | $      | 49,949 |   |   | $ | 32,683 |   |
| Claims                   |              |   | 75,215 |   |   |   | 68,358 |   |
|                     |              | $      | 125,164 |   |   | $ | 101,041 |   |

----

Index

|   | · | Market control premium:  We compare our implied control premium to the average control premium paid in transactions of companies in the construction industry during the year of evaluation. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Sensitivity analysis:  We perform a sensitivity analysis to determine the minimum control premium required to recover the book value of the Company at the testing date.  The minimum control premium required is then compared to the average control premium paid in transactions of companies in the construction industry during the year of evaluation. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

|   | · | Impact of low public float and limited trading activity:  A significant portion of our common stock is owned by our Chairman and CEO.  As a result, the public float of our common stock, calculated as the percentage of shares of common stock freely traded by public investors divided by our total shares outstanding, is significantly lower than that of our publicly traded peers.  This circumstance does not impact the fair value of the Company, however based on our evaluation of third party market data, we believe it does lead to an inherent marketability discount impacting our stock price. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

----

Index

|                  |   | Revenues for the Year Ended December 31, |    |   |   |   |    |     |   |
|-----------------------|--------|-----------------------------------------------|---------|--------|--------|--------|---------|----------|--------|
| (dollars in millions) |   | 2010                                          |    |   | 2009   |   |    | $ Change |   |   | % Change |   |
| Building              |   | $                                             | 2,327.0 |   |   | $      | 4,484.9 |     |   | $ | (2,157.9 | ) |   |   | (48.1 | )% |
| Civil                 |   |                                          | 667.7   |   |   |   | 361.7   |     |   |   | 306.0 |   |   |   | 84.6 | % |
| Management Services   |   |                                          | 204.5   |   |   |   | 305.4   |     |   |   | (100.9 | ) |   |   | (33.0 | )% |
| Total                 |   | $                                             | 3,199.2 |   |   | $      | 5,152.0 |     |   | $ | (1,952.8 | ) |   |   | (37.9 | )% |

|                  |   | Income from Construction Operations for the Year Ended December 31, |   |   |   |   |   |     |   |
|-----------------------|--------|--------------------------------------------------------------------------|--------|--------|--------|--------|--------|----------|--------|
| (dollars in millions) |   | 2010                                                                     |   |   | 2009   |   |   | $ Change |   |   | % Change |   |
| Building              |   | $                                                                        | 95.8   |   |   | $      | 155.5  |     |   | $ | (59.7 | ) |   |   | (38.4 | )% |
| Civil                 |   |                                                                     | 87.8   |   |   |   | 44.3   |     |   |   | 43.5 |   |   |   | 98.2 | % |
| Management Services   |   |                                                                     | 22.2   |   |   |   | 53.4   |     |   |   | (31.2 | ) |   |   | (58.4 | )% |
| Corporate             |   |                                                                     | (33.5  | )      |   |   | (41.7  | )        |   |   | 8.2 |   |   |   | (19.7 | )% |
| Total                 |   | $                                                                        | 172.3  |   |   | $      | 211.5  |     |   | $ | (39.2 | ) |   |   | (18.5 | )% |

----

Index

|                        |   | Year Ended December 31, |   |   |   |   |   |     |   |
|-----------------------------|--------|------------------------------|--------|--------|--------|--------|--------|----------|--------|
| (dollars in millions)       |   | 2010                         |   |   | 2009   |   |   | $ Change |   |   | % Change |   |
| Other Income (Expense), net |   | $                            | (2.3   | )      |   | $      | 1.1    |     |   | $ | (3.4 | ) |   |   | (309.1 | )% |
| Interest Expense            |   |                         | 10.6   |   |   |   | 7.5    |     |   |   | 3.1 |   |   |   | 41.3 | % |
| Provision for Income Taxes  |   |                         | 56.0   |   |   |   | 68.1   |     |   |   | (12.1 | ) |   |   | (17.8 | )% |

|                  |   | Revenues for the Year Ended December 31, |    |   |   |   |    |     |   |
|-----------------------|--------|-----------------------------------------------|---------|--------|--------|--------|---------|----------|--------|
| (dollars in millions) |   | 2009                                          |    |   | 2008   |   |    | $ Change |   |   | % Change |   |
|                  |   |                                          |    |   |   |   |
|                  |   |                                          |    |   |   |   |
| Building              |   | $                                             | 4,484.9 |   |   | $      | 5,146.6 |     |   | $ | (661.7 | ) |   |   | (12.8 | )% |
| Civil                 |   |                                          | 361.7   |   |   |   | 310.7   |     |   |   | 51.0 |   |   |   | 16.4 | % |
| Management Services   |   |                                          | 305.4   |   |   |   | 203.0   |     |   |   | 102.4 |   |   |   | 50.4 | % |
| Total                 |   | $                                             | 5,152.0 |   |   | $      | 5,660.3 |     |   | $ | (508.3 | ) |   |   | (9.0 | )% |

----

Index

|                                         |   | Income (Loss) from Construction Operations for the Year Ended December 31, |   |   |   |   |   |     |   |
|----------------------------------------------|--------|---------------------------------------------------------------------------------|--------|--------|--------|--------|--------|----------|--------|
| (dollars in millions)                        |   | 2009                                                                            |   |   | 2008   |   |   | $ Change |   |   | % Change |   |
|                                         |   |                                                                            |   |   |   |   |   |     |   |   |   |   |
| Building before impairment charge            |   | $                                                                               | 155.5  |   |   | $      | 151.8  |     |   | $ | 3.7 |   |   |   | 2.4 | % |
| Impairment charge                            |   |                                                                            | -      |   |   |   | (197.6 | )        |   |   | 197.6 |   |   | NM* |   |
| Building, net                                |   |                                                                            | 155.5  |   |   |   | (45.8  | )        |   |   | 201.3 |   |   | NM* |   |
|                                         |   |                                                                            |   |   |   |   |   |     |   |   |   |   |   |   |   |   |
| Civil before impairment charge               |   |                                                                            | 44.3   |   |   |   | 28.1   |     |   |   | 16.2 |   |   |   | 57.6 | % |
| Impairment charge                            |   |                                                                            | -      |   |   |   | (6.0   | )        |   |   | 6.0 |   |   | NM* |   |
| Civil, net                                   |   |                                                                            | 44.3   |   |   |   | 22.1   |     |   |   | 22.2 |   |   | NM* |   |
|                                         |   |                                                                            |   |   |   |   |   |     |   |   |   |   |   |   |   |   |
| Management Services before impairment charge |   |                                                                            | 53.4   |   |   |   | 41.5   |     |   |   | 11.9 |   |   |   | 28.7 | % |
| Impairment charge                            |   |                                                                            | -      |   |   |   | (20.9  | )        |   |   | 20.9 |   |   | NM* |   |
| Management Services, net                     |   |                                                                            | 53.4   |   |   |   | 20.6   |     |   |   | 32.8 |   |   | NM* |   |
|                                         |   |                                                                            |   |   |   |   |   |     |   |   |   |   |   |   |   |   |
| Subtotal before impairment charge            |   |                                                                            | 253.2  |   |   |   | 221.4  |     |   |   | 31.8 |   |   |   | 14.4 | % |
| Impairment charge                            |   |                                                                            | -      |   |   |   | (224.5 | )        |   |   | 224.5 |   |   | NM* |   |
| Subtotal, net of impairment charge           |   |                                                                            | 253.2  |   |   |   | (3.1   | )        |   |   | 256.3 |   |   | NM* |   |
|                                         |   |                                                                            |   |   |   |   |   |     |   |   |   |   |   |   |   |   |
| Less:  Corporate                   |   |                                                                            | (41.7  | )      |   |   | (22.1  | )        |   |   | (19.6 | ) |   |   | 88.7 | % |
|                                         |   |                                                                            |   |   |   |   |   |     |   |   |   |   |   |   |   |   |
| Total before impairment charge               |   |                                                                            | 211.5  |   |   |   | 199.3  |     |   |   | 12.2 |   |   |   | 6.1 | % |
| Impairment charge                            |   |                                                                            | -      |   |   |   | (224.5 | )        |   |   | 224.5 |   |   | NM* |   |
| Total, net of impairment charge              |   | $                                                                               | 211.5  |   |   | $      | (25.2  | )        |   | $ | 236.7 |   |   | NM* |   |

----

Index

|                       |   | Year Ended December 31, |   |   |   |   |   |     |   |
|----------------------------|--------|------------------------------|--------|--------|--------|--------|--------|----------|--------|
| (dollars in millions)      |   | 2009                         |   |   | 2008   |   |   | $ Change |   |   | % Change |   |
| Other Income, net          |   | $                            | 1.1    |   |   | $      | 9.6    |     |   | $ | (8.5 | ) |   |   | (88.5 | )% |
| Interest Expense           |   |                         | 7.5    |   |   |   | 4.2    |     |   |   | 3.3 |   |   |   | 78.6 | % |
| Provision for Income Taxes |   |                         | 68.1   |   |   |   | 55.3   |     |   |   | 12.8 |   |   |   | 23.1 | % |

----

Index

|                            |   | Year Ended December 31, |   |
|---------------------------------|--------|------------------------------|--------|
|                            |   | 2010                         |   |   | 2009 |   |   | 2008 |   |
|                            |   | (In millions)                |   |
| Cash flows provided (used) by:  |   |                         |   |   |   |   |   |   |   |
| Operating activities            |   | $                            | 26.3   |   |   | $ | (26.1 | ) |   | $ | 126.1 |   |
| Investing activities            |   |                         | (77.5  | ) |   |   | (40.9 | ) |   |   | (72.1 | ) |
| Financing activities            |   |                         | 174.3  |   |   |   | 29.1 |   |   |   | (127.0 | ) |
| Net (decrease) increase in cash |   |                         | 123.1  |   |   |   | (37.9 | ) |   |   | (73.0 | ) |
| Cash at beginning of year       |   |                         | 348.3  |   |   |   | 386.2 |   |   |   | 459.2 |   |
| Cash at end of year             |   | $                            | 471.4  |   |   | $ | 348.3 |   |   | $ | 386.2 |   |

----

Index

----

Index

|                            |   | Payments Due by Period |    |
|---------------------------------|--------|------------------------|---------|
|                            |   | (In thousands)         |    |
|                            |   |                   |    |   | Less Than |   |   |   |   |   |   |   |   | More Than |   |
|                            |   | Total                  |    |   | 1 Year |   |   | 1-3 Years |   |   | 3-5 Years |   |   | 5 Years |   |
| Total debt, excluding interest  |   | $                      | 395,684 |   |   | $ | 21,334 |   |   | $ | 19,525 |   |   | $ | 48,368 |   |   | $ | 306,457 |   |
| Interest payments on debt       |   |                   | 198,676 |   |   |   | 27,723 |   |   |   | 51,942 |   |   |   | 47,836 |   |   |   | 71,175 |   |
| Operating leases, net           |   |                   | 41,462  |   |   |   | 9,048 |   |   |   | 14,223 |   |   |   | 11,881 |   |   |   | 6,310 |   |
| Purchase obligations            |   |                   | 4,586   |   |   |   | 3,678 |   |   |   | 368 |   |   |   | 360 |   |   |   | 180 |   |
| Acquisition related liabilities |   |                   | 8,733   |   |   |   | 2,566 |   |   |   | 4,967 |   |   |   | 1,200 |   |   |   | - |   |
| Unfunded pension liability      |   |                   | 26,444  |   |   |   | 4,211 |   |   |   | 10,949 |   |   |   | 10,949 |   |   |   | 335 |   |
|                            |   |                   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total contractual obligations   |   | $                      | 675,585 |   |   | $ | 68,560 |   |   | $ | 101,974 |   |   | $ | 120,594 |   |   | $ | 384,457 |   |

----

Index

QUANTITATIVE 

----

Index

FINANCIAL 

CHANGES 

----

Index

CONTROLS 

----

Index

----

Index

OTHER 

PART 

COMPENSATION

SECURITY 

RELATIONSHIPS 

ITEM 

----

Index

PART 

| (a)1.  | The following consolidated financial statements and supplementary financial information are filed as part of this report:                                                                                                                           |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                | Pages |
|   | Consolidated Financial Statements of the Registrant                                                                                                                                                                                                 |   |
|   |                                                                                                                                                                                                                                                |   |
|   | Consolidated Balance Sheets as of December 31, 2010 and 2009                                                                                                                                                                                   | 52 – 53 |
|   |                                                                                                                                                                                                                                                |   |
|   | Consolidated Statements of Operations for the years ended December 31, 2010, 2009 and 2008                                                                                                                                                     | 54 |
|   |                                                                                                                                                                                                                                                |   |
|   | Consolidated Statements of Stockholders' Equity for the years ended December 31, 2010, 2009 and 2008                                                                                                                                           | 55 |
|   |                                                                                                                                                                                                                                                |   |
|   | Consolidated Statements of Cash Flows for the years ended December 31, 2010, 2009 and 2008                                                                                                                                                     | 56 – 57 |
|   |                                                                                                                                                                                                                                                |   |
|   | Notes to Consolidated Financial Statements                                                                                                                                                                                                          | 58 – 101 |
|   |                                                                                                                                                                                                                                                |   |
|   | Report of Independent Registered Public Accounting Firm                                                                                                                                                                                             | 102 |
|   |                                                                                                                                                                                                                                                |   |
| (a)2.  | All consolidated financial statement schedules are omitted because of the absence of the conditions under which they are required or because the required information is included in the Consolidated Financial Statements or in the Notes thereto. |   |
|   |                                                                                                                                                                                                                                                |   |
| (a)3.  | Exhibits                                                                                                                                                                                                                                            |   |
|   |                                                                                                                                                                                                                                                |
|   | The exhibits which are filed with this report or which are incorporated herein by reference are set forth in the Exhibit Index which appears on pages 103 through 105.                                                                              |

----

Index

SIGNATURES

|                            | Tutor Perini Corporation      |
|---------------------------------|-------------------------------|
|                            | (Registrant)                  |
|                            |                          |
| Dated:  March 4, 2011 | By:  /s/Robert Band |
|                            | Robert Band                   |
|                            | President                     |

| Signature |                         | Title  |                                                 | Date   |
|-----------|------------------------------|--------|------------------------------------------------------|--------|
|      |                         |   |                                                 |   |   |
| ·    | Principal Executive Officer  |   |                                                 |   |   |
|      | Ronald N. Tutor              |   | Chairman and Chief Executive Officer                 |   | March 4, 2011 |
|      |                         |   |                                                 |   |   |
| By:       | /s/Ronald N. Tutor           |   |                                                 |   |   |
|      | Ronald N. Tutor              |   |                                                 |   |   |
|      |                         |   |                                                 |   |   |
| ·    | Principal Financial Officer  |   |                                                 |   |   |
|      | Kenneth R. Burk              |   | Executive Vice President and Chief Financial Officer |   | March 4, 2011 |
|      |                         |   |                                                 |   |   |
| By:       | /s/Kenneth R. Burk           |   |                                                 |   |   |
|      | Kenneth R. Burk              |   |                                                 |   |   |
|      |                         |   |                                                 |   |   |
| ·    | Principal Accounting Officer |   |                                                 |   |   |
|      | Steven M. Meilicke           |   | Vice President and Controller                        |   | March 4, 2011 |
|      |                         |   |                                                 |   |   |
| By:       | /s/Steven M. Meilicke        |   |                                                 |   |   |
|      | Steven M. Meilicke           |   |                                                 |   |   |
|      |                         |   |                                                 |   |   |
| ·    | Directors                    |   |                                                 |   |   |
|      |                         |   |                                                 |   |   |
|      | Ronald N. Tutor              |   | )                                                    |   |   |
|      | Marilyn A. Alexander         |   | )                                                    |   |   |
|      | Peter Arkley                 |   | )                                                    |   |   |
|      | Robert Band                  |   | )                                                    |   |   |
|      | Willard W. Brittain, Jr      |   | )/s/Robert Band                                      |   |   |
|      | Michael R. Klein             |   | ) Robert Band                                        |   |   |
|      | Robert L. Miller             |   | ) Attorney in Fact                                   |   |   |
|      | Raymond R. Oneglia           |   | )                                                    |   |   |
|      | Donald D. Snyder             |   | ) Dated:  March 4, 2011                    |   |   |

----

Index

| Assets                                                            |   |   |      |   |   |   |
|-------------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
|                                                              |   | 2010   |      |   | 2009   |   |
| CURRENT ASSETS:                                                   |   |   |      |   |   |   |
| Cash, including cash equivalents of $127,879 and $294,807         |   | $      | 471,378   |   |   | $      | 348,309 |   |
| Restricted cash                                                   |   |   | 23,550    |   |   |   | - |   |
| Accounts receivable, including retainage of $271,778 and $544,875 |   |   | 880,614   |   |   |   | 1,088,386 |   |
| Costs and estimated earnings in excess of billings                |   |   | 139,449   |   |   |   | 145,678 |   |
| Deferred tax asset                                                |   |   | 3,737     |   |   |   | 1,370 |   |
| Other current assets                                              |   |   | 42,314    |   |   |   | 30,811 |   |
| Total current assets                                              |   |   | 1,561,042 |   |   |   | 1,614,554 |   |
|                                                              |   |   |      |   |   |   |   |   |
| LONG-TERM INVESTMENTS                                             |   |   | 88,129    |   |   |   | 101,201 |   |
|                                                              |   |   |      |   |   |   |   |   |
| PROPERTY AND EQUIPMENT, at cost:                                  |   |   |      |   |   |   |   |   |
| Land                                                              |   |   | 36,048    |   |   |   | 33,114 |   |
| Buildings and improvements                                        |   |   | 89,281    |   |   |   | 85,830 |   |
| Construction equipment                                            |   |   | 205,038   |   |   |   | 184,579 |   |
| Other equipment                                                   |   |   | 112,012   |   |   |   | 112,554 |   |
|                                                              |   |   | 442,379   |   |   |   | 416,077 |   |
| Less – Accumulated depreciation                             |   |   | 79,942    |   |   |   | 67,256 |   |
|                                                              |   |   |      |   |   |   |   |   |
| Total property and equipment, net                                 |   |   | 362,437   |   |   |   | 348,821 |   |
|                                                              |   |   |      |   |   |   |   |   |
| GOODWILL                                                          |   |   | 621,920   |   |   |   | 602,471 |   |
|                                                              |   |   |      |   |   |   |   |   |
| INTANGIBLE ASSETS, NET                                            |   |   | 132,551   |   |   |   | 134,327 |   |
|                                                              |   |   |      |   |   |   |   |   |
| OTHER ASSETS                                                      |   |   | 13,141    |   |   |   | 19,280 |   |
|                                                              |   |   |      |   |   |   |   |   |
|                                                              |   | $      | 2,779,220 |   |   | $      | 2,820,654 |   |

