(15)	Separate Financial Information of Subsidiary Guarantors of Indebtedness

The Company's obligation to pay principal and interest on its 7.625% senior unsecured 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 Credit Agreement, with certain exceptions (the "Guarantors"). The guarantees are full and unconditional and the Guarantors are 100%-owned by the Company. 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 - MARCH 31, 2012 (UNAUDITED)

(In Thousands)

	Tutor Perini Corporation		Guarantor Subsidiaries		Non- Guarantor Subsidiaries			Eliminations			Total Consolidated
ASSETS
Cash and Cash Equivalents	$	122,283	$	41,080	$	27,051		$	-		$	190,414
Restricted Cash		26,991		8,459		-			-			35,450
Accounts Receivable		118,747		1,133,784		6,527			(74,845	)		1,184,213
Costs and Estimated Earnings in Excess of Billings		91,207		303,315		152			(17,075	)		377,599
Deferred Income Taxes		-		15,283		-			(13,325	)		1,958
Other Current Assets		64,635		30,534		3,811			(11,118	)		87,862
Total Current Assets		423,863		1,532,455		37,541			(116,363	)		1,877,496

Long-term Investments		46,283		-		-			-			46,283
Property and Equipment, net		54,482		430,484		5,045			-			490,011
Intercompany Notes and Receivables		82,115		584,299		(12,024	)		(654,390	)		-
Other Assets:
Goodwill		-		893,790		-			-			893,790
Intangible Assets, net		-		192,960		-			-			192,960
Investment in Subsidiaries		2,367,114		4		50			(2,367,168	)		-
Other		15,396		8,847		20,375			(26,578	)		18,040
	$	2,989,253	$	3,642,839	$	50,987		$	(3,164,499	)	$	3,518,580

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Maturities of Long-term Debt	$	37,074	$	23,842	$	-		$	-		$	60,916
Accounts Payable		49,484		724,778		1,985			(91,920	)		684,327
Billings in Excess of Costs and Estimated Earnings		75,406		300,951		34			-			376,391
Accrued Expenses and Other Current Liabilities		71,146		83,399		29,510			(24,443	)		159,612
Total Current Liabilities		233,110		1,132,970		31,529			(116,363	)		1,281,246

Long-term Debt, less current maturities		515,993		125,686		-			(24,584	)		617,095
Deferred Income Taxes		99,916		7,761		-			(1,994	)		105,683
Other Long-term Liabilities		106,948		4,221		-			-			111,169

Contingencies and Commitments

Intercompany Notes and Advances Payable		629,899		18,050		6,441			(654,390	)		-

Stockholders' Equity		1,403,387		2,354,151		13,017			(2,367,168	)		1,403,387

	$	2,989,253	$	3,642,839	$	50,987		$	(3,164,499	)	$	3,518,580

CONDENSED CONSOLIDATING BALANCE SHEET - DECEMBER 31, 2011

(In Thousands)

	Tutor Perini Corporation		Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total Consolidated
ASSETS
Cash and Cash Equivalents	$	134,936	$	52,492		$	16,812		$	-		$	204,240
Restricted Cash		26,985		8,452			-			-			35,437
Accounts Receivable		106,540		1,257,384			10,173			(99,066	)		1,275,031
Costs and Estimated Earnings in Excess of Billings		103,418		254,828			152			-			358,398
Deferred Income Taxes		-		-			-			-			-
Other Current Assets		53,513		48,218			2,767			(27,570	)		76,928
Total Current Assets		425,392		1,621,374			29,904			(126,636	)		1,950,034

Long-term Investments		62,311		-			-			-			62,311

Property and Equipment, net		49,343		436,921			5,113			-			491,377
Intercompany Notes and Receivables		9,232		705,371			(10,761	)		(703,842	)		-
Other Assets:
Goodwill		-		892,602			-			-			892,602
Intangible Assets, net		-		197,999			-			-			197,999
Investment in Subsidiaries		2,431,150		300			50			(2,431,500	)		-
Other		13,830		9,183			20,375			(24,584	)		18,804
	$	2,991,258	$	3,863,750		$	44,681		$	(3,286,562	)	$	3,613,127

