(15)	Separate Financial Information of Subsidiary Guarantors of Indebtedness

As discussed in Note 10, the Company's obligation to pay principal and interest on its 7.625% Senior Notes due November 1, 2018, is guaranteed on a joint and several basis by substantially all of the Company's existing and future subsidiaries that guarantee obligations under the Company's Existing Agreement, with certain exceptions (the “Guarantors”). The guarantees are full and unconditional and the Guarantors are 100%-owned by the Company. Each of the acquired companies were added as guarantors prior to September 30, 2011. The following supplemental condensed consolidating financial information reflects the summarized financial information of the Company as the issuer, the Guarantors and the Company's non-guarantor subsidiaries on a combined basis.

CONDENSED CONSOLIDATING BALANCE SHEET - SEPTEMBER 30, 2011 (UNAUDITED)

(In Thousands)

	Tutor Perini Corporation		Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total Consolidated
ASSETS
Cash and Cash Equivalents	$	162,129	$	87,130		$	24,062		$	-		$	273,321
Restricted Cash		26,975		8,842			-			-			35,817
Accounts Receivable		108,630		1,317,863			7,275			(121,408	)		1,312,360
Costs and Estimated Earnings in Excess of Billings		109,542		264,631			152			-			374,325
Deferred Income Taxes		3,442		15,117			-			-			18,559
Other Current Assets		48,818		53,428			5,789			(14,268	)		93,767
Total Current Assets		459,536		1,747,011			37,278			(135,676	)		2,108,149

Long-term Investments		67,061		-			-			-			67,061
Property and Equipment, net		31,880		435,461			5,187			-			472,528
Intercompany Notes and Receivables		25,119		553,179			(4,894	)		(573,404	)		-
Other Assets:
Goodwill		-		881,538			-			-			881,538
Intangible Assets, net		-		203,075			-			-			203,075
Investment in Subsidiaries		2,398,136		(8,438	)		50			(2,389,748	)		-
Other		17,602		9,168			375			(5,759	)		21,386
	$	2,999,334	$	3,820,994		$	37,996		$	(3,104,587	)	$	3,753,737

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Maturities of Long-term Debt	$	33,529	$	40,307		$	-		$	-		$	73,836
Accounts Payable		37,550		850,327			302			(121,408	)		766,771
Billings in Excess of Costs and Estimated Earnings		31,199		350,231			34			-			381,464
Accrued Expenses and Other Current Liabilities		55,802		144,737			17,814			(14,268	)		204,085
Total Current Liabilities		158,080		1,385,602			18,150			(135,676	)		1,426,156

Long-term Debt, less current maturities		628,366		136,363			-			(5,759	)		758,970
Deferred Income Taxes		87,246		7,199			-			-			94,445
Other Long-term Liabilities		86,434		6,537			-			-			92,971

Contingencies and Commitments

Intercompany Notes and Advances Payable		658,013		(92,365	)		7,756			(573,404	)		-

Stockholders' Equity		1,381,195		2,377,658			12,090			(2,389,748	)		1,381,195

	$	2,999,334	$	3,820,994		$	37,996		$	(3,104,587	)	$	3,753,737

CONDENSED CONSOLIDATING BALANCE SHEET - DECEMBER 31, 2010

(In Thousands)

	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 and Other Current Liabilities		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		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

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED)

THREE MONTHS ENDED SEPTEMBER 30, 2011

(In Thousands)

	Tutor Perini Corporation			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total Consolidated

Revenues	$	72,632		$	1,197,802		$	-		$	(104,024	)	$	1,166,410
Cost of Operations		63,235			1,091,167			(4,323	)		(104,024	)		1,046,055

Gross Profit		9,397			106,635			4,323			-			120,355

General and Administrative Expenses		14,892			42,993			434			-			58,319

INCOME (LOSS) FROM CONSTRUCTION OPERATIONS		(5,495	)		63,642			3,889			-			62,036

Equity in Earnings of Subsidiaries		42,116			-			-			(42,116	)		-
Other Income (Expense), net		5,536			323			4			-			5,863
Interest Expense		(10,634	)		(932	)		-			-			(11,566	)

Income before Income Taxes		31,523			63,033			3,893			(42,116	)		56,333

(Provision) Credit for Income Taxes		3,954			(23,363	)		(1,447	)		-			(20,856	)