----

Index

| Liabilities and Stockholders’ Equity                             |   |   |      |   |   |   |
|------------------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
|                                                                   |   | 2010   |      |   | 2009   |   |
| CURRENT LIABILITIES:                                                   |   |   |      |   |   |   |
| Current maturities of long-term debt                                   |   | $      | 21,334    |   |   | $      | 31,334 |   |
| Accounts payable, including retainage of $280,867 and $396,928         |   |   | 653,542   |   |   |   | 990,551 |   |
| Billings in excess of costs and estimated earnings                     |   |   | 199,750   |   |   |   | 187,714 |   |
| Accrued expenses                                                       |   |   | 93,488    |   |   |   | 101,837 |   |
| Total current liabilities                                              |   |   | 968,114   |   |   |   | 1,311,436 |   |
|                                                                   |   |   |      |   |   |   |   |   |
| LONG-TERM DEBT, less current maturities included above                 |   |   | 374,350   |   |   |   | 84,771 |   |
|                                                                   |   |   |      |   |   |   |   |   |
| DEFERRED INCOME TAXES                                                  |   |   | 79,082    |   |   |   | 78,977 |   |
|                                                                   |   |   |      |   |   |   |   |   |
| OTHER LONG-TERM LIABILITIES                                            |   |   | 44,680    |   |   |   | 57,044 |   |
|                                                                   |   |   |      |   |   |   |   |   |
| CONTINGENCIES AND COMMITMENTS (Note 8)                                 |   |   |      |   |   |   |   |   |
|                                                                   |   |   |      |   |   |   |   |   |
| STOCKHOLDERS’ EQUITY:                                            |   |   |      |   |   |   |   |   |
| Common stock, $1 par value:                                            |   |   |      |   |   |   |   |   |
| Authorized – 75,000,000 shares                                   |   |   |      |   |   |   |   |   |
| Issued and outstanding – 47,089,593 shares and 48,538,982 shares |   |   | 47,090    |   |   |   | 48,539 |   |
| Additional paid-in capital                                             |   |   | 985,413   |   |   |   | 1,012,983 |   |
| Retained earnings                                                      |   |   | 316,531   |   |   |   | 260,121 |   |
| Accumulated other comprehensive loss                                   |   |   | (36,040   | )      |   |   | (33,217 | ) |
| Total stockholders' equity                                             |   |   | 1,312,994 |   |   |   | 1,288,426 |   |
|                                                                   |   |   |      |   |   |   |   |   |
|                                                                   |   |   |      |   |   |   |   |   |
|                                                                   |   | $      | 2,779,220 |   |   | $      | 2,820,654 |   |

----

Index

|                                                        |   | 2010   |      |   | 2009   |   |      | 2008   |   |
|-------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|
|                                                        |   |   |      |   |   |   |      |   |   |
| Revenues                                                    |   | $      | 3,199,210 |   |   | $      | 5,151,966 |   |   | $ | 5,660,286 |   |
|                                                        |   |   |      |   |   |   |      |   |   |   |   |   |
| Cost of Operations                                          |   |   | 2,861,362 |   |   |   | 4,763,919 |   |   |   | 5,327,056 |   |
|                                                        |   |   |      |   |   |   |      |   |   |   |   |   |
| Gross Profit                                                |   |   | 337,848   |   |   |   | 388,047   |   |   |   | 333,230 |   |
|                                                        |   |   |      |   |   |   |      |   |   |   |   |   |
| General and Administrative Expenses                         |   |   | 165,536   |   |   |   | 176,504   |   |   |   | 133,998 |   |
|                                                        |   |   |      |   |   |   |      |   |   |   |   |   |
| Goodwill and Intangible Asset Impairment                    |   |   | -         |   |   |   | -         |   |   |   | 224,478 |   |
|                                                        |   |   |      |   |   |   |      |   |   |   |   |   |
| INCOME (LOSS) FROM CONSTRUCTION OPERATIONS                  |   |   | 172,312   |   |   |   | 211,543   |   |   |   | (25,246 | ) |
|                                                        |   |   |      |   |   |   |      |   |   |   |   |   |
| Other Income (Expense), Net                                 |   |   | (2,280    | )      |   |   | 1,098     |   |   |   | 9,559 |   |
| Interest Expense                                            |   |   | (10,564   | )      |   |   | (7,501    | )      |   |   | (4,163 | ) |
|                                                        |   |   |      |   |   |   |      |   |   |   |   |   |
| Income (Loss) before Income Taxes                           |   |   | 159,468   |   |   |   | 205,140   |   |   |   | (19,850 | ) |
|                                                        |   |   |      |   |   |   |      |   |   |   |   |   |
| Provision for Income Taxes                                  |   |   | (55,968   | )      |   |   | (68,079   | )      |   |   | (55,290 | ) |
|                                                        |   |   |      |   |   |   |      |   |   |   |   |   |
| NET INCOME (LOSS)                                           |   | $      | 103,500   |   |   | $      | 137,061   |   |   | $ | (75,140 | ) |
|                                                        |   |   |      |   |   |   |      |   |   |   |   |   |
|                                                        |   |   |      |   |   |   |      |   |   |   |   |   |
| BASIC EARNINGS (LOSS) PER COMMON SHARE                      |   | $      | 2.15      |   |   | $      | 2.82      |   |   | $ | (2.19 | ) |
|                                                        |   |   |      |   |   |   |      |   |   |   |   |   |
| DILUTED EARNINGS (LOSS) PER COMMON SHARE                    |   | $      | 2.13      |   |   | $      | 2.79      |   |   | $ | (2.19 | ) |
|                                                        |   |   |      |   |   |   |      |   |   |   |   |   |
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:                 |   |   |      |   |   |   |      |   |   |   |   |   |
| BASIC                                                       |   |   | 48,111    |   |   |   | 48,525    |   |   |   | 34,272 |   |
| Effect of Dilutive Stock Options and Restricted Stock Units |   |   | 538       |   |   |   | 559       |   |   |   | - |   |
| DILUTED                                                     |   |   | 48,649    |   |   |   | 49,084    |   |   |   | 34,272 |   |

----

Index

|                                                               |   | CommonStock |   |   | AdditionalPaid-InCapital |   |      | RetainedEarnings |   |   | AccumulatedOtherComprehensive(Loss) Income |   |   | Total  |    |
|--------------------------------------------------------------------|--------|-------------|--------|--------|--------------------------|--------|-----------|------------------|--------|--------|--------------------------------------------|--------|--------|--------|---------|
| Balance - December 31, 2007                                   |   | $           | 26,987 |   |                     | $      | 160,664   |             |   | $      | 198,200                                    |   |   | $      | (17,517 | ) |   | $ | 368,334 |   |
| Net Loss                                                           |   |        | -      |   |                     |   | -         |             |   |   | (75,140                                    | )      |   |   | -       |   |   |   | (75,140 | ) |
| Other comprehensive loss:                                          |   |        |   |   |                     |   |      |             |   |   |                                       |   |   |   |    |   |   |   |   |   |
| Change in pension benefit plans (net of tax benefit of $9,067)     |   |        | -      |   |                     |   | -         |             |   |   | -                                          |   |   |   | (14,922 | ) |   |   | (14,922 | ) |
| Change in fair value of investments (net of tax benefit of $1,219) |   |        | -      |   |                     |   | -         |             |   |   | -                                          |   |   |   | (2,005  | ) |   |   | (2,005 | ) |
| Foreign currency translation                                       |   |        | -      |   |                     |   | -         |             |   |   | -                                          |   |   |   | (101    | ) |   |   | (101 | ) |
| Total comprehensive loss                                           |   |        |   |   |                     |   |      |             |   |   |                                       |   |   |   |    |   |   |   | (92,168 | ) |
| Common Stock issued in acquisition of                              |   |        |   |   |                     |   |      |             |   |   |                                       |   |   |   |    |   |   |   |   |   |
| Tutor-Saliba Corporation                                           |   |        | 22,987 |   |                     |   | 858,476   |             |   |   | -                                          |   |   |   | -       |   |   |   | 881,463 |   |
| Common Stock purchased under share repurchase program              |   |        | (2,004 | )      |                     |   | (29,793   | )                |   |   | -                                          |   |   |   | -       |   |   |   | (31,797 | ) |
| Excess income tax benefit from stock-based compensation            |   |        | -      |   |                     |   | 533       |             |   |   | -                                          |   |   |   | -       |   |   |   | 533 |   |
| Stock-based compensation expense                                   |   |        | -      |   |                     |   | 12,145    |             |   |   | -                                          |   |   |   | -       |   |   |   | 12,145 |   |
| Issuance of Common Stock, net                                      |   |        | 349    |   |                     |   | (633      | )                |   |   | -                                          |   |   |   | -       |   |   |   | (284 | ) |
| Balance - December 31, 2008                                   |   | $           | 48,319 |   |                     | $      | 1,001,392 |             |   | $      | 123,060                                    |   |   | $      | (34,545 | ) |   | $ | 1,138,226 |   |
| Net Income                                                         |   |        | -      |   |                     |   | -         |             |   |   | 137,061                                    |   |   |   | -       |   |   |   | 137,061 |   |
| Other comprehensive income:                                        |   |        |   |   |                     |   |      |             |   |   |                                       |   |   |   |    |   |   |   |   |   |
| Change in pension benefit plans (net of tax expense of $792)       |   |        | -      |   |                     |   | -         |             |   |   | -                                          |   |   |   | 1,221   |   |   |   | 1,221 |   |
| Foreign currency translation                                       |   |        | -      |   |                     |   | -         |             |   |   | -                                          |   |   |   | 107     |   |   |   | 107 |   |
| Total comprehensive income                                         |   |        |   |   |                     |   |      |             |   |   |                                       |   |   |   |    |   |   |   | 138,389 |   |
| Tax effect of stock-based compensation                             |   |        | -      |   |                     |   | (824      | )                |   |   | -                                          |   |   |   | -       |   |   |   | (824 | ) |
| Stock-based compensation expense                                   |   |        | -      |   |                     |   | 12,462    |             |   |   | -                                          |   |   |   | -       |   |   |   | 12,462 |   |
| Issuance of Common Stock, net                                      |   |        | 220    |   |                     |   | (47       | )                |   |   | -                                          |   |   |   | -       |   |   |   | 173 |   |
| Balance - December 31, 2009                                   |   | $           | 48,539 |   |                     | $      | 1,012,983 |             |   | $      | 260,121                                    |   |   | $      | (33,217 | ) |   | $ | 1,288,426 |   |
| Net Income                                                         |   |        | -      |   |                     |   | -         |             |   |   | 103,500                                    |   |   |   | -       |   |   |   | 103,500 |   |
| Other comprehensive income:                                        |   |        |   |   |                     |   |      |             |   |   |                                       |   |   |   |    |   |   |   |   |   |
| Change in pension benefit plans (net of tax benefit of $1,891)     |   |        | -      |   |                     |   | -         |             |   |   | -                                          |   |   |   | (3,053  | ) |   |   | (3,053 | ) |
| Foreign currency translation                                       |   |        | -      |   |                     |   | -         |             |   |   | -                                          |   |   |   | 230     |   |   |   | 230 |   |
| Total comprehensive income                                         |   |        |   |   |                     |   |      |             |   |   |                                       |   |   |   |    |   |   |   | 100,677 |   |
| Common Stock purchased under share repurchase program              |   |        | (2,165 | )      |                     |   | (37,226   | )                |   |   | -                                          |   |   |   | -       |   |   |   | (39,391 | ) |
| Common Stock dividend declared ($1.00 per share)                   |   |        | -      |   |                     |   | -         |             |   |   | (47,090                                    | )      |   |   | -       |   |   |   | (47,090 | ) |
| Tax effect of stock-based compensation                             |   |        | -      |   |                     |   | (2,055    | )                |   |   | -                                          |   |   |   | -       |   |   |   | (2,055 | ) |
| Stock-based compensation expense                                   |   |        | -      |   |                     |   | 12,752    |             |   |   | -                                          |   |   |   | -       |   |   |   | 12,752 |   |
| Issuance of Common Stock, net                                      |   |        | 716    |   |                     |   | (1,041    | )                |   |   | -                                          |   |   |   | -       |   |   |   | (325 | ) |
| Balance - December 31, 2010                                   |   | $           | 47,090 |   |                     | $      | 985,413   |             |   | $      | 316,531                                    |   |   | $      | (36,040 | ) |   | $ | 1,312,994 |   |

----

Index

|                                                                                    |   | 2010   |     |   | 2009   |   |     | 2008   |   |
|-----------------------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|----------|--------|--------|
| Cash Flows from Operating Activities:                                                   |   |   |     |   |   |   |     |   |   |
| Net income (loss)                                                                       |   | $      | 103,500  |   |   | $      | 137,061  |   |   | $ | (75,140 | ) |
|                                                                                    |   |   |     |   |   |   |     |   |   |   |   |   |
| Adjustments to reconcile net income (loss) to net cash from operating activities:       |   |   |     |   |   |   |     |   |   |   |   |   |
| Goodwill and intangible asset impairment                                                |   |   | -        |   |   |   | -        |   |   |   | 224,478 |   |
| Depreciation                                                                            |   |   | 21,380   |   |   |   | 21,292   |   |   |   | 12,345 |   |
| Amortization of intangible assets and debt issuance costs                               |   |   | 9,954    |   |   |   | 17,215   |   |   |   | 15,251 |   |
| Stock-based compensation expense                                                        |   |   | 12,752   |   |   |   | 12,462   |   |   |   | 12,145 |   |
| Adjustment of investments to fair value                                                 |   |   | 5,742    |   |   |   | (39      | )      |   |   | 2,721 |   |
| Excess income tax benefit from stock-based compensation                                 |   |   | (218     | )      |   |   | (28      | )      |   |   | (533 | ) |
| Deferred income taxes                                                                   |   |   | (3,826   | )      |   |   | (10,541  | )      |   |   | (7,984 | ) |
| Loss (gain) on sale of assets                                                           |   |   | 1,274    |   |   |   | 964      |   |   |   | (1,068 | ) |
| Other assets                                                                            |   |   | (86      | )      |   |   | -        |   |   |   | - |   |
| Other long-term liabilities                                                             |   |   | (4,623   | )      |   |   | (36,284  | )      |   |   | 7,581 |   |
| Cash from changes in other components of working capital:                               |   |   |     |   |   |   |     |   |   |   |   |   |
| (Increase) decrease in:                                                                 |   |   |     |   |   |   |     |   |   |   |   |   |
| Accounts receivable                                                                     |   |   | (22,054  | )      |   |   | 363,076  |   |   |   | (125,064 | ) |
| Costs and estimated earnings in excess of billings                                      |   |   | 7,144    |   |   |   | (29,798  | )      |   |   | (12,032 | ) |
| Other current assets                                                                    |   |   | (4,690   | )      |   |   | (11,017  | )      |   |   | (3,936 | ) |
| Increase (decrease) in:                                                                 |   |   |     |   |   |   |     |   |   |   |   |   |
| Accounts payable                                                                        |   |   | (101,143 | )      |   |   | (449,370 | )      |   |   | 125,736 |   |
| Billings in excess of costs and estimated earnings                                      |   |   | 11,957   |   |   |   | (8,928   | )      |   |   | (36,844 | ) |
| Accrued expenses                                                                        |   |   | (10,791  | )      |   |   | (32,112  | )      |   |   | (11,602 | ) |
|                                                                                    |   |   |     |   |   |   |     |   |   |   |   |   |
| NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES                                        |   |   | 26,272   |   |   |   | (26,047  | )      |   |   | 126,054 |   |
|                                                                                    |   |   |     |   |   |   |     |   |   |   |   |   |
| Cash Flows from Investing Activities:                                                   |   |   |     |   |   |   |     |   |   |   |   |   |
| Acquisition of Superior Gunite, net of cash balance acquired                            |   |   | (30,924  | )      |   |   | -        |   |   |   | - |   |
| Acquisition of Keating Building Company, net of cash balance acquired                   |   |   | -        |   |   |   | (6,900   | )      |   |   | - |   |
| Business acquisition related payments                                                   |   |   | (6,734   | )      |   |   | -        |   |   |   | - |   |
| Cash balance recorded in merger with Tutor-Saliba Corporation, net of transaction costs |   |   | -        |   |   |   | -        |   |   |   | 92,081 |   |
| Acquisition of property and equipment                                                   |   |   | (25,200  | )      |   |   | (37,005  | )      |   |   | (66,767 | ) |
| Proceeds from sale of property and equipment                                            |   |   | 1,811    |   |   |   | 1,873    |   |   |   | 6,697 |   |
| Sales of land, net                                                                      |   |   | -        |   |   |   | 203      |   |   |   | (774 | ) |
| Investment in available-for-sale securities                                             |   |   | -        |   |   |   | -        |   |   |   | (218,325 | ) |
| Proceeds from sale of available-for-sale securities                                     |   |   | 7,066    |   |   |   | 3,641    |   |   |   | 115,856 |   |
| Change in Restricted Cash                                                               |   |   | (23,550  | )      |   |   | -        |   |   |   | - |   |
| Investment in other activities                                                          |   |   | -        |   |   |   | (2,698   | )      |   |   | (840 | ) |
|                                                                                    |   |   |     |   |   |   |     |   |   |   |   |   |
| NET CASH USED BY INVESTING ACTIVITIES                                                   |   |   | (77,531  | )      |   |   | (40,886  | )      |   |   | (72,072 | ) |