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Maturities of Long-term Debt	$	36,105	$	23,854		$	-		$	-		$	59,959
Accounts Payable		40,072		844,664			55			(99,066	)		785,725
Billings in Excess of Costs and Estimated Earnings		58,877		325,371			34			-			384,282
Accrued Expenses and Other Current Liabilities		39,870		123,598			27,370			(27,570	)		163,268
Total Current Liabilities		174,924		1,317,487			27,459			(126,636	)		1,393,234

Long-term Debt, less current maturities		507,482		129,650			-			(24,584	)		612,548

Deferred Income Taxes		89,798		8,123			-			-			97,921

Other Long-term Liabilities		104,740		4,857			-			-			109,597

Contingencies and Commitments

Intercompany Notes and Advances Payable		714,487		(15,835	)		5,190			(703,842	)		-

Stockholders' Equity		1,399,827		2,419,468			12,032			(2,431,500	)		1,399,827

	$	2,991,258	$	3,863,750		$	44,681		$	(3,286,562	)	$	3,613,127

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2012

(In Thousands)

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

Revenues	$	69,125		$	861,695		$	-		$	(18,286	)	$	912,534
Cost of Operations		62,694			785,894			(3,927	)		(18,286	)		826,375

Gross Profit		6,431			75,801			3,927			-			86,159

General and Administrative Expenses		18,909			49,718			569			-			69,196

INCOME (LOSS) FROM CONSTRUCTION OPERATIONS		(12,478	)		26,083			3,358			-			16,963

Equity in Earnings of Subsidiaries		17,532			-			-			(17,532	)		-
Other Income (Expense), net		(2,064	)		(476	)		232			-			(2,308	)
Interest Expense		(10,071	)		(1,011	)		-			-			(11,082	)

Income (loss) before Income Taxes		(7,081	)		24,596			3,590			(17,532	)		3,573

(Provision) Credit for Income Taxes		5,878			(9,297	)		(1,357	)		-			(4,776	)

NET (LOSS) INCOME	$	(1,203	)	$	15,299		$	2,233		$	(17,532	)	$	(1,203	)

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2011

(In Thousands)

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

Revenues	$	85,358		$	477,129		$	69,365		$	(16,563	)	$	615,289
Cost of Operations		70,916			438,274			60,199			(16,563	)		552,826

Gross Profit		14,442			38,855			9,166			-			62,463

General and Administrative Expenses		15,317			23,618			5,015			-			43,950

INCOME (LOSS) FROM CONSTRUCTION OPERATIONS		(875	)		15,237			4,151			-			18,513

Equity in Earnings of Subsidiaries		11,046			-			-			(11,046	)		-
Other Income (Expense), net		1,026			(1,493	)		20			-			(447	)
Interest Expense		(6,636	)		(519	)		-			-			(7,155	)

Income (loss) before Income Taxes		4,561			13,225			4,171			(11,046	)		10,911

(Provision) Credit for Income Taxes		2,368			(4,827	)		(1,523	)		-			(3,982	)

NET INCOME	$	6,929		$	8,398		$	2,648		$	(11,046	)	$	6,929

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2012

(In Thousands)

	Tutor Perini Corporation			Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Total Consolidated
Cash Flows from Operating Activities:
Net (loss) income	$	(1,203	)	$	15,299		$	2,233	$	(17,532	)	$	(1,203	)
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		1,175			14,547			68		-			15,790
Equity in earnings of subsidiaries		(17,532	)		-			-		17,532			-
Stock-based compensation expense		3,419			-			-		-			3,419
Deferred income taxes		5,765			(72	)		-		-			5,693
(Gain) Loss on sale of equipment		23			(102	)		-		-			(79	)
Loss on sale of investments		2,699			-			-		-			2,699
Other long-term liabilities		840			(626	)		-		-			214
Other non-cash items		586			445			-		-			1,031
Changes in other components of working capital		33,476			(92,750	)		6,672		-			(52,602	)
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES	$	29,248		$	(63,259	)	$	8,973	$	-		$	(25,038	)

