(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 SHEETS – SEPTEMBER 30, 2012 (UNAUDITED)

(In Thousands)

	Tutor Perini Corporation		Guarantor Subsidiaries		Non- Guarantor Subsidiaries			Eliminations			Total Consolidated
ASSETS
Cash and Cash Equivalents	$	93,938	$	50,304	$	36,535		$	-		$	180,777
Restricted Cash		30,226		8,474		-			-			38,700
Accounts Receivable		141,255		1,147,571		2,320			(41,359	)		1,249,787
Costs and Estimated Earnings in Excess of Billings		97,540		333,611		152			(19,641	)		411,662
Deferred Income Taxes		-		15,696		-			(12,450	)		3,246
Other Current Assets		68,080		48,958		3,629			(44,646	)		76,021
Total Current Assets		431,039		1,604,614		42,636			(118,096	)		1,960,193

Long-term Investments		46,283		-		-			-			46,283
Property and Equipment, net		62,234		420,971		4,909			-			488,114
Intercompany Notes and Receivables		56,746		606,288		(14,761	)		(648,273	)		-
Other Assets:
Goodwill		-		570,646		-			-			570,646
Intangible Assets, net		-		130,092		-			-			130,092
Investment in Subsidiaries		2,074,576		4		50			(2,074,630	)		-
Other		37,320		9,274		20,375			(26,839	)		40,130
	$	2,708,198	$	3,341,889	$	53,209		$	(2,867,838	)	$	3,235,458

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Maturities of Long-term Debt	$	40,454	$	23,378	$	-		$	-		$	63,832
Accounts Payable		64,834		746,805		58			(61,000	)		750,697
Billings in Excess of Costs and Estimated Earnings		96,187		249,207		34			-			345,428
Accrued Expenses and Other Current Liabilities		96,192		87,240		35,159			(57,096	)		161,495
Total Current Liabilities		297,667		1,106,630		35,251			(118,096	)		1,321,452

Long-term Debt, less current maturities		548,496		113,281		-			(24,845	)		636,932
Deferred Income Taxes		54,014		7,760		-			(1,994	)		59,780
Other Long-term Liabilities		112,388		4,169		-			-			116,557

Contingencies and Commitments

Intercompany Notes and Advances Payable		594,896		49,821		3,556			(648,273	)		-

Stockholders' Equity		1,100,737		2,060,228		14,402			(2,074,630	)		1,100,737

	$	2,708,198	$	3,341,889	$	53,209		$	(2,867,838	)	$	3,235,458

CONDENSED CONSOLIDATING BALANCE SHEETS - DECEMBER 31, 2011 (UNAUDITED)

(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 STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED)

THREE MONTHS ENDED SEPTEMBER 30, 2012

(In Thousands)

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

Revenues	$	113,068		$	996,809		$	-		$	(10,484	)	$	1,099,393
Cost of Operations		97,225			900,634			(3,445	)		(10,484	)		983,930

Gross Profit		15,843			96,175			3,445			-			115,463

General and Administrative Expenses		17,840			42,417			530			-			60,787

(LOSS) INCOME FROM CONSTRUCTION OPERATIONS		(1,997	)		53,758			2,915			-			54,676

Equity in Earnings of Subsidiaries		49,135			-			-			(49,135	)		-
Other Income (Expense), net		45			264			236			-			545
Interest Expense		(10,133	)		(906	)		-			-			(11,039	)

Income before Income Taxes		37,050			53,116			3,151			(49,135	)		44,182

Benefit (Provision) for Income Taxes		5,541			(5,732	)		(1,400	)		-			(1,591	)

NET INCOME	$	42,591		$	47,384		$	1,751		$	(49,135	)	$	42,591

Other Comprehensive Income:

Other Comprehensive Income of Subsidiaries		363			-			-			(363	)		-
Tax adjustment on minimum pension liability		(841	)		-			-			-			(841	)
Foreign currency translation		-			362			-			-			362
Change in fair value of investments		-			1			-			-			1
Change in fair value of interest rate swap		(177	)		-			-			-			(177	)
Total Other Comprehensive (Loss) Income		(655	)		363			-			(363	)		(655	)

Total Comprehensive Income	$	41,936		$	47,747		$	1,751		$	(49,498	)	$	41,936

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (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

(LOSS) INCOME 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

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

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

Other Comprehensive Income:

Other Comprehensive Income of Subsidiaries		(684	)		-			-			684			-
Foreign currency translation		-			(1,279	)		-			-			(1,279	)
Change in fair value of investments		-			595			-			-			595
Total Other Comprehensive Loss		(684	)		(684	)		-			684			(684	)

Total Comprehensive Income	$	34,793		$	38,986		$	2,446		$	(41,432	)	$	34,793

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (UNAUDITED)

NINE MONTHS ENDED SEPTEMBER 30, 2012

(In Thousands)

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

Revenues	$	276,633		$	2,764,764		$	-		$	(44,124	)	$	2,997,273
Cost of Operations		242,954			2,521,009			(11,249	)		(44,124	)		2,708,590

Gross Profit		33,679			243,755			11,249			-			288,683

General and Administrative Expenses		53,579			139,465			1,600			-			194,644

Goodwill and Intangible Assets Impairment		-			376,574			-			-			376,574

(LOSS) INCOME FROM CONSTRUCTION OPERATIONS		(19,900	)		(272,284	)		9,649			-			(282,535	)

Equity in Earnings of Subsidiaries		(273,177	)		-			-			273,177			-
Other (Expense) Income, net		(1,484	)		119			684			-			(681	)
Interest Expense		(29,817	)		(2,907	)		-			-			(32,724	)