----

Index

|                                                                   |   | 2010   |    |   | 2009   |   |     | 2008   |   |
|------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|----------|--------|--------|
| Cash Flows from Financing Activities:                                  |   |   |    |   |   |   |     |   |   |
| Proceeds from issuance of senior unsecured notes, net of debt discount |   | $      | 297,774 |   |   | $      | -        |   |   | $ | - |   |
| Proceeds from other long-term debt                                     |   |   | 6,803   |   |   |   | 180,182  |   |   |   | 2,213 |   |
| Repayment of other long-term debt                                      |   |   | (35,760 | )      |   |   | (150,625 | )      |   |   | (38,696 | ) |
| Repayment of shareholder notes payable                                 |   |   | -       |   |   |   | -        |   |   |   | (58,485 | ) |
| Purchase of common stock under share repurchase program                |   |   | (39,391 | )      |   |   | -        |   |   |   | (31,797 | ) |
| Common stock dividend paid                                             |   |   | (47,090 | )      |   |   | -        |   |   |   | - |   |
| Excess income tax benefit from stock-based compensation                |   |   | 218     |   |   |   | 28       |   |   |   | 533 |   |
| Issuance of common stock and effect of cashless exercise               |   |   | (325    | )      |   |   | 173      |   |   |   | (284 | ) |
| Debt issuance costs                                                    |   |   | (7,901  | )      |   |   | (688     | )      |   |   | (482 | ) |
|                                                                   |   |   |    |   |   |   |     |   |   |   |   |   |
| NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES                       |   |   | 174,328 |   |   |   | 29,070   |   |   |   | (126,998 | ) |
|                                                                   |   |   |    |   |   |   |     |   |   |   |   |   |
| Net (Decrease) Increase in Cash and Cash Equivalents                   |   |   | 123,069 |   |   |   | (37,863  | )      |   |   | (73,016 | ) |
|                                                                   |   |   |    |   |   |   |     |   |   |   |   |   |
| Cash and Cash Equivalents at Beginning of Year                         |   |   | 348,309 |   |   |   | 386,172  |   |   |   | 459,188 |   |
|                                                                   |   |   |    |   |   |   |     |   |   |   |   |   |
| Cash and Cash Equivalents at End of Year                               |   | $      | 471,378 |   |   | $      | 348,309  |   |   | $ | 386,172 |   |
|                                                                   |   |   |    |   |   |   |     |   |   |   |   |   |
| Supplemental Disclosure of Cash Paid During the Year For:              |   |   |    |   |   |   |     |   |   |   |   |   |
|                                                                   |   |   |    |   |   |   |     |   |   |   |   |   |
| Interest                                                               |   | $      | 6,151   |   |   | $      | 7,804    |   |   | $ | 3,693 |   |
|                                                                   |   |   |    |   |   |   |     |   |   |   |   |   |
| Income taxes                                                           |   | $      | 48,421  |   |   | $      | 83,747   |   |   | $ | 79,270 |   |
|                                                                   |   |   |    |   |   |   |     |   |   |   |   |   |
| Supplemental Disclosure of Non-Cash Transactions:                      |   |   |    |   |   |   |     |   |   |   |   |   |
|                                                                   |   |   |    |   |   |   |     |   |   |   |   |   |
| Grant date fair value of common stock issued for services              |   | $      | 19,673  |   |   | $      | 7,411    |   |   | $ | 12,651 |   |
|                                                                   |   |   |    |   |   |   |     |   |   |   |   |   |
| Assets acquired through financing arrangements                         |   | $      | 10,784  |   |   | $      | 5,734    |   |   | $ | 27,441 |   |
|                                                                   |   |   |    |   |   |   |     |   |   |   |   |   |
| Common stock issued in merger with Tutor-Saliba Corporation            |   | $      | -       |   |   | $      | -        |   |   | $ | 881,463 |   |

----

Index

----

Index

|                                         |   | 2010   |    |   | 2009   |   |
|----------------------------------------------|--------|--------|---------|--------|--------|--------|
| Unbilled costs and profits incurred to date* |   | $      | 14,285  |   |   | $      | 44,637 |   |
| Unapproved change orders                     |   |   | 49,949  |   |   |   | 32,683 |   |
| Claims                                       |   |   | 75,215  |   |   |   | 68,358 |   |
|                                         |   | $      | 139,449 |   |   | $      | 145,678 |   |

| * | Represents the excess of contract costs and profits recognized to date on the percentage of completion accounting method over the amount of contract billings to date on certain contracts. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

----

Index

|   | · | Market control premium:  The Company compares its implied control premium to the average control premium paid in transactions of companies in the construction industry during the year of evaluation. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Sensitivity analysis:  The Company performs a sensitivity analysis to determine the minimum control premium required to recover the book value of the Company at the testing date.  The minimum control premium required is then compared to the average control premium paid in transactions of companies in the construction industry during the year of evaluation. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Impact of low public float and limited trading activity:  A significant portion of the Company’s common stock is owned by the Company’s Chairman and CEO.  As a result, the public float of the Company’s common stock, calculated as the percentage of shares of common stock freely traded by public investors divided by the Company’s total shares outstanding, is significantly lower than that of the Company’s publicly traded peers.  This circumstance does not impact the fair value of the Company, however based on the Company’s evaluation of third party market data, the Company believes it does lead to an inherent marketability discount impacting the Company’s stock price. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

|                                                                                                                                   |   | 2010   |    |   | 2009   |   |
|----------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                                                                                                                   |   |   |    |   |   |   |
| Corporate cash and cash equivalents (available for general corporate purposes)                                                         |   | $      | 455,464 |   |   | $      | 323,867 |   |
|                                                                                                                                   |   |   |    |   |   |   |   |   |
| Company's share of joint venture cash and cash equivalents (available only for joint venture purposes, including future distributions) |   |   | 15,914  |   |   |   | 24,442 |   |
|                                                                                                                                   |   | $      | 471,378 |   |   | $      | 348,309 |   |
| Restricted Cash                                                                                                                        |   | $      | 23,550  |   |   | $      | - |   |

----

Index

|                              |   | Cumulative Translation Adjustment |   |   | Unamortized Benefit Plan Costs, Net of Tax |   |    | Unrealized Loss on Investment in Auction Rate Securities, Net of Tax |   |   | Accumulated Other Comprehensive Income (Loss) |   |
|-----------------------------------|--------|-----------------------------------|--------|--------|--------------------------------------------|--------|---------|----------------------------------------------------------------------|--------|--------|-----------------------------------------------|--------|
|                              |   |                              |   |   |                                       |   |    |                                                                 |   |   |                                          |   |
| Balance at December 31, 2007 |   | $                                 | -      |   |                                       | $      | (17,517 | )                                                                    |   | $      | -                                             |   |   | $ | (17,517 | ) |
| Fiscal year change                |   |                              | (101   | )      |                                       |   | (14,922 | )                                                                    |   |   | (2,005                                        | )      |   |   | (17,028 | ) |
| Balance at December 31, 2008 |   |                              | (101   | )      |                                       |   | (32,439 | )                                                                    |   |   | (2,005                                        | )      |   |   | (34,545 | ) |
| Fiscal year change                |   |                              | 107    |   |                                       |   | 1,221   |                                                                 |   |   | -                                             |   |   |   | 1,328 |   |
| Balance at December 31, 2009 |   |                              | 6      |   |                                       |   | (31,218 | )                                                                    |   |   | (2,005                                        | )      |   |   | (33,217 | ) |
| Fiscal year change                |   |                              | 230    |   |                                       |   | (3,053  | )                                                                    |   |   | -                                             |   |   |   | (2,823 | ) |
| Balance at December 31, 2010 |   | $                                 | 236    |   |                                       | $      | (34,271 | )                                                                    |   | $      | (2,005                                        | )      |   | $ | (36,040 | ) |

----

Index

|                      |   |                               |    |   | Fair Value Measurements at Dec. 31, 2010 Using |   |
|---------------------------|--------|------------------------------------|---------|--------|------------------------------------------------|--------|
|                      |   | TotalCarryingValue atDec. 31, 2010 |    |   | Quoted pricesin activemarkets(Level 1)         |   |   | Significant otherobservableinputs(Level 2) |   |   | Significantunobservableinputs(Level 3) |   |
|                      |   |                               |    |   |                                           |   |   |   |   |   |   |   |
| Cash and cash equivalents |   | $                                  | 471,378 |   |                                           | $      | 471,378 |   |   | $ | - |   |   | $ | - |   |
| Restricted cash           |   |                               | 23,550  |   |                                           |   | 23,550 |   |   |   | - |   |   |   | - |   |
| Short-term investments    |   |                               | 28      |   |                                           |   | 28 |   |   |   | - |   |   |   | - |   |
| Auction rate securities   |   |                               | 88,129  |   |                                           |   | - |   |   |   | - |   |   |   | 88,129 |   |
| TOTAL                     |   | $                                  | 583,085 |   |                                           | $      | 494,956 |   |   | $ | - |   |   | $ | 88,129 |   |

|                      |   |                               |    |   | Fair Value Measurements at Dec. 31, 2009 Using |   |
|---------------------------|--------|------------------------------------|---------|--------|------------------------------------------------|--------|
|                      |   | TotalCarryingValue atDec. 31, 2009 |    |   | Quoted pricesin activemarkets(Level 1)         |   |   | Significant otherobservableinputs(Level 2) |   |   | Significantunobservableinputs(Level 3) |   |
|                      |   |                               |    |   |                                           |   |   |   |   |   |   |   |
| Cash and cash equivalents |   | $                                  | 348,309 |   |                                           | $      | 348,309 |   |   | $ | - |   |   | $ | - |   |
| Restricted cash           |   |                               | -       |   |                                           |   | - |   |   |   | - |   |   |   | - |   |
| Short-term investments    |   |                               | 76      |   |                                           |   | 76 |   |   |   | - |   |   |   | - |   |
| Auction rate securities   |   |                               | 101,201 |   |                                           |   | - |   |   |   | - |   |   |   | 101,201 |   |
| TOTAL                     |   | $                                  | 449,586 |   |                                           | $      | 348,385 |   |   | $ | - |   |   | $ | 101,201 |   |

----

Index

|                                                                   |   | Auction Rate |    |
|------------------------------------------------------------------------|--------|--------------|---------|
|                                                                   |   | Securities   |    |
|                                                                   |   |         |    |
| Balance at December 31, 2009                                      |   | $            | 101,201 |   |
| Purchases                                                              |   |         | -       |   |
| Settlements                                                            |   |         | (7,400  | ) |
| Impairment charge included in Other Income (Expense), net              |   |         | (5,746  | ) |
| Reversal of impairment charges included in Other Income (Expense), net |   |         | 74      |   |
| Balance at December 31, 2010                                      |   | $            | 88,129  |   |

|                                                                   |   | Auction Rate |    |
|------------------------------------------------------------------------|--------|--------------|---------|
|                                                                   |   | Securities   |    |
|                                                                   |   |         |    |
| Balance at December 31, 2008                                      |   | $            | 103,429 |   |
| Purchases                                                              |   |         | -       |   |
| Settlements                                                            |   |         | (2,250  | ) |
| Reversal of impairment charges included in Other Income (Expense), net |   |         | 22      |   |
| Balance at December 31, 2009                                      |   | $            | 101,201 |   |

----

Index

|                                                                    |   | Building |     |   | Civil  |   |    | Management Services |   |   | Total   |   |
|-------------------------------------------------------------------------|--------|----------|----------|--------|--------|--------|---------|---------------------|--------|--------|---------|--------|
|                                                                    |   |     |     |   |   |   |    |                |   |   |    |   |
| Gross goodwill at December 31, 2008                                |   | $        | 605,314  |   |   | $      | 83,163  |                |   | $      | 66,533  |   |   | $ | 755,010 |   |
| Accumulated impairment                                                  |   |     | (146,847 | )      |   |   | -       |                |   |   | (20,051 | )      |   |   | (166,898 | ) |
| Balance at December 31, 2008                                       |   |     | 458,467  |   |   |   | 83,163  |                |   |   | 46,482  |   |   |   | 588,112 |   |
| Goodwill recorded in connection with the acquisition of Keating         |   |     | 14,359   |   |   |   | -       |                |   |   | -       |   |   |   | 14,359 |   |
| Subtotal                                                                |   |     | 472,826  |   |   |   | 83,163  |                |   |   | 46,482  |   |   |   | 602,471 |   |
| Reallocation based on relative fair value                               |   |     | (217,929 | )      |   |   | 217,824 |                |   |   | 105     |   |   |   | - |   |
| Balance at December 31, 2009                                       |   |     | 254,897  |   |   |   | 300,987 |                |   |   | 46,587  |   |   |   | 602,471 |   |
| Goodwill recorded in connection with the acquisition of Superior Gunite |   |     | -        |   |   |   | 18,267  |                |   |   | -       |   |   |   | 18,267 |   |
| Acquisition related adjustment                                          |   |     | 1,182    |   |   |   | -       |                |   |   | -       |   |   |   | 1,182 |   |
| Balance at December 31, 2010                                       |   | $        | 256,079  |   |   | $      | 319,254 |                |   | $      | 46,587  |   |   | $ | 621,920 |   |

----

Index

|                          | December 31, 2010 |   | Weighted     |
|-------------------------------|------------------------|--------|--------------|
|                          |                   |   |         |   | Accumulated |   |   |   | Average |
|                          |                   |   | Accumulated  |   | Impairment |   | Carrying |   | Amortization |
|                          | Cost                   |   | Amortization |   | Charge |   | Value |   | Period |
|                          |                   |   |         |   |   |   |   |   |   |   |   |   |   |
| Trade names                   |                   | $      | 158,150      |   |   | $ | - |   |   | $ | (56,900 | ) |   | $ | 101,250 |   | Indefinite |
| Contractor license            |                   |   | 6,000        |   |   |   | - |   |   |   | (680 | ) |   |   | 5,320 |   | Indefinite |
| Customer relationships        |                   |   | 31,700       |   |   |   | (7,113 | ) |   |   | - |   |   |   | 24,587 |   | 11.8 years |
| Construction contract backlog |                   |   | 34,540       |   |   |   | (33,146 | ) |   |   | - |   |   |   | 1,394 |   | 2.4 years |
| Non-compete agreements        |                   |   | 2,400        |   |   |   | (2,400 | ) |   |   | - |   |   |   | - |   | n.a. |
| Total                         |                   | $      | 232,790      |   |   | $ | (42,659 | ) |   | $ | (57,580 | ) |   | $ | 132,551 |   |   |

|                          |   | December 31, 2009 |    | Weighted |
|-------------------------------|--------|------------------------|---------|----------|
|                          |   | Cost                   |    |     | AccumulatedAmortization |   |   | AccumulatedImpairmentCharge |   |   | CarryingValue |   | AverageAmortizationPeriod |
|                          |   |                   |    |     |   |   |   |   |   |   |   |   |   |
| Trade names                   |   | $                      | 153,050 |     |   | $ | - |   |   | $ | (56,900 | ) |   | $ | 96,150 |   | Indefinite |
| Contractor license            |   |                   | 6,000   |     |   |   | - |   |   |   | (680 | ) |   |   | 5,320 |   | Indefinite |
| Customer relationships        |   |                   | 31,700  |     |   |   | (4,243 | ) |   |   | - |   |   |   | 27,457 |   | 11.8 years |
| Construction contract backlog |   |                   | 33,340  |     |   |   | (28,300 | ) |   |   | - |   |   |   | 5,040 |   | 2.5 years |
| Non-compete agreements        |   |                   | 2,400   |     |   |   | (2,040 | ) |   |   | - |   |   |   | 360 |   | 5 years |
| Total                         |   | $                      | 226,490 |     |   | $ | (34,583 | ) |   | $ | (57,580 | ) |   | $ | 134,327 |   |   |

----

Index

|                                                                                                                                                                                                                                                                                                                |   | 2010   |    |   | 2009   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                |   |   |    |   |   |   |
| Senior unsecured notes due November 1, 2018 at a rate of 7.625% interest payable in equal semi-annual installments beginning May 1, 2011 through November 1, 2018.                                                                                                                                                  |   | $      | 300,000 |   |   | $      | - |   |
| Less unamortized debt discount based on imputed interest rate of 7.75%                                                                                                                                                                                                                                              |   |   | (2,186  | )      |   |   | - |   |
| Total amount less unamortized discount                                                                                                                                                                                                                                                                              |   |   | 297,814 |   |   |   | - |   |
|                                                                                                                                                                                                                                                                                                                |   |   |    |   |   |   |   |   |
| Equipment financing at rates ranging from 4.25% to 7.95%                                                                                                                                                                                                                                                            |   |   | 29,883  |   |   |   | 37,486 |   |
|                                                                                                                                                                                                                                                                                                                |   |   |    |   |   |   |   |   |
| Loan on transportation equipment at a rate of 6.44% payable in equal monthly installments over a five- year period, with a balloon payment of $29.3 million in 2014                                                                                                                                                 |   |   | 33,308  |   |   |   | 34,398 |   |
|                                                                                                                                                                                                                                                                                                                |   |   |    |   |   |   |   |   |
| Loan on transportation equipment at a variable LIBOR-based rate plus 2.4% payable in equal monthly installments over a seven-year period, with a balloon payment of $12.0 million in 2015                                                                                                                           |   |   | 15,426  |   |   |   | 16,044 |   |
|                                                                                                                                                                                                                                                                                                                |   |   |    |   |   |   |   |   |
| Mortgages on land and office building, both at a variable LIBOR-based interest rate plus 2.0% with principal amortized at a fixed rate of 5.25% payable in equal monthly installments over seven and fifteen year periods, respectively. The seven-year mortgage includes a balloon payment of $3.0 million in 2016 |   |   | 8,892   |   |   |   | 9,383 |   |
|                                                                                                                                                                                                                                                                                                                |   |   |    |   |   |   |   |   |
| Mortgage on office building at a variable rate of lender's prime rate less 1.0% (2.25% in 2010) payable in equal monthly installments over a ten-year period, with a balloon payment of $2.6 million  in 2018                                                                                             |   |   | 4,403   |   |   |   | 4,646 |   |
|                                                                                                                                                                                                                                                                                                                |   |   |    |   |   |   |   |   |
| Mortgage on office building at a rate of 7.16% payable in equal monthly installments over a five-year period, with a balloon payment of $1.5 million in 2011                                                                                                                                                        |   |   | 1,563   |   |   |   | 1,614 |   |
|                                                                                                                                                                                                                                                                                                                |   |   |    |   |   |   |   |   |
| Mortgage on office building at a rate of 5.62% payable in equal monthly installments over a five-year period, with a balloon payment of $1.1 million in 2013                                                                                                                                                        |   |   | 1,262   |   |   |   | 1,331 |   |
|                                                                                                                                                                                                                                                                                                                |   |   |    |   |   |   |   |   |
| Mortgage on office building at a rate of 8.96% payable in equal monthly installments over a ten-year period, with a balloon payment of approximately $5.3 million in 2010                                                                                                                                           |   |   | -       |   |   |   | 5,560 |   |
|                                                                                                                                                                                                                                                                                                                |   |   |    |   |   |   |   |   |
| Other Indebtedness                                                                                                                                                                                                                                                                                                  |   |   | 3,133   |   |   |   | 5,643 |   |
| Total                                                                                                                                                                                                                                                                                                               |   |   | 395,684 |   |   |   | 116,105 |   |
| Less – current maturities                                                                                                                                                                                                                                                                                     |   |   | 21,334  |   |   |   | 31,334 |   |
| Net long-term debt                                                                                                                                                                                                                                                                                                  |   | $      | 374,350 |   |   | $      | 84,771 |   |