NET INCOME	$	35,477		$	39,670		$	2,446		$	(42,116	)	$	35,477

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED)

THREE MONTHS ENDED SEPTEMBER 30, 2010

(In Thousands)

	Tutor Perini Corporation			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total Consolidated

Revenues	$	115,062		$	633,026		$	-		$	(16,282	)	$	731,806
Cost of Operations		87,484			574,303			(4,369	)		(16,282	)		641,136

Gross Profit		27,578			58,723			4,369			-			90,670

General and Administrative Expenses		12,159			28,298			253			-			40,710

INCOME FROM CONSTRUCTION OPERATIONS		15,419			30,425			4,116			-			49,960

Equity in Earnings of Subsidiaries		21,040			-			-			(21,040	)		-
Other Income (Expense), net		1,049			(697	)		6			-			358
Interest Expense		(771	)		(724	)		(94	)		-			(1,589	)

Income before Income Taxes		36,737			29,004			4,028			(21,040	)		48,729

Provision for Income Taxes		(5,804	)		(10,522	)		(1,470	)		-			(17,796	)

NET INCOME	$	30,933		$	18,482		$	2,558		$	(21,040	)	$	30,933

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED)

NINE MONTHS ENDED SEPTEMBER 30, 2011

(In Thousands)

	Tutor Perini Corporation			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total Consolidated

Revenues	$	225,619		$	2,520,839		$	-		$	(144,901	)	$	2,601,557
Cost of Operations		191,888			2,294,167			(9,625	)		(144,901	)		2,331,529

Gross Profit		33,731			226,672			9,625			-			270,028

General and Administrative Expenses		45,456			105,801			1,187			-			152,444

INCOME (LOSS) FROM CONSTRUCTION OPERATIONS		(11,725	)		120,871			8,438			-			117,584

Equity in Earnings of Subsidiaries		80,459			-			-			(80,459	)		-
Other Income (Expense), net		6,639			(14	)		23			-			6,648
Interest Expense		(23,963	)		(2,010	)		-			-			(25,973	)

Income before Income Taxes		51,410			118,847			8,461			(80,459	)		98,259

(Provision) Credit for Income Taxes		10,690			(43,735	)		(3,114	)		-			(36,159	)

NET INCOME	$	62,100		$	75,112		$	5,347		$	(80,459	)	$	62,100

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED)

NINE MONTHS ENDED SEPTEMBER 30, 2010

(In Thousands)

	Tutor Perini Corporation			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total Consolidated

Revenues	$	360,386		$	2,234,953		$	-		$	(84,082	)	$	2,511,257
Cost of Operations		288,943			2,051,882			(11,201	)		(84,082	)		2,245,542

Gross Profit		71,443			183,071			11,201			-			265,715

General and Administrative Expenses		39,898			85,136			713			-			125,747

INCOME FROM CONSTRUCTION OPERATIONS		31,545			97,935			10,488			-			139,968

Equity in Earnings of Subsidiaries		64,209			-			-			(64,209	)		-
Other Income (Expense), net		3,022			(3,428	)		7			-			(399	)
Interest Expense		(2,364	)		(3,652	)		(338	)		-			(6,354	)

Income before Income Taxes		96,412			90,855			10,157			(64,209	)		133,215

Provision for Income Taxes		(11,821	)		(33,101	)		(3,702	)		-			(48,624	)

NET INCOME	$	84,591		$	57,754		$	6,455		$	(64,209	)	$	84,591

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

NINE MONTHS ENDED SEPTEMBER 30, 2011

(In Thousands)

	Tutor Perini Corporation			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total Consolidated
Cash Flows from Operating Activities:
Net income	$	62,100		$	75,112		$	5,347		$	(80,459	)	$	62,100
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		3,911			25,463			220			-			29,594
Equity in earnings of subsidiaries		(80,459	)		-			-			80,459			-
Stock-based compensation expense		6,820			-			-			-			6,820
Excess income tax benefit from stock-based compensation		(18	)		-			-			-			(18	)
Deferred income taxes		(161	)		573			-			-			412
Loss on sale of equipment		-			(896	)		-			-			(896	)
Gain on bargain purchase		(4,000	)		-			-			-			(4,000	)
Other long-term liabilities		(4,819	)		(2,004	)		-			-			(6,823	)
Other non-cash items		(659	)		(2,592	)		-			-			(3,251	)
Changes in other components of working capital		(19,612	)		(187,547	)		(695	)		-			(207,854	)
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES	$	(36,897	)	$	(91,891	)	$	4,872		$	-		$	(123,916	)