(Loss) Income before Income Taxes		(324,378	)		(275,072	)		10,333			273,177			(315,940	)

Benefit (Provision) for Income Taxes		17,343			(4,201	)		(4,237	)		-			8,905

(LOSS) NET INCOME	$	(307,035	)	$	(279,273	)	$	6,096		$	273,177		$	(307,035	)

Other Comprehensive Income:

Other Comprehensive Income of Subsidiaries		627			-			-			(627	)		-
Tax adjustment on minimum pension liability		(841	)		-			-			-			(841	)
Foreign currency translation		-			419			-			-			419
Change in fair value of investments		-			208			-			-			208
Change in fair value of interest rate swap		(1,196	)		-			-			-			(1,196	)
Realized loss on sale of investments recorded in Net Income (Loss)		2,005			-			-			-			2,005
Total Other Comprehensive Income		595			627			-			(627	)		595

Total Comprehensive (Loss) Income	$	(306,440	)	$	(278,646	)	$	6,096		$	272,550		$	(306,440	)

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (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

(LOSS) INCOME 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

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

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

Other Comprehensive Income:

Other Comprehensive Income of Subsidiaries		(595	)		-			-			595			-
Foreign currency translation		-			(1,190	)		-			-			(1,190	)
Change in fair value of investments		-			595			-			-			595
Total Other Comprehensive Loss		(595	)		(595	)		-			595			(595	)

Total Comprehensive Income	$	61,505		$	74,517		$	5,347		$	(79,864	)	$	61,505

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED)

NINE MONTHS ENDED SEPTEMBER 30, 2012

(In Thousands)

	Tutor Perini Corporation			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total Consolidated
Cash Flows from Operating Activities:
Net (loss) income	$	(307,035	)	$	(279,273	)	$	6,096		$	273,177		$	(307,035	)
Adjustments to reconcile net (loss) income to net cash from operating activities:
Goodwill and intangible assets impairment		-			376,574			-			-			376,574
Depreciation and amortization		3,815			42,657			204			-			46,676
Equity in earnings of subsidiaries		273,177			-			-			(273,177	)		-
Stock-based compensation expense		7,424			-			-			-			7,424
Adjustment of interest rate swap to fair value		264			-			-			-			264
Deferred income taxes		(37,810	)		(4,198	)		-			-			(42,008	)
Loss on sale of equipment		-			509			-			-			509
Loss on sale of investments		2,699			-			-			-			2,699
Other long-term liabilities		(5,826	)		(2,573	)		-			-			(8,399	)
Other non-cash items		(524	)		78			-			-			(446	)
Changes in other components of working capital		62,007			(180,925	)		14,783			-			(104,135	)
NET CASH (USED) PROVIDED BY OPERATING ACTIVITIES	$	(1,809	)	$	(47,151	)	$	21,083		$	-		$	(27,877	)

Cash Flows from Investing Activities:
Acquisition of property and equipment		(12,332	)		(21,405	)		-			-			(33,737	)
Proceeds from sale of property and equipment		500			11,250			-			-			11,750
Investments in available-for-sale securities		-			(535	)		-			-			(535	)
Proceeds from sale of available-for-sale securities		16,553			-			-			-			16,553
Change in restricted cash		(3,241	)		(22	)		-			-			(3,263	)
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES	$	1,480		$	(10,712	)	$	-		$	-		$	(9,232	)

Cash Flows from Financing Activities:
Proceeds from debt		531,618			(20,039	)		-			-			511,579
Repayment of debt		(486,426	)		883			-			-			(485,543	)
Business acquisition related payments		(10,090	)		-			-			-			(10,090	)
Issuance of common stock and effect of cashless exercise		(307	)		-			-			-			(307	)
Debt issuance costs		(1,993	)		-			-			-			(1,993	)
Increase (decrease) in intercompany advances		(73,471	)		74,831			(1,360	)		-			-
NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES	$	(40,669	)	$	55,675		$	(1,360	)	$	-		$	13,646

Net (Decrease) Increase in Cash and Cash Equivalents		(40,998	)		(2,188	)		19,723			-			(23,463	)
Cash and Cash Equivalents at Beginning of Year		134,936			52,492			16,812			-			204,240
Cash and Cash Equivalents at End of Period	$	93,938		$	50,304		$	36,535		$	-		$	180,777

CONDENSED CONSOLIDATING STATEMENTS 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
Gain on sale of equipment		-			(896	)		-			-			(896	)
Gain on bargain purchase		(4,000	)		-			-			-			(4,000	)
Other long-term liabilities		(5,915	)		(2,004	)		-			-			(7,919	)
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 (USED) PROVIDED BY OPERATING ACTIVITIES	$	(37,993	)	$	(91,891	)	$	4,872		$	-		$	(125,012	)

Cash Flows from Investing Activities:
Acquisitions, net of cash balance acquired		(337,873	)		-			-			-			(337,873	)
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 USED BY INVESTING ACTIVITIES	$	(345,560	)	$	(25,289	)	$	-		$	-		$	(370,849	)

Cash Flows from Financing Activities:
Proceeds from debt		466,659			101,123			-			-			567,782
Repayment of debt		(217,056	)		(46,003	)		-			-			(263,059	)
Business acquisition related payments		(1,904	)		-			-			-			(1,904	)
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	$	323,526		$	(15,776	)	$	(9,946	)	$	-		$	297,804

Net 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		$	87,130		$	24,062		$	-		$	273,321