----

Index

----

Index

----

Index

|                                         |   | Amount |   |
|----------------------------------------------|--------|--------|--------|
|                                         |   |   |   |
| 2011                                         |   | $      | 9,155  |   |
| 2012                                         |   |   | 7,703  |   |
| 2013                                         |   |   | 6,748  |   |
| 2014                                         |   |   | 6,430  |   |
| 2015                                         |   |   | 5,698  |   |
| Thereafter                                   |   |   | 7,018  |   |
| Subtotal                                     |   |   | 42,752 |   |
|                                         |   |   |   |   |
| Less -  Sublease rental agreements |   |   | (1,290 | ) |
|                                         |   |   |   |   |
| Total                                        |   | $      | 41,462 |   |

|   |   | U.S.       |    |   | Foreign    |   |    |   |   |
|--------|--------|------------|---------|--------|------------|--------|---------|--------|--------|
|   |   | Operations |    |   | Operations |   |    | Total  |   |
|   |   |       |    |   |       |   |    |   |   |
| 2010   |   | $          | 159,474 |   |       | $      | (6      | )      |   | $ | 159,468 |   |
| 2009   |   | $          | 196,088 |   |       | $      | 9,052   |   |   | $ | 205,140 |   |
| 2008   |   | $          | (3,734  | )      |       | $      | (16,116 | )      |   | $ | (19,850 | ) |

----

Index

|     |   | Federal |    |   | State  |   |    | Foreign |   |   | Total  |   |
|----------|--------|---------|---------|--------|--------|--------|---------|---------|--------|--------|--------|--------|
|     |   |    |    |   |   |   |    |    |   |   |   |   |
| 2010     |   |    |    |   |   |   |    |    |   |   |   |   |
| Current  |   | $       | 49,873  |   |   | $      | 9,528   |    |   | $      | 175    |   |   | $ | 59,576 |   |
| Deferred |   |    | (2,464  | )      |   |   | (983    | )       |   |   | (161   | )      |   |   | (3,608 | ) |
|     |   | $       | 47,409  |   |   | $      | 8,545   |    |   | $      | 14     |   |   | $ | 55,968 |   |
| 2009     |   |    |    |   |   |   |    |    |   |   |   |   |   |   |   |   |
| Current  |   | $       | 65,822  |   |   | $      | 9,737   |    |   | $      | 3,061  |   |   | $ | 78,620 |   |
| Deferred |   |    | (11,139 | )      |   |   | 506     |    |   |   | 92     |   |   |   | (10,541 | ) |
|     |   | $       | 54,683  |   |   | $      | 10, 243 |    |   | $      | 3,153  |   |   | $ | 68,079 |   |
| 2008     |   |    |    |   |   |   |    |    |   |   |   |   |   |   |   |   |
| Current  |   | $       | 54,811  |   |   | $      | 7,174   |    |   | $      | 1,289  |   |   | $ | 63,274 |   |
| Deferred |   |    | (7,732  | )      |   |   | (479    | )       |   |   | 227    |   |   |   | (7,984 | ) |
|     |   | $       | 47,079  |   |   | $      | 6,695   |    |   | $      | 1,516  |   |   | $ | 55,290 |   |

|                                               |   | 2010   |   |   | 2009   |   |   | 2008   |   |
|----------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|                                               |   |   |   |   |   |   |   |   |   |
| Statutory federal income tax rate                  |   |   | 35.0   | %      |   |   | 35.0   | %      |   |   | 35.0 | % |
| State income taxes, net of federal tax benefit     |   |   | 3.2    |   |   |   | 3.2    |   |   |   | (24.0 | ) |
| Officer's compensation                             |   |   | 0.3    |   |   |   | 0.3    |   |   |   | (6.6 | ) |
| Impairment of goodwill and other intangible assets |   |   | -      |   |   |   | -      |   |   |   | (294.3 | ) |
| Other                                              |   |   | (3.4   | )      |   |   | (5.3   | )      |   |   | 11.4 |   |
| Effective tax rate                                 |   |   | 35.1   | %      |   |   | 33.2   | %      |   |   | (278.5 | )% |

----

Index

|                                                    |   | 2010   |     |   | 2009   |   |
|---------------------------------------------------------|--------|--------|----------|--------|--------|--------|
| Deferred Tax Assets                                     |   |   |     |   |   |   |
| Timing of expense recognition                           |   | $      | 44,781   |   |   | $      | 43,312 |   |
| Other, net                                              |   |   | -        |   |   |   | (35 | ) |
| Deferred tax assets                                     |   |   | 44,781   |   |   |   | 43,277 |   |
|                                                    |   |   |     |   |   |   |   |   |
| Deferred Tax Liabilities                                |   |   |     |   |   |   |   |   |
| Intangible assets, due primarily to purchase accounting |   |   | (52,454  | )      |   |   | (55,231 | ) |
| Fixed assets, due primarily to purchase accounting      |   |   | (61,445  | )      |   |   | (51,125 | ) |
| Construction contract accounting                        |   |   | (7,333   | )      |   |   | (13,707 | ) |
| Joint ventures - construction                           |   |   | 1,384    |   |   |   | (360 | ) |
| Other                                                   |   |   | (278     | )      |   |   | (461 | ) |
| Deferred tax liabilities                                |   |   | (120,126 | )      |   |   | (120,884 | ) |
|                                                    |   |   |     |   |   |   |   |   |
| Net deferred tax liability                              |   | $      | (75,345  | )      |   | $      | (77,607 | ) |

|                             |   | 2010   |    |   | 2009   |   |
|----------------------------------|--------|--------|---------|--------|--------|--------|
|                             |   |   |    |   |   |   |
| Current deferred tax asset       |   | $      | 3,737   |   |   | $      | 1,370 |   |
| Long-term deferred tax liability |   |   | (79,082 | )      |   |   | (78,977 | ) |
|                             |   | $      | (75,345 | )      |   | $      | (77,607 | ) |

----

Index

| Other Assets           |   |   |   |   |   |   |
|------------------------|--------|--------|--------|--------|--------|--------|
|                   |   | 2010   |   |   | 2009   |   |
| Deferred costs         |   | $      | 7,969  |   |   | $      | 1,903 |   |
| Mineral reserves       |   |   | 3,262  |   |   |   | 12,814 |   |
| Deposits               |   |   | 375    |   |   |   | 3,090 |   |
| Other long-term assets |   |   | 1,535  |   |   |   | 1,473 |   |
|                   |   | $      | 13,141 |   |   | $      | 19,280 |   |

| Other Long-term Liabilities          |   |   |   |   |   |   |
|--------------------------------------|--------|--------|--------|--------|--------|--------|
|                                 |   | 2010   |   |   | 2009   |   |
| Pension liability                    |   | $      | 23,944 |   |   | $      | 20,590 |   |
| Acquisition related liabilities      |   |   | 8,733  |   |   |   | 11,200 |   |
| Subcontractor insurance program      |   |   | 4,508  |   |   |   | 7,787 |   |
| Employee benefit related liabilities |   |   | 2,295  |   |   |   | 2,053 |   |
| Mineral royalties payable            |   |   | 1,894  |   |   |   | 11,325 |   |
| Deferred lease incentive             |   |   | 1,608  |   |   |   | 1,697 |   |
| Other                                |   |   | 1,698  |   |   |   | 2,392 |   |
|                                 |   | $      | 44,680 |   |   | $      | 57,044 |   |

| Other Income (Expense), Net                    |   |   |   |   |   |   |   |   |   |
|------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|                                           |   | 2010   |   |   | 2009   |   |   | 2008   |   |
| Interest  income                     |   | $      | 4,458  |   |   | $      | 4,666  |   |   | $ | 12,898 |   |
| Amortization of deferred costs                 |   |   | (1,745 | )      |   |   | (398   | )      |   |   | (290 | ) |
| Bank fees                                      |   |   | (1,618 | )      |   |   | (1,494 | )      |   |   | (1,093 | ) |
| Adjustment of investments to fair value        |   |   | (5,742 | )      |   |   | 39     |   |   |   | (2,721 | ) |
| Realized loss on sale of investments, net      |   |   | (312   | )      |   |   | -      |   |   |   | - |   |
| Adjustment of business acquisition liabilities |   |   | 3,333  |   |   |   | (1,500 | )      |   |   | - |   |
| Gain on sale of property used in operations    |   |   | -      |   |   |   | 157    |   |   |   | 1,617 |   |
| Loss from land sales, net                      |   |   | -      |   |   |   | (340   | )      |   |   | (638 | ) |
| Miscellaneous income (expense), net            |   |   | (654   | )      |   |   | (32    | )      |   |   | (214 | ) |
|                                           |   | $      | (2,280 | )      |   | $      | 1,098  |   |   | $ | 9,559 |   |

----

Index

|                                              |   | 2010   |   |   | 2009   |   |   | 2008   |   |
|---------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|                                              |   |   |   |   |   |   |   |   |   |
| Interest cost on projected benefit obligation     |   | $      | 4,531  |   |   | $      | 4,676  |   |   | $ | 4,658 |   |
| Expected return on plan assets                    |   |   | (4,960 | )      |   |   | (4,871 | )      |   |   | (4,799 | ) |
| Amortization of net loss                          |   |   | 2,818  |   |   |   | 1,776  |   |   |   | 1,468 |   |
| Net periodic benefit cost                         |   | $      | 2,389  |   |   | $      | 1,581  |   |   | $ | 1,327 |   |
|                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Actuarial assumptions used to determine net cost: |   |   |   |   |   |   |   |   |   |   |   |   |
| Discount rate                                     |   |   | 5.84   | %      |   |   | 6.29   | %      |   |   | 6.41 | % |
| Expected return on assets                         |   |   | 7.50   | %      |   |   | 7.50   | %      |   |   | 7.50 | % |
| Rate of increase in compensation                  |   | n.a.   |   |   | n.a.   |   |   | n.a.   |   |

|                    |   | Percentage of Plan Assets at December 31, |   |
|-------------------------|--------|------------------------------------------------|--------|
| Asset Category          |   | Target Allocation 2011                         |   |   | 2010 |   |   | 2009 |   |
| Equity securities:      |   |                                           |   |   |   |   |   |   |   |
| Domestic                |   |                                           | 60.0   | % |   |   | 60.2 | % |   |   | 58.6 | % |
| International           |   |                                           | 15.0   |   |   |   | 14.2 |   |   |   | 14.2 |   |
| Fixed income securities |   |                                           | 25.0   |   |   |   | 25.6 |   |   |   | 27.2 |   |
| Total                   |   |                                           | 100.0  | % |   |   | 100.0 | % |   |   | 100.0 | % |

----

Index

|        |   | Amount |   |
|-------------|--------|--------|--------|
| 2011        |   | $      | 5,207  |   |
| 2012        |   |   | 5,356  |   |
| 2013        |   |   | 5,525  |   |
| 2014        |   |   | 5,647  |   |
| 2015        |   |   | 5,824  |   |
| 2016 - 2020 |   |   | 30,384 |   |

|                                                                                                         |   | 2010   |    |   | 2009   |   |
|--------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Change in Fair Value of Plan Assets                                                                          |   |   |    |   |   |   |
| Balance at beginning of year                                                                                 |   | $      | 57,715  |   |   | $      | 46,082 |   |
| Actual return on plan assets                                                                                 |   |   | 5,215   |   |   |   | 9,247 |   |
| Company contribution                                                                                         |   |   | 3,766   |   |   |   | 6,949 |   |
| Benefit payments                                                                                             |   |   | (4,994  | )      |   |   | (4,563 | ) |
| Balance at end of year                                                                                       |   | $      | 61,702  |   |   | $      | 57,715 |   |
|                                                                                                         |   |   |    |   |   |   |   |   |
| Change in Benefit Obligations                                                                                |   |   |    |   |   |   |   |   |
| Balance at beginning of year                                                                                 |   | $      | 80,597  |   |   | $      | 76,350 |   |
| Interest cost                                                                                                |   |   | 4,531   |   |   |   | 4,676 |   |
| Assumption change loss                                                                                       |   |   | 8,478   |   |   |   | - |   |
| Actuarial (gain) loss                                                                                        |   |   | (466    | )      |   |   | 4,134 |   |
| Benefit payments                                                                                             |   |   | (4,994  | )      |   |   | (4,563 | ) |
| Balance at end of year                                                                                       |   | $      | 88,146  |   |   | $      | 80,597 |   |
|                                                                                                         |   |   |    |   |   |   |   |   |
| Funded Status                                                                                                |   |   |    |   |   |   |   |   |
| Funded status at December 31,                                                                           |   | $      | (26,444 | )      |   | $      | (22,882 | ) |
|                                                                                                         |   |   |    |   |   |   |   |   |
| Amounts recognized in Consolidated Balance Sheets consist of:                                                |   |   |    |   |   |   |   |   |
| Current liabilities                                                                                          |   | $      | (205    | )      |   | $      | (239 | ) |
| Long-term liabilities                                                                                        |   |   | (26,239 | )      |   |   | (22,643 | ) |
|                                                                                                         |   |   |    |   |   |   |   |   |
| Net amount recognized in Consolidated Balance Sheets                                                         |   | $      | (26,444 | )      |   | $      | (22,882 | ) |
|                                                                                                         |   |   |    |   |   |   |   |   |
| Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss: |   |   |    |   |   |   |   |   |
| Net actuarial loss                                                                                           |   | $      | (44,428 | )      |   | $      | (39,488 | ) |
| Accumulated other comprehensive loss                                                                         |   |   | (44,428 | )      |   |   | (39,488 | ) |
| Cumulative Company contributions in excess of net periodic benefit cost                                      |   |   | 17,984  |   |   |   | 16,606 |   |
| Net amount recognized in Consolidated Balance Sheets                                                         |   | $      | (26,444 | )      |   | $      | (22,882 | ) |

----

Index

|                                                        |   | 2010             |   |   | 2009             |   |
|-------------------------------------------------------------|--------|------------------|--------|--------|------------------|--------|
| Actuarial assumptions used to determine benefit obligation: |   |             |   |   |             |   |
| Discount rate                                               |   |             | 5.18   | %      |             |   | 5.84 | % |
| Rate of increase in compensation                            |   | n.a.             |   |   | n.a.             |   |
| Measurement date                                            |   | December 31 |   |   | December 31 |   |

|                       |   | Quoted Prices in Active Markets for Identical Assets |   |   | Significant Observable Inputs |   |   | Significant Unobservable Inputs |   |   | Total Value as of |   |
|----------------------------|--------|------------------------------------------------------|--------|--------|-------------------------------|--------|--------|---------------------------------|--------|--------|-------------------|--------|
|                       |   | (Level 1)                                            |   |   | (Level 2)                     |   |   | (Level 3)                       |   |   | Dec. 31, 2010     |   |
| Cash and cash equivalents  |   | $                                                    | 443    |   |                          | $      | -      |                            |   | $      | -                 |   |   | $ | 443 |   |
| Fixed Income               |   |                                                 | 15,842 |   |                          |   | -      |                            |   |   | -                 |   |   |   | 15,842 |   |
| International Mutual Funds |   |                                                 | 8,800  |   |                          |   | -      |                            |   |   | -                 |   |   |   | 8,800 |   |
| Hedge Fund Investments:    |   |                                                 |   |   |                          |   |   |                            |   |   |              |   |   |   |   |   |
| Cash                       |   |                                                 | 1,521  |   |                          |   | -      |                            |   |   | -                 |   |   |   | 1,521 |   |
| Long-Short Equity Fund     |   |                                                 | -      |   |                          |   | -      |                            |   |   | 12,864            |   |   |   | 12,864 |   |
| Event Driven Fund          |   |                                                 | -      |   |                          |   | -      |                            |   |   | 8,444             |   |   |   | 8,444 |   |
| Distressed Credit          |   |                                                 | -      |   |                          |   | -      |                            |   |   | 9,447             |   |   |   | 9,447 |   |
| Multi-Strategy Fund        |   |                                                 | -      |   |                          |   | -      |                            |   |   | 4,341             |   |   |   | 4,341 |   |
| Total                      |   | $                                                    | 26,606 |   |                          | $      | -      |                            |   | $      | 35,096            |   |   | $ | 61,702 |   |

|                       |   | Quoted Prices in Active Markets for Identical Assets |   |   | Significant Observable Inputs |   |   | Significant Unobservable Inputs |   |   | Total Value as of |   |
|----------------------------|--------|------------------------------------------------------|--------|--------|-------------------------------|--------|--------|---------------------------------|--------|--------|-------------------|--------|
|                       |   | (Level 1)                                            |   |   | (Level 2)                     |   |   | (Level 3)                       |   |   | Dec. 31, 2009     |   |
| Cash and cash equivalents  |   | $                                                    | 402    |   |                          | $      | -      |                            |   | $      | -                 |   |   | $ | 402 |   |
| Fixed Income               |   |                                                 | 15,269 |   |                          |   | -      |                            |   |   | -                 |   |   |   | 15,269 |   |
| International Mutual Funds |   |                                                 | 8,219  |   |                          |   | -      |                            |   |   | -                 |   |   |   | 8,219 |   |
| Hedge Fund Investments:    |   |                                                 |   |   |                          |   |   |                            |   |   |              |   |   |   |   |   |
| Cash                       |   |                                                 | 2,469  |   |                          |   | -      |                            |   |   | -                 |   |   |   | 2,469 |   |
| Long-Short Equity Fund     |   |                                                 | -      |   |                          |   | -      |                            |   |   | 14,574            |   |   |   | 14,574 |   |
| Event Driven Fund          |   |                                                 | -      |   |                          |   | -      |                            |   |   | 4,488             |   |   |   | 4,488 |   |
| Distressed Credit          |   |                                                 | -      |   |                          |   | -      |                            |   |   | 8,651             |   |   |   | 8,651 |   |
| Multi-Strategy Fund        |   |                                                 | -      |   |                          |   | -      |                            |   |   | 3,643             |   |   |   | 3,643 |   |
| Total                      |   | $                                                    | 26,359 |   |                          | $      | -      |                            |   | $      | 31,356            |   |   | $ | 57,715 |   |