Cash Flows from Investing Activities:
Acquisitions, net of cash balance acquired		(337,873	)		-			-			-			(337,873	)
Business acquisition related payments		(3,000	)		-			-			-			(3,000	)
Acquisition of property and equipment		(4,284	)		(35,410	)		-			-			(39,694	)
Proceeds from sale of property and equipment		22			6,504			-			-			6,526
Proceeds from sale of available-for-sale securities		-			7,388			-			-			7,388
Change in restricted cash		(3,425	)		(3,771	)		-			-			(7,196	)
Investment in other activities		-			-			-			-			-
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES	$	(348,560	)	$	(25,289	)	$	-		$	-		$	(373,849	)

Cash Flows from Financing Activities:
Proceeds from debt		466,659			101,123			-			-			567,782
Repayment of debt		(217,056	)		(46,003	)		-			-			(263,059	)
Excess income tax benefit from stock-based compensation		18			-			-			-			18
Issuance of Common Stock and effect of cashless exercise		(44	)		-			-			-			(44	)
Debt issuance costs		(4,989	)		-			-			-			(4,989	)
Increase (decrease) in intercompany advances		80,842			(70,896	)		(9,946	)		-			-
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES	$	325,430		$	(15,776	)	$	(9,946	)	$	-		$	299,708

Net Increase (Decrease) in Cash and Cash Equivalents		(60,027	)		(132,956	)		(5,074	)		-			(198,057	)
Cash and Cash Equivalents at Beginning of Year		222,156			220,086			29,136			-			471,378
Cash and Cash Equivalents at End of Period	$	162,129		$	87,310		$	24,062		$	-		$	273,321

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

NINE MONTHS ENDED SEPTEMBER 30, 2010

(In Thousands)

	Tutor Perini Corporation			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total Consolidated
Cash Flows from Operating Activities:
Net income	$	84,591		$	57,754		$	6,455		$	(64,209	)	$	84,591
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		3,836			19,254			238			-			23,328
Equity in earnings of subsidiaries		(64,209	)		-			-			64,209			-
Stock-based compensation expense		10,168			-			-			-			10,168
Adjustment of investments to fair value		25			-			-			-			25
Deferred income taxes		(2,957	)		(102	)		-			-			(3,059	)
Loss on sale of equipment		2			348			-			-			350
Other long-term liabilities		(1,166	)		(2,511	)		-			-			(3,677	)
Other non-cash items		-			-			-			-			-
Changes in other components of working capital		(32,552	)		(109,994	)		(5,129	)		-			(147,675	)
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES	$	(2,262	)	$	(35,251	)	$	1,564		$	-		$	(35,949	)

Cash Flows from Investing Activities:
Business acquisition related payments		(3,000	)		(3,734	)		-			-			(6,734	)
Acquisition of property and equipment		(1,178	)		(14,724	)		(233	)		-			(16,135	)
Proceeds from sale of property and equipment		92			1,764			-			-			1,856
Proceeds from sale of available-for-sale securities		6,865			53			-			-			6,918
Increase in Restricted Cash		(23,541	)		-			-			-			(23,541	)
Investment in other activities		-			53			-			-			53
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES	$	(20,762	)	$	(16,588	)	$	(233	)	$	-		$	(37,583	)

Cash Flows from Financing Activities:
Proceeds from debt		5,786			2,938			-			-			8,724
Repayment of debt		(10,392	)		(12,851	)		(5,560	)		-			(28,803	)
Common stock repurchased under share repurchase program		(39,391	)		-			-			-			(39,391	)
Issuance of common stock and effect of cashless exercise		(325	)		-			-			-			(325	)
Debt issuance costs		(1,905	)		-			-			-			(1,905	)
Increase (decrease) in intercompany advances		(93,511	)		84,434			9,077			-			-
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES	$	(139,738	)	$	74,521		$	3,517		$	-		$	(61,700	)

Net Increase (Decrease) in Cash and Cash Equivalents		(162,762	)		22,682			4,848			-			(135,232	)
Cash and Cash Equivalents at Beginning of Year		266,171			58,388			23,750			-			348,309
Cash and Cash Equivalents at End of Period	$	103,409		$	81,070		$	28,598		$	-		$	213,077