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Perini Reports Lawsuit by Holders of Preferred Stock

FRAMINGHAM, Mass., May 9, 2001 (BUSINESS WIRE) -- Perini Corp. (PCR) reported that a complaint against the company and certain current and past directors has recently been filed in the Supreme Court of New York.

The complaint is brought as a class action by three shareholders of the company's Depositary Convertible Exchangeable Preferred Shares, with each share representing 1/10th Share of the $21.25 Convertible Exchangeable Preferred Stock ("Preferred Stock"). Two of the plaintiffs, Frederick Doppelt and Arthur I. Caplan, are current directors of the company elected by the holders of Preferred Stock and are nominees for reelection by those holders.

The plaintiffs principally allege that the company was obligated to pay all accrued dividends on the Preferred Stock when the company and its directors authorized the exchange of Series B Cumulative Convertible Preferred Stock for Common Stock as approved by the holders of the company's Common Stock on March 29, 2000.

The plaintiffs also allege that the 1987 Prospectus relating to the issuance of the Preferred Stock was false and misleading. The complaint seeks payment of accrued dividends of approximately $11.7 million along with unspecified punitive and exemplary damages.

The company believes that the claims are without merit and intends to vigorously defend the actions of the company and its directors.

The statements contained in this release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding the company's expectations, hopes, beliefs, intentions or strategies regarding the future. Forward-looking statements involve a number of risks, uncertainties or other factors that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the continuing validity of the underlying assumptions and estimates of total forecasted project revenues, costs and profits and project schedules; the outcomes of pending or future litigation, arbitration or other dispute resolution proceedings; changes in federal and state appropriations for infrastructure projects; possible changes or developments in worldwide or domestic social, economic, business, industry, market and regulatory conditions or circumstances; and actions taken or omitted to be taken by third parties including the company's customers, suppliers, business partners, and competitors and legislative, regulatory, judicial and other governmental authorities and officials.

CONTACT:           Perini Corp., Framingham
                   Robert Band, 508/628-2295
                   Coffin Communications Group, Sherman Oaks, Calif.
                   Crocker Coulson, 818/789-0100

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