----

Index

|                            |   | Changes in Fair Value of Level 3 Assets |   |
|---------------------------------|--------|-----------------------------------------|--------|
|                            |   | Long-Short Equity Fund                  |   |   | Event Driven Fund |   |   | Distressed Credit |   |   | Multi-Strategy Fund |   |   | Total |   |
| Balance, December 31, 2009 |   | $                                       | 14,574 |   |   | $ | 4,488 |   |   | $ | 8,651 |   |   | $ | 3,643 |   |   | $ | 31,356 |   |
| Realized gains (losses)         |   |                                    | -      |   |   |   | - |   |   |   | - |   |   |   | (21 | ) |   |   | (21 | ) |
| Unrealized gains (losses)       |   |                                    | (2,128 | ) |   |   | 3,682 |   |   |   | 489 |   |   |   | 770 |   |   |   | 2,813 |   |
| Purchases                       |   |                                    | 418    |   |   |   | 274 |   |   |   | 307 |   |   |   | 141 |   |   |   | 1,140 |   |
| Sales                           |   |                                    | -      |   |   |   | - |   |   |   | - |   |   |   | (192 | ) |   |   | (192 | ) |
| Issuances                       |   |                                    | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Balance, December 31, 2010 |   | $                                       | 12,864 |   |   | $ | 8,444 |   |   | $ | 9,447 |   |   | $ | 4,341 |   |   | $ | 35,096 |   |

|                            |   | Changes in Fair Value of Level 3 Assets |   |
|---------------------------------|--------|-----------------------------------------|--------|
|                            |   | Long-Short Equity Fund                  |   |   | Event Driven Fund |   |   | Distressed Credit |   |   | Multi-Strategy Fund |   |   | Total |   |
| Balance, December 31, 2008 |   | $                                       | 10,972 |   |   | $ | 5,288 |   |   | $ | 6,239 |   |   | $ | 2,527 |   |   | $ | 25,026 |   |
| Realized gains (losses)         |   |                                    | (407   | ) |   |   | (316 | ) |   |   | (173 | ) |   |   | (278 | ) |   |   | (1,174 | ) |
| Unrealized gains (losses)       |   |                                    | 2,699  |   |   |   | (888 | ) |   |   | 1,808 |   |   |   | 1,066 |   |   |   | 4,685 |   |
| Purchases                       |   |                                    | 2,191  |   |   |   | 1,088 |   |   |   | 1,150 |   |   |   | 929 |   |   |   | 5,358 |   |
| Sales                           |   |                                    | (881   | ) |   |   | (684 | ) |   |   | (373 | ) |   |   | (601 | ) |   |   | (2,539 | ) |
| Issuances                       |   |                                    | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Balance, December 31, 2009 |   | $                                       | 14,574 |   |   | $ | 4,488 |   |   | $ | 8,651 |   |   | $ | 3,643 |   |   | $ | 31,356 |   |

----

Index

|                                                                  | 2010    |   | 2009         |   |
|-----------------------------------------------------------------------|---------|--------|--------------|--------|
|                                                                  |    |   | Benefit      |   |   |   |   |   | Benefit |   |   |   |
|                                                                  | Pension |   | Equalization |   |   |   | Pension |   | Equalization |   |   |   |
|                                                                  | Plan    |   | Plan         |   | Total |   | Plan |   | Plan |   | Total |   |
| Projected benefit obligation                                          |    | $      | 84,952       |   |   | $ | 3,194 |   |   | $ | 88,146 |   |   | $ | 77,449 |   |   | $ | 3,148 |   |   | $ | 80,597 |   |
| Accumulated benefit obligation                                        |    |   | 84,952       |   |   |   | 3,194 |   |   |   | 88,146 |   |   |   | 77,449 |   |   |   | 3,148 |   |   |   | 80,597 |   |
| Fair value of plan assets                                             |    |   | 61,702       |   |   |   | - |   |   |   | 61,702 |   |   |   | 57,715 |   |   |   | - |   |   |   | 57,715 |   |
|                                                                  |    |   |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Projected benefit obligation greater than fair value of plan assets   |    |   | 23,250       |   |   |   | 3,194 |   |   |   | 26,444 |   |   |   | 19,734 |   |   |   | 3,148 |   |   |   | 22,882 |   |
|                                                                  |    |   |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accumulated benefit obligation greater than fair value of plan assets |    | $      | 23,250       |   |   | $ | 3,194 |   |   | $ | 26,444 |   |   | $ | 19,734 |   |   | $ | 3,148 |   |   | $ | 22,882 |   |

----

Index

----

Index

----

Index

----

Index

----

Index

----

Index

----

Index

----

Index

|                              |   | Number of Shares |      |   | Weighted-Average Grant Date Fair Value |   |   | Aggregate Intrinsic Value |   |
|-----------------------------------|--------|------------------|-----------|--------|----------------------------------------|--------|--------|---------------------------|--------|
|                              |   |             |      |   |                                   |   |   |                      |   |
| Unvested - January 1, 2010        |   |             | 1,717,501 |   |                                   | $      | 24.05  |                      |   | $ | 31,052,418 |   |
| Vested                            |   |             | (660,001  | )      |                                   |   | 27.84  |                      |   |   | 12,916,969 |   |
| Granted                           |   |             | 208,333   |   |                                   |   | 20.44  |                      |   |   | 4,460,410 |   |
| Forfeited                         |   |             | (45,000   | )      |                                   |   | 20.12  |                      |   |   |   |   |
|                              |   |             | 1,220,833 |   |                                   |   | 21.62  |                      |   |   | 26,138,035 |   |
| Approved for grant                |   |             | 701,667   |   |                                   | (a)    |   |                      |   | 15,022,690 |   |
| Unvested - December 31, 2010 |   |             | 1,922,500 |   |                                   | n.a.   |   |                      |   | 41,160,725 |   |

|   | (a) | Grant date fair value cannot be determined currently because the related performance targets for future years have not yet been established by the Compensation Committee. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Vesting Date |   | Number of Awards |
|--------------|--------|------------------|
|         |   |             |
| 2011         |   | 233,333          |
| 2012         |   | 294,998          |
| 2013         |   | 1,182,500        |
| 2014         |   | 211,669          |
| Total        |   | 1,922,500        |

----

Index

|                                 |   |      |      |   | Weighted Average |   |
|--------------------------------------|--------|-----------|-----------|--------|------------------|--------|
|                                 |   | Number    |      |   | Grant Date       |   |   | Exercise |   |
|                                 |   | of Shares |      |   | Fair Value       |   |   | Price |   |
|                                 |   |      |      |   |             |   |   |   |   |
| Outstanding - January 1, 2010        |   |      | 935,000   |   |             | $      | 11.42 |   |   | $ | 20.51 |   |
| Granted                              |   |      | 150,000   |   |             |   | 9.79 |   |   |   | 20.33 |   |
| Forfeited                            |   |      | (45,000   | )      |             |   | 11.46 |   |   |   | 20.12 |   |
| Subtotal                             |   |      | 1,040,000 |   |             |   | 11.18 |   |   |   | 20.50 |   |
| Approved for grant                   |   |      | 450,000   |   |             | (a)    |   |   |   | 20.33 |   |
| Outstanding - December 31, 2010 |   |      | 1,490,000 |   |             | n.a.   |   |   |   | 20.45 |   |

|   | (a) | Grant date fair value cannot be determined currently because the related performance targets for future years have not yet been established by the Compensation Committee. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

| Risk-free interest rates                 |   |      | 2.65   | %      |
|------------------------------------------|--------|-----------|--------|--------|
| Expected life of options                 |   | 5.7 years |   |
| Expected volatility of underlying stock  |   |      | 48.38  | %      |
| Expected quarterly dividends (per share) |   | $         | 0.00   |   |

| Risk-free interest rates                 |   |      | 2.65   | %      |
|------------------------------------------|--------|-----------|--------|--------|
| Expected life of options                 |   | 5.5 years |   |
| Expected volatility of underlying stock  |   |      | 51.11  | %      |
| Expected quarterly dividends (per share) |   | $         | 0.00   |   |

----

Index

|                              |   | 2010 by Quarter |    |
|-----------------------------------|--------|-----------------|---------|
|                              |   | 1st             |    |   | 2nd |   |   | 3rd |   |   | 4th |   |
| Revenues                          |   | $               | 865,075 |   |   | $ | 914,376 |   |   | $ | 731,806 |   |   | $ | 687,953 |   |
| Gross profit                      |   |            | 76,133  |   |   |   | 98,912 |   |   |   | 90,670 |   |   |   | 72,133 |   |
| Net income                        |   |            | 20,933  |   |   |   | 32,725 |   |   |   | 30,933 |   |   |   | 18,909 |   |
|                              |   |            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic earnings per common share   |   | $               | 0.43    |   |   | $ | 0.67 |   |   | $ | 0.65 |   |   | $ | 0.40 |   |
|                              |   |            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Diluted earnings per common share |   | $               | 0.42    |   |   | $ | 0.66 |   |   | $ | 0.65 |   |   | $ | 0.40 |   |

|                              |   | 2009 by Quarter |      |
|-----------------------------------|--------|-----------------|-----------|
|                              |   | 1st             |      |   | 2nd |   |   | 3rd |   |   | 4th |   |
|                              |   |            |      |   |   |   |   |   |   |   |   |   |
| Revenues                          |   | $               | 1,518,282 |   |   | $ | 1,382,748 |   |   | $ | 1,168,769 |   |   | $ | 1,082,167 |   |
| Gross profit                      |   |            | 106,910   |   |   |   | 108,213 |   |   |   | 85,366 |   |   |   | 87,558 |   |
| Net income                        |   |            | 38,981    |   |   |   | 38,897 |   |   |   | 26,684 |   |   |   | 32,499 |   |
|                              |   |            |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic earnings per common share   |   | $               | 0.80      |   |   | $ | 0.80 |   |   | $ | 0.55 |   |   | $ | 0.67 |   |
|                              |   |            |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Diluted earnings per common share |   | $               | 0.80      |   |   | $ | 0.79 |   |   | $ | 0.54 |   |   | $ | 0.66 |   |

----

Index

|                                |   | Reportable Segments |      |   |   |   |    |       |   |
|-------------------------------------|--------|---------------------|-----------|--------|--------|--------|---------|------------|--------|
|                                |   |                |      |   |   |   |    | Management |   |   |   |   |   |   |   |   | Consolidated |   |
|                                |   | Building            |      |   | Civil  |   |    | Services   |   |   | Totals |   |   | Corporate |   |   | Total |   |
| 2010                                |   |                |      |   |   |   |    |       |   |   |   |   |   |   |   |   |   |   |
| Revenues                            |   | $                   | 2,326,980 |   |   | $      | 667,704 |       |   | $ | 204,526 |   |   | $ | 3,199,210 |   |   | $ | - |   |   | $ | 3,199,210 |   |
| Income from Construction Operations |   |                | 95,857    |   |   |   | 87,782  |       |   |   | 22,153 |   |   |   | 205,792 |   |   |   | (33,480 | ) (a) |   |   | 172,312 |   |
| Assets                              |   |                | 1,192,399 |   |   |   | 660,201 |       |   |   | 147,921 |   |   |   | 2,000,521 |   |   |   | 778,699 | (b) |   |   | 2,779,220 |   |
| Capital Expenditures                |   |                | 4,074     |   |   |   | 25,741  |       |   |   | 1,997 |   |   |   | 31,812 |   |   |   | 1,108 |   |   |   | 32,920 |   |
|                                |   |                |      |   |   |   |    |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 2009                                |   |                |      |   |   |   |    |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenues                            |   | $                   | 4,484,937 |   |   | $      | 361,677 |       |   | $ | 305,352 |   |   | $ | 5,151,966 |   |   | $ | - |   |   | $ | 5,151,966 |   |
| Income from Construction Operations |   |                | 155,500   |   |   |   | 44,268  |       |   |   | 53,447 |   |   |   | 253,215 |   |   |   | (41,672 | ) (a) |   |   | 211,543 |   |
| Assets                              |   |                | 1,580,735 |   |   |   | 562,728 |       |   |   | 293,177 |   |   |   | 2,436,640 |   |   |   | 384,014 | (b) |   |   | 2,820,654 |   |
| Capital Expenditures                |   |                | 19,671    |   |   |   | 13,624  |       |   |   | 5 |   |   |   | 33,300 |   |   |   | 9,439 |   |   |   | 42,739 |   |
|                                |   |                |      |   |   |   |    |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 2008                                |   |                |      |   |   |   |    |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenues                            |   | $                   | 5,146,563 |   |   | $      | 310,722 |       |   | $ | 203,001 |   |   | $ | 5,660,286 |   |   | $ | - |   |   | $ | 5,660,286 |   |
| Income (loss) from                  |   |                |      |   |   |   |    |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Construction Operations:            |   |                |      |   |   |   |    |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Before Impairment Charge            |   |                | 151,797   |   |   |   | 28,115  |       |   |   | 41,459 |   |   |   | 221,371 |   |   |   | (22,139 | ) (a) |   |   | 199,232 |   |
| Impairment Charge                   |   |                | (197,627  | )      |   |   | (6,000  | )          |   |   | (20,851 | ) |   |   | (224,478 | ) |   |   | - |   |   |   | (224,478 | ) |
| After Impairment Charge             |   |                | (45,830   | )      |   |   | 22,115  |       |   |   | 20,608 |   |   |   | (3,107 | ) |   |   | (22,139 | ) |   |   | (25,246 | ) |
| Assets                              |   |                | 1,743,547 |   |   |   | 602,436 |       |   |   | 178,201 |   |   |   | 2,524,184 |   |   |   | 548,894 | (b) |   |   | 3,073,078 |   |
| Capital Expenditures                |   |                | 20,490    |   |   |   | 18,359  |       |   |   | 2,309 |   |   |   | 41,158 |   |   |   | 53,050 |   |   |   | 94,208 |   |

| (a) | Consists of corporate general and administrative expenses. |
|-----|------------------------------------------------------------|

| (b) | Consists principally of cash and cash equivalents, corporate transportation equipment, net deferred tax asset, and other investments available for general corporate purposes. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

|                         |   | Revenues |      |
|------------------------------|--------|----------|-----------|
|                         |   | 2010     |      |   | 2009 |   |   | 2008 |   |
|                         |   |     |      |   |   |   |   |   |   |
| United States                |   | $        | 3,037,940 |   |   | $ | 4,853,477 |   |   | $ | 5,464,944 |   |
| Foreign and U.S. Territories |   |     | 161,270   |   |   |   | 298,489 |   |   |   | 195,342 |   |
|                         |   |     |      |   |   |   |   |   |   |   |   |   |
| Total                        |   | $        | 3,199,210 |   |   | $ | 5,151,966 |   |   | $ | 5,660,286 |   |

|                                     |   | Income (Loss) from Construction Operations |    |
|------------------------------------------|--------|--------------------------------------------|---------|
|                                     |   | 2010                                       |    |   | 2009 |   |   | 2008 |   |
|                                     |   |                                       |    |   |   |   |   |   |   |
| United States                            |   | $                                          | 182,193 |   |   | $ | 202,852 |   |   | $ | 181,739 |   |
| Foreign and U.S. Territories             |   |                                       | 23,599  |   |   |   | 50,363 |   |   |   | 39,632 |   |
| Corporate                                |   |                                       | (33,480 | ) |   |   | (41,672 | ) |   |   | (22,139 | ) |
| Goodwill and intangible asset impairment |   |                                       | -       |   |   |   | - |   |   |   | (224,478 | ) |
|                                     |   |                                       |    |   |   |   |   |   |   |   |   |   |
| Total                                    |   | $                                          | 172,312 |   |   | $ | 211,543 |   |   | $ | (25,246 | ) |

|                         |   | Assets |      |
|------------------------------|--------|--------|-----------|
|                         |   | 2010   |      |   | 2009 |   |   | 2008 |   |
|                         |   |   |      |   |   |   |   |   |   |
| United States                |   | $      | 2,610,848 |   |   | $ | 2,665,513 |   |   | $ | 2,934,381 |   |
| Foreign and U.S. Territories |   |   | 168,372   |   |   |   | 155,141 |   |   |   | 138,697 |   |
|                         |   |   |      |   |   |   |   |   |   |   |   |   |
| Total                        |   | $      | 2,779,220 |   |   | $ | 2,820,654 |   |   | $ | 3,073,078 |   |

