Tutor Perini Joint Venture Executes Contract for California High-Speed Rail Project

August 20, 2013

SYLMAR, Calif.--(BUSINESS WIRE)--Aug. 20, 2013-- Tutor Perini Corporation (NYSE:TPC), a leading civil and building construction company, today announced that its joint venture has executed a contract with theCalifornia High-Speed Rail Authority (Authority) for the design and construction of the initial Madera to Fresnosegment of the California high-speed rail system. The contract is valued at approximately $985 million, plus an additional $53 million in provisional sums. Tutor Perini is the managing partner of the joint venture team, which includes Zachry Construction Corporation of San Antonio, Texas and Parsons Corporation ofPasadena, California.

Ronald Tutor , Chairman and CEO of Tutor Perini, said, “We are truly excited to be building the groundwork for America’s first high-speed rail system and look forward to working with the Authority to deliver a high-quality project that will modernize California’s transportation system and support economic growth.”

Tutor Perini’s portion of the contract value, approximately $500 million, will be included as part of the Company’s reported third-quarter backlog.