Cash Flows from Investing Activities:
Business acquisition related payments		(1,188	)		-			-		-			(1,188	)
Acquisition of property and equipment		(5,761	)		(4,888	)		-		-			(10,649	)
Proceeds from sale of property and equipment		-			3,968			-		-			3,968
Investments in available-for-sale securities		-			(535	)		-		-			(535	)
Proceeds from sale of available-for-sale securities		16,553			-			-		-			16,553
Change in restricted cash		(6	)		(7	)		-		-			(13	)
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES	$	9,598		$	(1,462	)	$	-	$	-		$	8,136

Cash Flows from Financing Activities:
Proceeds from debt		98,500			-			-		-			98,500
Repayment of debt		(89,076	)		(6,031	)		-		-			(95,107	)
Issuance of common stock and effect of cashless exercise		(307	)		-			-		-			(307	)
Debt issuance costs		(10	)		-			-		-			(10	)
Increase (decrease) in intercompany advances		(60,606	)		59,340			1,266		-			-
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES	$	(51,499	)	$	53,309		$	1,266	$	-		$	3,076

Net Increase (Decrease) in Cash and Cash Equivalents		(12,653	)		(11,412	)		10,239		-			(13,826	)
Cash and Cash Equivalents at Beginning of Year		134,936			52,492			16,812		-			204,240
Cash and Cash Equivalents at End of Period	$	122,283		$	41,080		$	27,051	$	-		$	190,414

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2011

(In Thousands)


	Tutor Perini Corporation			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total Consolidated
Cash Flows from Operating Activities:
Net (loss) income	$	6,929		$	8,398		$	2,648		$	(11,046	)	$	6,929
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		1,503			5,792			748			-			8,043
Equity in earnings of subsidiaries		(11,046	)		-			-			11,046			-
Stock-based compensation expense		3,615			-			-			-			3,615
Excess income tax benefit from stock-based compensation		(18	)		-			-			-			(18	)
Deferred income taxes		(293	)		(118	)		-			-			(411	)
Loss (gain) on sale of equipment		-			598			(2	)		-			596
Other long-term liabilities		182			(425	)		-			-			(243	)
Other non-cash items		44			20			-			-			64
Changes in other components of working capital		(7,647	)		(65,022	)		6,440			-			(66,229	)
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES	$	(6,731	)	$	(50,757	)	$	9,834		$	-		$	(47,654	)

Cash Flows from Investing Activities:
Acquisition of Fisk Electric, net of cash balance acquired		(70,620	)		-			-			-			(70,620	)
Business acquisition related payments		(3,000	)		-			-			-			(3,000	)
Acquisition of property and equipment		(1,097	)		(7,373	)		(462	)		-			(8,932	)
Proceeds from sale of property and equipment		-			891			2			-			893
Change in restricted cash		(8	)		-			-			-			(8	)
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES	$	(74,725	)	$	(6,482	)	$	(460	)	$	-		$	(81,667	)

Cash Flows from Financing Activities:
Proceeds from long-term debt		7,276			50,899			-			-			58,175
Repayment of long-term debt		(6,431	)		(26,688	)		-			-			(33,119	)
Excess income tax benefit from stock-based compensation		18			-			-			-			18
Debt issuance costs		(25	)		-			-			-			(25	)
Increase (decrease) in intercompany advances		33,786			(35,211	)		1,425			-			-
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES	$	34,624		$	(11,000	)	$	1,425		$	-		$	25,049

Net Increase (Decrease) in Cash and Cash Equivalents		(46,832	)		(68,239	)		10,799			-			(104,272	)
Cash and Cash Equivalents at Beginning of Year		222,156			220,086			29,136			-			471,378
Cash and Cash Equivalents at End of Period	$	175,324		$	151,847		$	39,935		$	-		$	367,106