----

Index

----

Index

|                                                                  |   | Tutor Perini Corporation |      |   | Guarantor Subsidiaries |   |      | Non-Guarantor Subsidiaries |   |   | Eliminations |   |   | Total Consolidated |       |
|-----------------------------------------------------------------------|--------|--------------------------|-----------|--------|------------------------|--------|-----------|----------------------------|--------|--------|--------------|--------|--------|--------------------|------------|
| ASSETS                                                                |   |                     |      |   |                   |   |      |                       |   |   |         |   |   |               |       |
| Cash and Cash Equivalents                                             |   | $                        | 222,156   |   |                   | $      | 220,086   |                       |   | $      | 29,136       |   |   | $                  | -          |   |   | $ | 471,378 |   |
| Restricted Cash                                                       |   |                     | 23,550    |   |                   |   | -         |                       |   |   | -            |   |   |               | -          |   |   |   | 23,550 |   |
| Accounts Receivable                                                   |   |                     | 116,718   |   |                   |   | 802,059   |                       |   |   | 643          |   |   |               | (38,806    | ) |   |   | 880,614 |   |
| Costs and Estimated Earnings in Excess of Billings                    |   |                     | 83,337    |   |                   |   | 55,960    |                       |   |   | 152          |   |   |               | -          |   |   |   | 139,449 |   |
| Deferred Income Taxes                                                 |   |                     | 3,515     |   |                   |   | 222       |                       |   |   | -            |   |   |               | -          |   |   |   | 3,737 |   |
| Other Current Assets                                                  |   |                     | 9,833     |   |                   |   | 22,784    |                       |   |   | 9,993        |   |   |               | (296       | ) |   |   | 42,314 |   |
| Total Current Assets                                                  |   |                     | 459,109   |   |                   |   | 1,101,111 |                       |   |   | 39,924       |   |   |               | (39,102    | ) |   |   | 1,561,042 |   |
|                                                                  |   |                     |      |   |                   |   |      |                       |   |   |         |   |   |               |       |   |   |   |   |   |
| Long-term Investments                                                 |   |                     | 88,129    |   |                   |   | -         |                       |   |   | -            |   |   |               | -          |   |   |   | 88,129 |   |
| Property and Equipment, net                                           |   |                     | 44,065    |   |                   |   | 312,965   |                       |   |   | 5,407        |   |   |               | -          |   |   |   | 362,437 |   |
| Intercompany Notes and Receivables                                    |   |                     | (4,331    | )      |                   |   | 565,701   |                       |   |   | (5,196       | )      |   |               | (556,174   | ) |   |   | - |   |
| Other Assets:                                                         |   |                     |      |   |                   |   |      |                       |   |   |         |   |   |               |       |   |   |   |   |   |
| Goodwill                                                              |   |                     | -         |   |                   |   | 621,920   |                       |   |   | -            |   |   |               | -          |   |   |   | 621,920 |   |
| Intangible Assets, net                                                |   |                     | -         |   |                   |   | 132,551   |                       |   |   | -            |   |   |               | -          |   |   |   | 132,551 |   |
| Investment in Subsidiaries                                            |   |                     | 1,696,321 |   |                   |   | -         |                       |   |   | -            |   |   |               | (1,696,321 | ) |   |   | - |   |
| Other                                                                 |   |                     | 8,015     |   |                   |   | 4,751     |                       |   |   | 375          |   |   |               | -          |   |   |   | 13,141 |   |
|                                                                  |   | $                        | 2,291,308 |   |                   | $      | 2,738,999 |                       |   | $      | 40,510       |   |   | $                  | (2,291,597 | ) |   | $ | 2,779,220 |   |
|                                                                  |   |                     |      |   |                   |   |      |                       |   |   |         |   |   |               |       |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS’ EQUITY                            |   |                     |      |   |                   |   |      |                       |   |   |         |   |   |               |       |   |   |   |   |   |
| Current Maturities of Long-term Debt                                  |   | $                        | 6,198     |   |                   | $      | 15,136    |                       |   | $      | -            |   |   | $                  | -          |   |   | $ | 21,334 |   |
| Accounts Payable                                                      |   |                     | 48,139    |   |                   |   | 643,462   |                       |   |   | 747          |   |   |               | (38,806    | ) |   |   | 653,542 |   |
| Billings in Excess of Costs and Estimated Earnings                    |   |                     | 20,424    |   |                   |   | 179,293   |                       |   |   | 33           |   |   |               | -          |   |   |   | 199,750 |   |
| Accrued Expenses                                                      |   |                     | 17,880    |   |                   |   | 60,267    |                       |   |   | 15,637       |   |   |               | (296       | ) |   |   | 93,488 |   |
| Total Current Liabilities                                             |   |                     | 92,641    |   |                   |   | 898,158   |                       |   |   | 16,417       |   |   |               | (39,102    | ) |   |   | 968,114 |   |
|                                                                  |   |                     |      |   |                   |   |      |                       |   |   |         |   |   |               |       |   |   |   |   |   |
| Long-term Debt, less current maturities                               |   |                     | 316,113   |   |                   |   | 58,237    |                       |   |   | -            |   |   |               | -          |   |   |   | 374,350 |   |
|                                                                  |   |                     |      |   |                   |   |      |                       |   |   |         |   |   |               |       |   |   |   |   |   |
| Deferred Income Taxes                                                 |   |                     | 78,525    |   |                   |   | 557       |                       |   |   | -            |   |   |               | -          |   |   |   | 79,082 |   |
|                                                                  |   |                     |      |   |                   |   |      |                       |   |   |         |   |   |               |       |   |   |   |   |   |
| Other Long-term Liabilities                                           |   |                     | 36,121    |   |                   |   | 8,559     |                       |   |   | -            |   |   |               | -          |   |   |   | 44,680 |   |
|                                                                  |   |                     |      |   |                   |   |      |                       |   |   |         |   |   |               |       |   |   |   |   |   |
| Contingencies and Commitments                                         |   |                     |      |   |                   |   |      |                       |   |   |         |   |   |               |       |   |   |   |   |   |
|                                                                  |   |                     |      |   |                   |   |      |                       |   |   |         |   |   |               |       |   |   |   |   |   |
| Intercompany Notes and Advances Payable                               |   |                     | 454,914   |   |                   |   | 86,188    |                       |   |   | 15,072       |   |   |               | (556,174   | ) |   |   | - |   |
|                                                                  |   |                     |      |   |                   |   |      |                       |   |   |         |   |   |               |       |   |   |   |   |   |
| Stockholders’ Equity:                                           |   |                     |      |   |                   |   |      |                       |   |   |         |   |   |               |       |   |   |   |   |   |
| Common Stock                                                          |   |                     | 47,090    |   |                   |   | 1,423     |                       |   |   | 251          |   |   |               | (1,674     | ) |   |   | 47,090 |   |
| Additional Paid-in Capital                                            |   |                     | 985,413   |   |                   |   | 205,232   |                       |   |   | 100          |   |   |               | (205,332   | ) |   |   | 985,413 |   |
| Retained Earnings                                                     |   |                     | (288,745  | )      |                   |   | 1,480,652 |                       |   |   | 8,670        |   |   |               | (884,046   | ) |   |   | 316,531 |   |
| Equity in Retained Earnings of Subsidiaries Since Date of Acquisition |   |                     | 605,512   |   |                   |   | -         |                       |   |   | -            |   |   |               | (605,512   | ) |   |   | - |   |
| Accumulated Other Comprehensive Loss                                  |   |                     | (36,276   | )      |                   |   | (7        | )                          |   |   | -            |   |   |               | 243        |   |   |   | (36,040 | ) |
| Total Stockholders' Equity                                            |   |                     | 1,312,994 |   |                   |   | 1,687,300 |                       |   |   | 9,021        |   |   |               | (1,696,321 | ) |   |   | 1,312,994 |   |
|                                                                  |   |                     |      |   |                   |   |      |                       |   |   |         |   |   |               |       |   |   |   |   |   |
|                                                                  |   | $                        | 2,291,308 |   |                   | $      | 2,738,999 |                       |   | $      | 40,510       |   |   | $                  | (2,291,597 | ) |   | $ | 2,779,220 |   |

----

Index

|                                                                  |   | Tutor Perini Corporation |      |   | Guarantor Subsidiaries |   |      | Non-Guarantor Subsidiaries |   |   | Eliminations |   |   | Total Consolidated |       |
|-----------------------------------------------------------------------|--------|--------------------------|-----------|--------|------------------------|--------|-----------|----------------------------|--------|--------|--------------|--------|--------|--------------------|------------|
| ASSETS                                                                |   |                     |      |   |                   |   |      |                       |   |   |         |   |   |               |       |
| Cash and Cash Equivalents                                             |   | $                        | 266,171   |   |                   | $      | 58,388    |                       |   | $      | 23,750       |   |   | $                  | -          |   |   | $ | 348,309 |   |
| Accounts Receivable                                                   |   |                     | 77,692    |   |                   |   | 1,055,602 |                       |   |   | 643          |   |   |               | (45,551    | ) |   |   | 1,088,386 |   |
| Costs and Estimated Earnings in Excess of Billings                    |   |                     | 78,743    |   |                   |   | 66,783    |                       |   |   | 152          |   |   |               | -          |   |   |   | 145,678 |   |
| Deferred Income Taxes                                                 |   |                     | 1,224     |   |                   |   | 146       |                       |   |   | -            |   |   |               | -          |   |   |   | 1,370 |   |
| Intercompany Notes and Receivables                                    |   |                     | -         |   |                   |   | 368,987   |                       |   |   | -            |   |   |               | (368,987   | ) |   |   | - |   |
| Other Current Assets                                                  |   |                     | 13,264    |   |                   |   | 16,320    |                       |   |   | 1,227        |   |   |               | -          |   |   |   | 30,811 |   |
| Total Current Assets                                                  |   |                     | 437,094   |   |                   |   | 1,566,226 |                       |   |   | 25,772       |   |   |               | (414,538   | ) |   |   | 1,614,554 |   |
|                                                                  |   |                     |      |   |                   |   |      |                       |   |   |         |   |   |               |       |   |   |   |   |   |
| Long-term Investments                                                 |   |                     | 101,201   |   |                   |   | -         |                       |   |   | -            |   |   |               | -          |   |   |   | 101,201 |   |
| Property and Equipment, net                                           |   |                     | 41,376    |   |                   |   | 301,980   |                       |   |   | 5,465        |   |   |               | -          |   |   |   | 348,821 |   |
| Intercompany Notes and Receivables                                    |   |                     | -         |   |                   |   | 467,748   |                       |   |   | 147          |   |   |               | (467,895   | ) |   |   | - |   |
| Other Assets:                                                         |   |                     |      |   |                   |   |      |                       |   |   |         |   |   |               |       |   |   |   |   |   |
| Goodwill                                                              |   |                     | -         |   |                   |   | 602,471   |                       |   |   | -            |   |   |               | -          |   |   |   | 602,471 |   |
| Intangible Assets, net                                                |   |                     | -         |   |                   |   | 134,327   |                       |   |   | -            |   |   |               | -          |   |   |   | 134,327 |   |
| Investment in Subsidiaries                                            |   |                     | 1,576,561 |   |                   |   | -         |                       |   |   | -            |   |   |               | (1,576,561 | ) |   |   | - |   |
| Other                                                                 |   |                     | 1,932     |   |                   |   | 17,203    |                       |   |   | 145          |   |   |               |       |   |   |   | 19,280 |   |
|                                                                  |   | $                        | 2,158,164 |   |                   | $      | 3,089,955 |                       |   | $      | 31,529       |   |   | $                  | (2,458,994 | ) |   | $ | 2,820,654 |   |
|                                                                  |   |                     |      |   |                   |   |      |                       |   |   |         |   |   |               |       |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS’ EQUITY                            |   |                     |      |   |                   |   |      |                       |   |   |         |   |   |               |       |   |   |   |   |   |
| Current Maturities of Long-term Debt                                  |   | $                        | 9,899     |   |                   | $      | 15,875    |                       |   | $      | 5,560        |   |   | $                  | -          |   |   | $ | 31,334 |   |
| Accounts Payable                                                      |   |                     | 25,607    |   |                   |   | 1,010,211 |                       |   |   | 284          |   |   |               | (45,551    | ) |   |   | 990,551 |   |
| Billings in Excess of Costs and Estimated Earnings                    |   |                     | 4,507     |   |                   |   | 183,173   |                       |   |   | 34           |   |   |               | -          |   |   |   | 187,714 |   |
| Intercompany Notes and Advances Payable                               |   |                     | 368,987   |   |                   |   | -         |                       |   |   | -            |   |   |               | (368,987   | ) |   |   | - |   |
| Accrued Expenses                                                      |   |                     | 1,314     |   |                   |   | 84,649    |                       |   |   | 15,874       |   |   |               | -          |   |   |   | 101,837 |   |
| Total Current Liabilities                                             |   |                     | 410,314   |   |                   |   | 1,293,908 |                       |   |   | 21,752       |   |   |               | (414,538   | ) |   |   | 1,311,436 |   |
|                                                                  |   |                     |      |   |                   |   |      |                       |   |   |         |   |   |               |       |   |   |   |   |   |
| Long-term Debt, less current maturities                               |   |                     | 19,131    |   |                   |   | 65,640    |                       |   |   | -            |   |   |               | -          |   |   |   | 84,771 |   |
|                                                                  |   |                     |      |   |                   |   |      |                       |   |   |         |   |   |               |       |   |   |   |   |   |
| Deferred Income Taxes                                                 |   |                     | 78,336    |   |                   |   | 641       |                       |   |   | -            |   |   |               | -          |   |   |   | 78,977 |   |
|                                                                  |   |                     |      |   |                   |   |      |                       |   |   |         |   |   |               |       |   |   |   |   |   |
| Other Long-term Liabilities                                           |   |                     | 31,719    |   |                   |   | 25,325    |                       |   |   | -            |   |   |               | -          |   |   |   | 57,044 |   |
|                                                                  |   |                     |      |   |                   |   |      |                       |   |   |         |   |   |               |       |   |   |   |   |   |
| Contingencies and Commitments                                         |   |                     |      |   |                   |   |      |                       |   |   |         |   |   |               |       |   |   |   |   |   |
|                                                                  |   |                     |      |   |                   |   |      |                       |   |   |         |   |   |               |       |   |   |   |   |   |
| Intercompany Notes and Advances Payable                               |   |                     | 330,238   |   |                   |   | 134,016   |                       |   |   | 3,641        |   |   |               | (467,895   | ) |   |   | - |   |
|                                                                  |   |                     |      |   |                   |   |      |                       |   |   |         |   |   |               |       |   |   |   |   |   |
| Stockholders’ Equity:                                           |   |                     |      |   |                   |   |      |                       |   |   |         |   |   |               |       |   |   |   |   |   |
| Common Stock                                                          |   |                     | 48,539    |   |                   |   | 2,082     |                       |   |   | 251          |   |   |               | (2,333     | ) |   |   | 48,539 |   |
| Additional Paid-in Capital                                            |   |                     | 1,012,983 |   |                   |   | 205,232   |                       |   |   | 100          |   |   |               | (205,332   | ) |   |   | 1,012,983 |   |
| Retained Earnings                                                     |   |                     | (253,748  | )      |                   |   | 1,364,006 |                       |   |   | 5,785        |   |   |               | (855,922   | ) |   |   | 260,121 |   |
| Equity in Retained Earnings of Subsidiaries Since Date of Acquisition |   |                     | 513,875   |   |                   |   | (658      | )                          |   |   | -            |   |   |               | (513,217   | ) |   |   | - |   |
| Accumulated Other Comprehensive Loss                                  |   |                     | (33,223   | )      |                   |   | (237      | )                          |   |   | -            |   |   |               | 243        |   |   |   | (33,217 | ) |
| Total Stockholders' Equity                                            |   |                     | 1,288,426 |   |                   |   | 1,570,425 |                       |   |   | 6,136        |   |   |               | (1,576,561 | ) |   |   | 1,288,426 |   |
|                                                                  |   |                     |      |   |                   |   |      |                       |   |   |         |   |   |               |       |   |   |   |   |   |
|                                                                  |   | $                        | 2,158,164 |   |                   | $      | 3,089,955 |                       |   | $      | 31,529       |   |   | $                  | (2,458,994 | ) |   | $ | 2,820,654 |   |

----

Index

|                                |   | Tutor Perini Corporation |    |   | Guarantor Subsidiaries |   |      | Non-Guarantor Subsidiaries |   |   | Eliminations |   |   | Total Consolidated |    |
|-------------------------------------|--------|--------------------------|---------|--------|------------------------|--------|-----------|----------------------------|--------|--------|--------------|--------|--------|--------------------|---------|
|                                |   |                     |    |   |                   |   |      |                       |   |   |         |   |   |               |    |
| Revenues                            |   | $                        | 467,259 |   |                   | $      | 2,830,896 |                       |   | $      | (1           | )      |   | $                  | (98,944 | ) |   | $ | 3,199,210 |   |
| Cost of Operations                  |   |                     | 372,737 |   |                   |   | 2,593,529 |                       |   |   | (5,960       | )      |   |               | (98,944 | ) |   |   | 2,861,362 |   |
|                                |   |                     |    |   |                   |   |      |                       |   |   |         |   |   |               |    |   |   |   |   |   |
| Gross Profit                        |   |                     | 94,522  |   |                   |   | 237,367   |                       |   |   | 5,959        |   |   |               | -       |   |   |   | 337,848 |   |
|                                |   |                     |    |   |                   |   |      |                       |   |   |         |   |   |               |    |   |   |   |   |   |
| General and Administrative Expenses |   |                     | 50,020  |   |                   |   | 114,383   |                       |   |   | 1,133        |   |   |               | -       |   |   |   | 165,536 |   |
|                                |   |                     |    |   |                   |   |      |                       |   |   |         |   |   |               |    |   |   |   |   |   |
| INCOME FROM CONSTRUCTION OPERATIONS |   |                     | 44,502  |   |                   |   | 122,984   |                       |   |   | 4,826        |   |   |               | -       |   |   |   | 172,312 |   |
|                                |   |                     |    |   |                   |   |      |                       |   |   |         |   |   |               |    |   |   |   |   |   |
| Equity in Earnings of Subsidiaries  |   |                     | 80,606  |   |                   |   | -         |                       |   |   | -            |   |   |               | (80,606 | ) |   |   | - |   |
| Other Income (Expense), net         |   |                     | (1,544  | )      |                   |   | (690      | )                          |   |   | (46          | )      |   |               | -       |   |   |   | (2,280 | ) |
| Interest Expense                    |   |                     | (7,727  | )      |                   |   | (2,499    | )                          |   |   | (338         | )      |   |               | -       |   |   |   | (10,564 | ) |
|                                |   |                     |    |   |                   |   |      |                       |   |   |         |   |   |               |    |   |   |   |   |   |
| Income before Income Taxes          |   |                     | 115,837 |   |                   |   | 119,795   |                       |   |   | 4,442        |   |   |               | (80,606 | ) |   |   | 159,468 |   |
|                                |   |                     |    |   |                   |   |      |                       |   |   |         |   |   |               |    |   |   |   |   |   |
| Provision for Income Taxes          |   |                     | (12,337 | )      |                   |   | (42,072   | )                          |   |   | (1,559       | )      |   |               | -       |   |   |   | (55,968 | ) |
|                                |   |                     |    |   |                   |   |      |                       |   |   |         |   |   |               |    |   |   |   |   |   |
| NET INCOME                          |   | $                        | 103,500 |   |                   | $      | 77,723    |                       |   | $      | 2,883        |   |   | $                  | (80,606 | ) |   | $ | 103,500 |   |

|                                       |   | Tutor Perini Corporation |    |   | Guarantor Subsidiaries |   |      | Non-Guarantor Subsidiaries |   |   | Eliminations |   |   | Total Consolidated |     |
|--------------------------------------------|--------|--------------------------|---------|--------|------------------------|--------|-----------|----------------------------|--------|--------|--------------|--------|--------|--------------------|----------|
|                                       |   |                     |    |   |                   |   |      |                       |   |   |         |   |   |               |     |
| Revenues                                   |   | $                        | 161,056 |   |                   | $      | 5,200,108 |                       |   | $      | -            |   |   | $                  | (209,198 | ) |   | $ | 5,151,966 |   |
| Cost of Operations                         |   |                     | 130,891 |   |                   |   | 4,849,166 |                       |   |   | (6,940       | )      |   |               | (209,198 | ) |   |   | 4,763,919 |   |
|                                       |   |                     |    |   |                   |   |      |                       |   |   |         |   |   |               |     |   |   |   |   |   |
| Gross Profit                               |   |                     | 30,165  |   |                   |   | 350,942   |                       |   |   | 6,940        |   |   |               | -        |   |   |   | 388,047 |   |
|                                       |   |                     |    |   |                   |   |      |                       |   |   |         |   |   |               |     |   |   |   |   |   |
| General and Administrative Expenses        |   |                     | 52,999  |   |                   |   | 123,064   |                       |   |   | 441          |   |   |               | -        |   |   |   | 176,504 |   |
|                                       |   |                     |    |   |                   |   |      |                       |   |   |         |   |   |               |     |   |   |   |   |   |
| INCOME (LOSS) FROM CONSTRUCTION OPERATIONS |   |                     | (22,834 | )      |                   |   | 227,878   |                       |   |   | 6,499        |   |   |               | -        |   |   |   | 211,543 |   |
|                                       |   |                     |    |   |                   |   |      |                       |   |   |         |   |   |               |     |   |   |   |   |   |
| Equity in Earnings of Subsidiaries         |   |                     | 142,849 |   |                   |   | -         |                       |   |   | -            |   |   |               | (142,849 | ) |   |   | - |   |
| Other Income (Expense), net                |   |                     | 78      |   |                   |   | 1,007     |                       |   |   | 13           |   |   |               | -        |   |   |   | 1,098 |   |
| Interest Expense                           |   |                     | (3,191  | )      |                   |   | (3,798    | )                          |   |   | (512         | )      |   |               | -        |   |   |   | (7,501 | ) |
|                                       |   |                     |    |   |                   |   |      |                       |   |   |         |   |   |               |     |   |   |   |   |   |
| Income (Loss) before Income Taxes          |   |                     | 116,902 |   |                   |   | 225,087   |                       |   |   | 6,000        |   |   |               | (142,849 | ) |   |   | 205,140 |   |
|                                       |   |                     |    |   |                   |   |      |                       |   |   |         |   |   |               |     |   |   |   |   |   |
| (Provision) Credit for Income Taxes        |   |                     | 20,159  |   |                   |   | (86,218   | )                          |   |   | (2,020       | )      |   |               | -        |   |   |   | (68,079 | ) |
|                                       |   |                     |    |   |                   |   |      |                       |   |   |         |   |   |               |     |   |   |   |   |   |
| NET INCOME                                 |   | $                        | 137,061 |   |                   | $      | 138,869   |                       |   | $      | 3,980        |   |   | $                  | (142,849 | ) |   | $ | 137,061 |   |

