PERINI CORPORATION ADDS OVER $700 MILLION IN NEW WORK TO 1994 BACKLOG.

FRAMINGHAM, Mass.--(BUSINESS WIRE)-- February 15, 1995 -- Perini Corporation (Amex: PCR) announced today that $709 million in new contracts, representing important infrastructure work and niche market building construction projects, were awarded to a number of Perini divisions and include the

CENTRAL ARTERY/TUNNEL PROJECTS - Perini's Framingham-based U.S. Heavy Division was awarded two projects by the Massachusetts Highway Department as part of Boston's Central Artery/Tunnel Project. A Perini-led joint venture was awarded the $378 million contract to construct four lanes of the new underground central artery under Atlantic Avenue in downtown Boston, representing the largest single contract awarded to date on the project and the largest ever awarded by the Commonwealth. Work on the project includes the construction of 2000 linear feet of cut and cover tunnel, approximately 1500 linear feet of Massachusetts Bay Transportation Authority (MBTA) transitway for bus service, and the demolition and reconstruction of the MBTA's Red Line Subway Station. Work on the project will begin this Spring with completion expected in the Fall of 2000. The Division was also awarded a $38 million contract for utility relocation including water, gas, sewer, storm drains, steam, electric and telephone. Utility relocation work is underway with completion scheduled for October 1997. To date, Perini is involved on seven major projects valued at over $1 billion on the Central Artery/Tunnel program in Boston.

PRIMUS AUTOMOTIVE FINANCIAL SERVICES - Perini Building Company's Central U.S. Division, located in Detroit, Michigan, was awarded a $22 million contract to construct a new 240,000-square-foot headquarters building in Franklin, Tennessee, for Primus Automotive Financial Services, a division of Ford Motor Credit Company. Work on the project is underway with completion scheduled for Fall 1995.

NEW JERSEY STATE PRISON - The Eastern U.S. Division of Perini Building Company, also located in Framingham, was awarded a $203 million contract for the design and construction of a new 3, 150-bed state prison complex in Bridgeton. Set on an 85-acre site, the facility is comprised of four housing areas for minimum security, medium security, detention units and extended care. Work on the project will begin this Summer with completion scheduled for Winter 1998.

ARGONNE NATIONAL LABORATORY - The Central Division was also awarded a $15 million contract to construct a 128,000-square-foot, six-story residential facility for Argonne National Laboratory, operated by the University of Chicago for the U.S. Department of Energy in Argonne, Illinois. Construction will begin immediately with completion scheduled for Spring 1996.

RIVERBOAT CASINO - In addition, the Central U.S. Division was awarded a $15 million construction management contract for a riverboat casino in Caruthersville, Missouri for Aztar Corporation, one of the first casinos to be located along the Mississippi River in that state. The casino, which is being created from an existing barge, will be connected by a bridge to a two-story support facility housing a restaurant, lounge area, a gift shop and administrative offices. Construction is underway with completion scheduled for May 1995.

HAMPTON INN - The Western Division was also awarded a $20 million contract to construct the world's largest Hampton Inn for Promus in Reno, Nevada. Work on the 406-room, 26-story building is underway with completion scheduled for Summer 1995.

POLICE TRAINING ACADEMY - Perini International Corporation, headquartered in Framingham, Massachusetts, was awarded a $4.5 million contract to renovate an existing facility in Haiti for the U.S. Department of Justice. When completed in April, the project will be used as a police training academy.

LAKE COOK ROAD - Newberg/Perini, a division of Perini Corporation based in Chicago, Illinois, was recently awarded a $9 million contract for the construction of the Lake Cook Road railroad grade separation in Cook County, Illinois. Construction is expected to begin in March with completion in December 1996.

STEEL DYNAMICS CONCRETE FOUNDATIONS - Newberg/Perini was also awarded a $4.5 million contract to perform concrete foundation work at a new steel mill in Butler, Indiana, for Steel Dynamics, Inc. Work on the project is underway with completion expected by mid-1995.

PERINI CORPORATION, headquartered in Framingham, Massachusetts, provides general contracting including building, civil and environmental construction, and construction management services to public and private clients throughout the United States and overseas. Office locations include Atlanta, Boston, Chicago, Detroit, Las Vegas, Los Angeles, New York, Philadelphia, Phoenix, San Francisco, and West Palm Beach.

CONTACT: Perini Corp.

Kathleen Fyfe, 508/628-2402