----

Index

|                                       |   | Tutor Perini Corporation |    |   | Guarantor Subsidiaries |   |      | Non-Guarantor Subsidiaries |   |   | Eliminations |   |   | Total Consolidated |    |
|--------------------------------------------|--------|--------------------------|---------|--------|------------------------|--------|-----------|----------------------------|--------|--------|--------------|--------|--------|--------------------|---------|
|                                       |   |                     |    |   |                   |   |      |                       |   |   |         |   |   |               |    |
| Revenues                                   |   | $                        | 152,495 |   |                   | $      | 5,587,455 |                       |   | $      | 708          |   |   | $                  | (80,372 | ) |   | $ | 5,660,286 |   |
| Cost of Operations                         |   |                     | 135,433 |   |                   |   | 5,274,646 |                       |   |   | (2,651       | )      |   |               | (80,372 | ) |   |   | 5,327,056 |   |
|                                       |   |                     |    |   |                   |   |      |                       |   |   |         |   |   |               |    |   |   |   |   |   |
| Gross Profit                               |   |                     | 17,062  |   |                   |   | 312,809   |                       |   |   | 3,359        |   |   |               | -       |   |   |   | 333,230 |   |
|                                       |   |                     |    |   |                   |   |      |                       |   |   |         |   |   |               |    |   |   |   |   |   |
| General and Administrative Expenses        |   |                     | 34,025  |   |                   |   | 99,992    |                       |   |   | (19          | )      |   |               | -       |   |   |   | 133,998 |   |
| Goodwill and Intangible Asset Impairment   |   |                     | -       |   |                   |   | 224,478   |                       |   |   | -            |   |   |               | -       |   |   |   | 224,478 |   |
|                                       |   |                     |    |   |                   |   |      |                       |   |   |         |   |   |               |    |   |   |   |   |   |
| INCOME (LOSS) FROM CONSTRUCTION OPERATIONS |   |                     | (16,963 | )      |                   |   | (11,661   | )                          |   |   | 3,378        |   |   |               | -       |   |   |   | (25,246 | ) |
|                                       |   |                     |    |   |                   |   |      |                       |   |   |         |   |   |               |    |   |   |   |   |   |
| Equity in Loss of Subsidiaries             |   |                     | (67,618 | )      |                   |   | -         |                       |   |   | -            |   |   |               | 67,618  |   |   |   | - |   |
| Other Income (Expense), net                |   |                     | 9,548   |   |                   |   | (1        | )                          |   |   | 12           |   |   |               | -       |   |   |   | 9,559 |   |
| Interest Expense                           |   |                     | (1,270  | )      |                   |   | (2,356    | )                          |   |   | (537         | )      |   |               | -       |   |   |   | (4,163 | ) |
|                                       |   |                     |    |   |                   |   |      |                       |   |   |         |   |   |               |    |   |   |   |   |   |
| Income (Loss) before Income Taxes          |   |                     | (76,303 | )      |                   |   | (14,018   | )                          |   |   | 2,853        |   |   |               | 67,618  |   |   |   | (19,850 | ) |
|                                       |   |                     |    |   |                   |   |      |                       |   |   |         |   |   |               |    |   |   |   |   |   |
| (Provision) Credit for Income Taxes        |   |                     | 1,163   |   |                   |   | (55,522   | )                          |   |   | (931         | )      |   |               | -       |   |   |   | (55,290 | ) |
|                                       |   |                     |    |   |                   |   |      |                       |   |   |         |   |   |               |    |   |   |   |   |   |
| NET INCOME (LOSS)                          |   | $                        | (75,140 | )      |                   | $      | (69,540   | )                          |   | $      | 1,922        |   |   | $                  | 67,618  |   |   | $ | (75,140 | ) |

----

Index

|                                                                       |   | Tutor Perini Corporation |     |   | Guarantor Subsidiaries |   |     | Non- Guarantor Subsidiaries |   |   | Eliminations |   |   | Total Consolidated |    |
|----------------------------------------------------------------------------|--------|--------------------------|----------|--------|------------------------|--------|----------|-----------------------------|--------|--------|--------------|--------|--------|--------------------|---------|
| Cash Flows from Operating Activities:                                      |   |                     |     |   |                   |   |     |                        |   |   |         |   |   |               |    |
| Net income                                                                 |   | $                        | 103,500  |   |                   | $      | 77,723   |                        |   | $      | 2,883        |   |   | $                  | (80,606 | ) |   | $ | 103,500 |   |
| Adjustments to reconcile net income to net cash from operating activities: |   |                     |     |   |                   |   |     |                        |   |   |         |   |   |               |    |   |   |   |   |   |
| Depreciation and amortization                                              |   |                     | 5,281    |   |                   |   | 25,761   |                        |   |   | 292          |   |   |               | -       |   |   |   | 31,334 |   |
| Equity in earnings of subsidiaries                                         |   |                     | (80,606  | )      |                   |   | -        |                        |   |   | -            |   |   |               | 80,606  |   |   |   | - |   |
| Stock-based compensation expense                                           |   |                     | 12,752   |   |                   |   | -        |                        |   |   | -            |   |   |               | -       |   |   |   | 12,752 |   |
| Adjustment of investments to fair value                                    |   |                     | 5,520    |   |                   |   | 222      |                        |   |   | -            |   |   |               | -       |   |   |   | 5,742 |   |
| Excess income tax benefit from stock-based compensation                    |   |                     | (218     | )      |                   |   | -        |                        |   |   | -            |   |   |               | -       |   |   |   | (218 | ) |
| Deferred income taxes                                                      |   |                     | (3,705   | )      |                   |   | (121     | )                           |   |   | -            |   |   |               | -       |   |   |   | (3,826 | ) |
| Loss on sale of assets, net                                                |   |                     | 381      |   |                   |   | 893      |                        |   |   | -            |   |   |               | -       |   |   |   | 1,274 |   |
| Other assets                                                               |   |                     | (12      | )      |                   |   | (74      | )                           |   |   | -            |   |   |               | -       |   |   |   | (86 | ) |
| Other long-term liabilities                                                |   |                     | 10,662   |   |                   |   | (15,285  | )                           |   |   | -            |   |   |               | -       |   |   |   | (4,623 | ) |
| Changes in other components of working capital                             |   |                     | 5,869    |   |                   |   | (116,505 | )                           |   |   | (8,941       | )      |   |               | -       |   |   |   | (119,577 | ) |
| NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES                           |   | $                        | 59,424   |   |                   | $      | (27,386  | )                           |   | $      | (5,766       | )      |   | $                  | -       |   |   | $ | 26,272 |   |
|                                                                       |   |                     |     |   |                   |   |     |                        |   |   |         |   |   |               |    |   |   |   |   |   |
| Cash Flows from Investing Activities:                                      |   |                     |     |   |                   |   |     |                        |   |   |         |   |   |               |    |   |   |   |   |   |
| Acquisition of Superior Gunite, net of cash balance acquired               |   |                     | (30,924  | )      |                   |   | -        |                        |   |   | -            |   |   |               | -       |   |   |   | (30,924 | ) |
| Business acquisition related payments                                      |   |                     | (3,000   | )      |                   |   | (3,734   | )                           |   |   | -            |   |   |               | -       |   |   |   | (6,734 | ) |
| Acquisition of property and equipment                                      |   |                     | (6,186   | )      |                   |   | (18,781  | )                           |   |   | (233         | )      |   |               | -       |   |   |   | (25,200 | ) |
| Proceeds from sale of property and equipment                               |   |                     | 2        |   |                   |   | 1,809    |                        |   |   | -            |   |   |               | -       |   |   |   | 1,811 |   |
| Proceeds from sale of available-for-sale securities                        |   |                     | 7,066    |   |                   |   | -        |                        |   |   | -            |   |   |               | -       |   |   |   | 7,066 |   |
| Change in restricted cash                                                  |   |                     | (23,550  | )      |                   |   | -        |                        |   |   | -            |   |   |               | -       |   |   |   | (23,550 | ) |
| NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES                           |   | $                        | (56,592  | )      |                   | $      | (20,706  | )                           |   | $      | (233         | )      |   | $                  | -       |   |   | $ | (77,531 | ) |
|                                                                       |   |                     |     |   |                   |   |     |                        |   |   |         |   |   |               |    |   |   |   |   |   |
| Cash Flows from Financing Activities:                                      |   |                     |     |   |                   |   |     |                        |   |   |         |   |   |               |    |   |   |   |   |   |
| Proceeds from issuance of senior unsecured notes, net of debt discount     |   |                     | 297,774  |   |                   |   | -        |                        |   |   | -            |   |   |               | -       |   |   |   | 297,774 |   |
| Proceeds from other debt                                                   |   |                     | 2,463    |   |                   |   | 4,340    |                        |   |   | -            |   |   |               | -       |   |   |   | 6,803 |   |
| Repayment of other long-term debt                                          |   |                     | (13,126  | )      |                   |   | (17,246  | )                           |   |   | (5,388       | )      |   |               | -       |   |   |   | (35,760 | ) |
| Purchase of common stock under share  repurchase program         |   |                     | (39,391  | )      |                   |   | -        |                        |   |   | -            |   |   |               | -       |   |   |   | (39,391 | ) |
| Common stock dividend paid                                                 |   |                     | (47,090  | )      |                   |   | -        |                        |   |   | -            |   |   |               | -       |   |   |   | (47,090 | ) |
| Excess income tax benefit from stock-based compensation                    |   |                     | 218      |   |                   |   | -        |                        |   |   | -            |   |   |               | -       |   |   |   | 218 |   |
| Issuance of common stock and effect of cashless exercise                   |   |                     | (325     | )      |                   |   | -        |                        |   |   | -            |   |   |               | -       |   |   |   | (325 | ) |
| Debt issuance costs                                                        |   |                     | (7,901   | )      |                   |   | -        |                        |   |   | -            |   |   |               | -       |   |   |   | (7,901 | ) |
| Increase (decrease) in intercompany advances                               |   |                     | (239,469 | )      |                   |   | 222,696  |                        |   |   | 16,773       |   |   |               | -       |   |   |   | - |   |
| NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES                           |   | $                        | (46,847  | )      |                   | $      | 209,790  |                        |   | $      | 11,385       |   |   | $                  | -       |   |   | $ | 174,328 |   |
|                                                                       |   |                     |     |   |                   |   |     |                        |   |   |         |   |   |               |    |   |   |   |   |   |
| Net Increase (Decrease) in Cash and Cash Equivalents                       |   |                     | (44,015  | )      |                   |   | 161,698  |                        |   |   | 5,386        |   |   |               | -       |   |   |   | 123,069 |   |
| Cash and Cash Equivalents at Beginning of Year                             |   |                     | 266,171  |   |                   |   | 58,388   |                        |   |   | 23,750       |   |   |               | -       |   |   |   | 348,309 |   |
| Cash and Cash Equivalents at End of Year                                   |   | $                        | 222,156  |   |                   | $      | 220,086  |                        |   | $      | 29,136       |   |   | $                  | -       |   |   | $ | 471,378 |   |

----

Index

|                                                                              |   | Tutor Perini Corporation |     |   | Guarantor Subsidiaries |   |     | Non- Guarantor Subsidiaries |   |   | Eliminations |   |   | Total Consolidated |     |
|-----------------------------------------------------------------------------------|--------|--------------------------|----------|--------|------------------------|--------|----------|-----------------------------|--------|--------|--------------|--------|--------|--------------------|----------|
| Cash Flows from Operating Activities:                                             |   |                     |     |   |                   |   |     |                        |   |   |         |   |   |               |     |
| Net income                                                                        |   | $                        | 137,061  |   |                   | $      | 138,869  |                        |   | $      | 3,980        |   |   | $                  | (142,849 | ) |   | $ | 137,061 |   |
| Adjustments to reconcile net income (loss) to net cash from operating activities: |   |                     |     |   |                   |   |     |                        |   |   |         |   |   |               |     |   |   |   |   |   |
| Depreciation and amortization                                                     |   |                     | 4,890    |   |                   |   | 33,292   |                        |   |   | 325          |   |   |               | -        |   |   |   | 38,507 |   |
| Equity in earnings of subsidiaries                                                |   |                     | (142,849 | )      |                   |   | -        |                        |   |   | -            |   |   |               | 142,849  |   |   |   | - |   |
| Stock-based compensation expense                                                  |   |                     | 12,462   |   |                   |   | -        |                        |   |   | -            |   |   |               | -        |   |   |   | 12,462 |   |
| Adjustment of investments to fair value                                           |   |                     | (22      | )      |                   |   | (17      | )                           |   |   | -            |   |   |               | -        |   |   |   | (39 | ) |
| Excess income tax benefit from stock-based compensation                           |   |                     | (28      | )      |                   |   | -        |                        |   |   | -            |   |   |               | -        |   |   |   | (28 | ) |
| Deferred income taxes                                                             |   |                     | (9,697   | )      |                   |   | (844     | )                           |   |   | -            |   |   |               | -        |   |   |   | (10,541 | ) |
| Loss on sale of assets, net                                                       |   |                     | 6        |   |                   |   | 958      |                        |   |   | -            |   |   |               | -        |   |   |   | 964 |   |
| Other long-term liabilities                                                       |   |                     | (3,482   | )      |                   |   | (32,802  | )                           |   |   | -            |   |   |               | -        |   |   |   | (36,284 | ) |
| Distributions greater (less) than earnings of joint ventures                      |   |                     | (15,314  | )      |                   |   | (731     | )                           |   |   | -            |   |   |               | 16,045   |   |   |   | - |   |
| Changes in other components of working capital                                    |   |                     | (69,489  | )      |                   |   | (105,473 | )                           |   |   | 10,220       |   |   |               | (3,407   | ) |   |   | (168,149 | ) |
| NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES                                  |   | $                        | (86,462  | )      |                   | $      | 33,252   |                        |   | $      | 14,525       |   |   | $                  | 12,638   |   |   | $ | (26,047 | ) |
|                                                                              |   |                     |     |   |                   |   |     |                        |   |   |         |   |   |               |     |   |   |   |   |   |
| Cash Flows from Investing Activities:                                             |   |                     |     |   |                   |   |     |                        |   |   |         |   |   |               |     |   |   |   |   |   |
| Acquisition of Keating Building Co., net of cash balance acquired                 |   |                     | (6,900   | )      |                   |   | -        |                        |   |   | -            |   |   |               | -        |   |   |   | (6,900 | ) |
| Acquisition of property and equipment                                             |   |                     | (7,804   | )      |                   |   | (29,201  | )                           |   |   | -            |   |   |               | -        |   |   |   | (37,005 | ) |
| Proceeds from sale of property and equipment                                      |   |                     | 11       |   |                   |   | 1,862    |                        |   |   | -            |   |   |               | -        |   |   |   | 1,873 |   |
| Proceeds from sale of land held for sale, net                                     |   |                     | -        |   |                   |   | 203      |                        |   |   | -            |   |   |               | -        |   |   |   | 203 |   |
| Proceeds from sale of available-for-sale securities                               |   |                     | 3,600    |   |                   |   | 41       |                        |   |   | -            |   |   |               | -        |   |   |   | 3,641 |   |
| Capital contributions from joint ventures                                         |   |                     | 11,977   |   |                   |   | 1,592    |                        |   |   | -            |   |   |               | (13,569  | ) |   |   | - |   |
| Investment in other activities                                                    |   |                     | (299     | )      |                   |   | (2,274   | )                           |   |   | (125         | )      |   |               | -        |   |   |   | (2,698 | ) |
| NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES                                  |   | $                        | 585      |   |                   | $      | (27,777  | )                           |   | $      | (125         | )      |   | $                  | (13,569  | ) |   | $ | (40,886 | ) |
|                                                                              |   |                     |     |   |                   |   |     |                        |   |   |         |   |   |               |     |   |   |   |   |   |
| Cash Flows from Financing Activities:                                             |   |                     |     |   |                   |   |     |                        |   |   |         |   |   |               |     |   |   |   |   |   |
| Proceeds from long-term debt                                                      |   |                     | 135,482  |   |                   |   | 44,700   |                        |   |   | -            |   |   |               | -        |   |   |   | 180,182 |   |
| Repayment of long-term debt                                                       |   |                     | (134,733 | )      |                   |   | (15,598  | )                           |   |   | (294         | )      |   |               | -        |   |   |   | (150,625 | ) |
| Proceeds from exercise of common stock options and stock purchase warrants        |   |                     | 34       |   |                   |   | -        |                        |   |   | -            |   |   |               | -        |   |   |   | 34 |   |
| Excess income tax benefit from stock-based compensation                           |   |                     | 28       |   |                   |   | -        |                        |   |   | -            |   |   |               | -        |   |   |   | 28 |   |
| Issuance of common stock and effect of cashless exercise                          |   |                     | 139      |   |                   |   | -        |                        |   |   | -            |   |   |               | -        |   |   |   | 139 |   |
| Deferred debt costs                                                               |   |                     | (688     | )      |                   |   | -        |                        |   |   | -            |   |   |               | -        |   |   |   | (688 | ) |
| Increase (decrease) in intercompany advances                                      |   |                     | 152,112  |   |                   |   | (154,786 | )                           |   |   | 1,743        |   |   |               | 931      |   |   |   | - |   |
| NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES                                  |   | $                        | 152,374  |   |                   | $      | (125,684 | )                           |   | $      | 1,449        |   |   | $                  | 931      |   |   | $ | 29,070 |   |
|                                                                              |   |                     |     |   |                   |   |     |                        |   |   |         |   |   |               |     |   |   |   |   |   |
| Net Increase (Decrease) in Cash and Cash Equivalents                              |   |                     | 66,497   |   |                   |   | (120,209 | )                           |   |   | 15,849       |   |   |               | -        |   |   |   | (37,863 | ) |
| Cash and Cash Equivalents at Beginning of Year                                    |   |                     | 199,674  |   |                   |   | 178,597  |                        |   |   | 7,901        |   |   |               | -        |   |   |   | 386,172 |   |
| Cash and Cash Equivalents at End of Year                                          |   | $                        | 266,171  |   |                   | $      | 58,388   |                        |   | $      | 23,750       |   |   | $                  | -        |   |   | $ | 348,309 |   |

----

Index

|                                                                                    |   | Tutor Perini Corporation |     |   | Guarantor Subsidiaries |   |     | Non- Guarantor Subsidiaries |   |   | Eliminations |   |   | Total Consolidated |     |
|-----------------------------------------------------------------------------------------|--------|--------------------------|----------|--------|------------------------|--------|----------|-----------------------------|--------|--------|--------------|--------|--------|--------------------|----------|
| Cash Flows from Operating Activities:                                                   |   |                     |     |   |                   |   |     |                        |   |   |         |   |   |               |     |
| Net income  (loss)                                                            |   | $                        | (75,140  | )      |                   | $      | (69,540  | )                           |   | $      | 1,922        |   |   | $                  | 67,618   |   |   | $ | (75,140 | ) |
| Adjustments to reconcile net income (loss) to net cash from operating activities:       |   |                     |     |   |                   |   |     |                        |   |   |         |   |   |               |     |   |   |   |   |   |
| Goodwill and intangible asset Impairment                                                |   |                     | -        |   |                   |   | 224,478  |                        |   |   | -            |   |   |               | -        |   |   |   | 224,478 |   |
| Equity in loss of subsidiaries                                                          |   |                     | 67,618   |   |                   |   | -        |                        |   |   | -            |   |   |               | (67,618  | ) |   |   | - |   |
| Depreciation and amortization                                                           |   |                     | 1,489    |   |                   |   | 25,772   |                        |   |   | 335          |   |   |               | -        |   |   |   | 27,596 |   |
| Stock-based compensation expense                                                        |   |                     | 12,145   |   |                   |   | -        |                        |   |   | -            |   |   |               | -        |   |   |   | 12,145 |   |
| Adjustment of investments to fair value                                                 |   |                     | 2,623    |   |                   |   | 98       |                        |   |   | -            |   |   |               | -        |   |   |   | 2,721 |   |
| Excess income tax benefit from stock-based compensation                                 |   |                     | (533     | )      |                   |   | -        |                        |   |   | -            |   |   |               | -        |   |   |   | (533 | ) |
| Deferred income taxes                                                                   |   |                     | (8,206   | )      |                   |   | 222      |                        |   |   | -            |   |   |               | -        |   |   |   | (7,984 | ) |
| (Gain) loss on sale of assets, net                                                      |   |                     | (2,182   | )      |                   |   | 1,114    |                        |   |   | -            |   |   |               | -        |   |   |   | (1,068 | ) |
| Increase in other long-term liabilities                                                 |   |                     | (1,676   | )      |                   |   | 9,257    |                        |   |   | -            |   |   |               | -        |   |   |   | 7,581 |   |
| Distributions greater (less) than earnings of joint ventures                            |   |                     | 11,211   |   |                   |   | 4,320    |                        |   |   | -            |   |   |               | (15,531  | ) |   |   | - |   |
| Changes in other components of working capital                                          |   |                     | (16,260  | )      |                   |   | (63,338  | )                           |   |   | 4,787        |   |   |               | 11,069   |   |   |   | (63,742 | ) |
| NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES                                        |   | $                        | (8,911   | )      |                   | $      | 132,383  |                        |   | $      | 7,044        |   |   | $                  | (4,462   | ) |   | $ | 126,054 |   |
|                                                                                    |   |                     |     |   |                   |   |     |                        |   |   |         |   |   |               |     |   |   |   |   |   |
| Cash Flows from Investing Activities:                                                   |   |                     |     |   |                   |   |     |                        |   |   |         |   |   |               |     |   |   |   |   |   |
| Cash balance recorded in merger with Tutor-Saliba Corporation, net of transaction costs |   |                     | 92,081   |   |                   |   | -        |                        |   |   | -            |   |   |               | -        |   |   |   | 92,081 |   |
| Acquisition of property and equipment                                                   |   |                     | (2,357   | )      |                   |   | (64,282  | )                           |   |   | (128         | )      |   |               | -        |   |   |   | (66,767 | ) |
| Proceeds from sale of property and equipment                                            |   |                     | 2,597    |   |                   |   | 4,100    |                        |   |   | -            |   |   |               | -        |   |   |   | 6,697 |   |
| Investment in available-for-sale securities                                             |   |                     | (218,482 | )      |                   |   | 157      |                        |   |   | -            |   |   |               | -        |   |   |   | (218,325 | ) |
| Proceeds from sale of available-for-sale securities                                     |   |                     | 115,856  |   |                   |   | -        |                        |   |   | -            |   |   |               | -        |   |   |   | 115,856 |   |
| Capital contributions (to) from joint ventures                                          |   |                     | (4,913   | )      |                   |   | 450      |                        |   |   | -            |   |   |               | 4,463    |   |   |   | - |   |
| Investment in other activities                                                          |   |                     | (1,033   | )      |                   |   | (581     | )                           |   |   | -            |   |   |               | -        |   |   |   | (1,614 | ) |
| NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES                                        |   | $                        | (16,251  | )      |                   | $      | (60,156  | )                           |   | $      | (128         | )      |   | $                  | 4,463    |   |   | $ | (72,072 | ) |
|                                                                                    |   |                     |     |   |                   |   |     |                        |   |   |         |   |   |               |     |   |   |   |   |   |
| Cash Flows from Financing Activities:                                                   |   |                     |     |   |                   |   |     |                        |   |   |         |   |   |               |     |   |   |   |   |   |
| Proceeds from long-term debt                                                            |   |                     | 2,213    |   |                   |   | -        |                        |   |   | -            |   |   |               | -        |   |   |   | 2,213 |   |
| Repayment of long-term debt                                                             |   |                     | (3,525   | )      |                   |   | (34,901  | )                           |   |   | (270         | )      |   |               | -        |   |   |   | (38,696 | ) |
| Repayment of shareholder notes payable                                                  |   |                     | -        |   |                   |   | (58,485  | )                           |   |   | -            |   |   |               | -        |   |   |   | (58,485 | ) |
| Purchase of common stock under repurchase program                                       |   |                     | (31,797  | )      |                   |   | -        |                        |   |   | -            |   |   |               | -        |   |   |   | (31,797 | ) |
| Excess income tax benefit from stock-based compensation                                 |   |                     | 533      |   |                   |   | -        |                        |   |   | -            |   |   |               | -        |   |   |   | 533 |   |
| Issuance of common stock and effect of cashless exercise                                |   |                     | (634     | )      |                   |   | -        |                        |   |   | 350          |   |   |               | -        |   |   |   | (284 | ) |
| Deferred debt costs                                                                     |   |                     | (482     | )      |                   |   | -        |                        |   |   | -            |   |   |               | -        |   |   |   | (482 | ) |
| Increase (decrease) in intercompany advances                                            |   |                     | (81,625  | )      |                   |   | (24,013  | )                           |   |   | 646          |   |   |               | 104,992  |   |   |   | - |   |
| NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES                                        |   | $                        | (115,317 | )      |                   | $      | (117,399 | )                           |   | $      | 726          |   |   | $                  | 104,992  |   |   | $ | (126,998 | ) |
|                                                                                    |   |                     |     |   |                   |   |     |                        |   |   |         |   |   |               |     |   |   |   |   |   |
| Net Increase (Decrease) in Cash and Cash Equivalents                                    |   |                     | (140,479 | )      |                   |   | (45,172  | )                           |   |   | 7,642        |   |   |               | 104,993  |   |   |   | (73,016 | ) |
| Cash and Cash Equivalents at Beginning of Year                                          |   |                     | 378,002  |   |                   |   | 185,919  |                        |   |   | 260          |   |   |               | (104,993 | ) |   |   | 459,188 |   |
| Cash and Cash Equivalents at End of Year                                                |   | $                        | 237,523  |   |                   | $      | 140,747  |                        |   | $      | 7,902        |   |   | $                  | -        |   |   | $ | 386,172 |   |

----

Index

----

Index

----

Index

| Exhibit 2. | Plan of Acquisition, Reorganization, Arrangement, Liquidation or Succession |
|------------|-----------------------------------------------------------------------------|
|       |                                                                        |   |
|       | 2.1                                                                         | Agreement and Plan of Merger, dated as of April 2, 2008, by and among Tutor Perini Corporation, Trifecta Acquisition LLC, Tutor-Saliba Corporation, Ronald N. Tutor and shareholders of Tutor-Saliba Corporation signatory thereto (incorporated by reference to Exhibit 2.1 to Form 8-K filed on April 7, 2008). |
|       |                                                                        |   |
|       | 2.2                                                                         | Amendment No. 1 to the Agreement and Plan of Merger, dated as of May 28, 2008, by and among Tutor Perini Corporation, Trifecta Acquisition LLC, Tutor-Saliba Corporation, Ronald N. Tutor and shareholders of Tutor-Saliba Corporation signatory thereto (incorporated by reference to Exhibit 2.2 to Form 10-Q filed on August 8, 2008). |
|       |                                                                        |   |
| Exhibit 3. | Articles of Incorporation and By-laws                                       |
|       |                                                                        |   |
|       | 3.1                                                                         | Restated Articles of Organization (incorporated by reference to Exhibit 4 to FormS-2 (File No. 33-28401) filed on April 28, 1989). |
|       |                                                                        |   |
|       | 3.2                                                                         | Articles of Amendment to the Restated Articles of Organization of Tutor Perini Corporation (incorporated by reference to Exhibit 3.2 to Form S-1 (File No. 333-111338) filed on December 19, 2003). |
|       |                                                                        |   |
|       | 3.3                                                                         | Articles of Amendment to the Restated Articles of Organization of Tutor Perini Corporation (incorporated by reference to Exhibit 3.1 to Form 8-K filed on April 12, 2000). |
|       |                                                                        |   |
|       | 3.4                                                                         | Articles of Amendment to the Restated Articles of Organization of Tutor Perini Corporation (incorporated by reference to Exhibit 3.1 to Form 8-K filed on September 11, 2008). |
|       |                                                                        |   |
|       | 3.5                                                                         | Articles of Amendment to the Restated Articles of Organization of Tutor Perini Corporation (incorporated by reference to Exhibit 3.5 to Form 10-Q filed on August 10, 2009). |
|       |                                                                        |   |
|       | 3.6                                                                         | Second Amended and Restated By-laws of Tutor Perini Corporation (incorporated by reference to Exhibit 3.1 to Form 8-K filed on November 24, 2009). |
|       |                                                                        |   |
| Exhibit 4. | Instruments Defining the Rights of Security Holders, Including Indentures   |
|       |                                                                        |   |
|       | 4.1                                                                         | Shareholders Agreement, dated April 2, 2008, by and among Tutor Perini Corporation, Ronald N. Tutor and the shareholders of Tutor-Saliba Corporation signatory thereto (incorporated by reference to Exhibit 4.1 to Form 8-K filed on April 7, 2008). |
|       |                                                                        |   |
|       | 4.2                                                                         | Amendment No. 1 to the Shareholders Agreement, dated as of September 17, 2010, by and between Tutor Perini Corporation and Ronald N. Tutor, as shareholder representative (incorporated by reference to Exhibit 4.1 to Form 8-K filed on September 20, 2010). |
|       |                                                                        |   |
|       | 4.3                                                                         | Indenture, dated October 20, 2010, by and among Tutor Perini Corporation, certain subsidiary guarantors named therein and Wilmington Trust FSB, as trustee (incorporated by reference to Exhibit 4.1 to Form 8-K filed on October 21, 2010). |

----

Index

|        | 4.4                | Registration Rights Agreement dated October 20, 2010, by and among Tutor Perini Corporation, certain subsidiary guarantors named therein and the initial purchasers named therein (incorporated by reference to Exhibit 4.2 to Form 8-K filed on October 21, 2010).                                                                            |
|-------------|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|        |               |                                                                                                                                                                                                                                                                                                                                           |
| Exhibit 10. | Material Contracts |
|        |               |                                                                                                                                                                                                                                                                                                                                           |
|        | 10.1*              | Amendment No. 1 dated March 20, 2009 to the Amended and Restated Employment Agreement dated December 23, 2008, by and between Perini Corporation and Ronald N. Tutor (incorporated by reference to Exhibit 10.1 to Form 10-Q filed on May 8, 2009).                                                                                       |
|        |               |                                                                                                                                                                                                                                                                                                                                           |
|        | 10.2*              | Tutor Perini Corporation Amended and Restated (2004) Construction Business Unit Incentive Compensation Plan (incorporated by reference to Exhibit 10.2 to Amendment No. 2 to Form S-1 (File No. 333-111338) filed on March 8, 2004).                                                                                                           |
|        |               |                                                                                                                                                                                                                                                                                                                                           |
|        | 10.3*              | Tutor Perini Corporation 2004 Stock Option and Incentive Plan (incorporated by reference to Annex A to the Company’s Definitive Proxy Statement on Form DEF 14A filed on April 17, 2009).                                                                                                                                                |
|        |               |                                                                                                                                                                                                                                                                                                                                           |
|        | 10.4*              | Form of Director and Officer Indemnification Agreement (incorporated by reference to Exhibit 10.19 to Amendment No. 1 to Form S-1 (File No. 333-111338) filed on February 10, 2004).                                                                                                                                                           |
|        |               |                                                                                                                                                                                                                                                                                                                                           |
|        | 10.5*              | Form of Restricted Stock Unit Award Agreement under the Tutor Perini Corporation 2004 Stock Option and Incentive Plan (incorporated by reference to Exhibit 10.24 to Tutor Perini Corporation’s Annual Report on Form 10-K for the year ended December 31, 2004 filed on March 4, 2005).                                            |
|        |               |                                                                                                                                                                                                                                                                                                                                           |
|        | 10.6*              | Restricted Stock Unit Award Agreement under the Tutor Perini Corporation 2004 Stock Option and Incentive Plan dated as of September 26, 2007 between the Company and Kenneth R. Burk (incorporated by reference to Exhibit 10.1 to Form 10-Q filed on November 9, 2007).                                                                       |
|        |               |                                                                                                                                                                                                                                                                                                                                           |
|        | 10.7*              | Amended and Restated Employment Agreement dated December 23, 2008, by and between Tutor Perini Corporation and Ronald N. Tutor (incorporated by reference to Exhibit 10.1 to Form 8-K filed on December 23, 2008).                                                                                                                   |
|        |               |                                                                                                                                                                                                                                                                                                                                           |
|        | 10.8               | Third Amended and Restated Credit Agreement dated as of September 8, 2008 among Tutor Perini Corporation, the subsidiaries of Tutor Perini identified therein, and Bank of America, N.A. and the other lenders that are parties thereto (incorporated by reference to Exhibit 10.1 to Form 8-K filed on September 12, 2008).                   |
|        |               |                                                                                                                                                                                                                                                                                                                                           |
|        | 10.9               | First Amendment dated February 23, 2009 to the Third Amended and Restated Credit Agreement among Tutor Perini Corporation, the subsidiaries of Tutor Perini identified therein, and Bank of America, N.A. and the other lenders that are parties thereto (incorporated by reference to Exhibit 10.13 to Form 10-K filed on February 27, 2009). |

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Index

|         | 10.10                                                                                                                                                                         | Second Amendment dated January 13, 2010 to the Third Amended and Restated Credit Agreement among Tutor Perini Corporation, the subsidiaries of Tutor Perini identified therein, and Bank of America, N.A., and the other lenders that are parties thereto (incorporated by reference to Exhibit 10.1 to Form 8-K filed on January 21, 2010).                           |
|--------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|         |                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                   |
|         | 10.11                                                                                                                                                                         | Extension of Supplemental Facility, dated July 16, 2010, to the Third Amended and Restated Credit Agreement among Tutor Perini Corporation, the subsidiaries of Tutor Perini identified therein, and Bank of America, N.A., and the other lenders that are parties thereto (incorporated by reference to Exhibit 10.2 to Form 10-Q filed on August 6, 2010).           |
|         |                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                   |
|         | 10.12                                                                                                                                                                         | Purchase Agreement, dated October 15, 2010, by and among Tutor Perini Corporation, certain subsidiary guarantors named therein and Deutsche Bank Securities Inc., as representatives of the several initial purchasers (incorporated by reference to Exhibit 10.1 to Form 8-K filed on October 21, 2010).                                                              |
|         |                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                   |
|         | 10.13                                                                                                                                                                         | Third Amendment dated October 4, 2010, effective October 20, 2010 to the Third Amended and Restated Credit Agreement among Tutor Perini Corporation, the subsidiaries of Tutor Perini identified therein, and Bank of America, N.A., and the other lenders that are parties thereto (incorporated by reference to Exhibit 10.2 to Form 8-K filed on October 21, 2010). |
|         |                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                   |
|         | 10.14*                                                                                                                                                                        | 2009 General Incentive Compensation Plan (incorporated by reference to Annex B to the Company’s Definitive Proxy Statement on Form DEF 14A filed on April 17, 2009).                                                                                                                                                                                             |
|         |                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                   |
| Exhibit 21   | Subsidiaries of Tutor Perini Corporation - filed herewith.                                                                                                                    |
|         |                                                                                                                                                                          |
| Exhibit 23   | Consent of Independent Registered Public Accounting Firm - filed herewith.                                                                                                    |
|         |                                                                                                                                                                          |
| Exhibit 24   | Power of Attorney - filed herewith.                                                                                                                                           |
|         |                                                                                                                                                                          |
| Exhibit 31.1 | Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – filed herewith.                                                |
|         |                                                                                                                                                                          |
| Exhibit 31.2 | Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – filed herewith.                                                |
|         |                                                                                                                                                                          |
| Exhibit 32.1 | Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – filed herewith. |
|         |                                                                                                                                                                          |
| Exhibit 32.2 | Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – filed herewith. |

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