Exhibit 99.1
Perini
Annual Meeting
September 5, 2008
Significant Achievements
Perini
Financial Results For the Six Months Ended June 30, 2008
Revenues of $2.6 billion
Backlog of $8.0 billion (includes $1.2B McCarran Airport contract signed July 15, 2008)
Net Worth of $428.1 million
Income before taxes of $84.9 million
Cash and cash equivalents of $416.7 million
Award of new contracts and expansion of existing projects ($3.7 billion) in 2007 and ($1.9 billion) for the Six Months Ended June 30, 2008
Merger with Tutor-Saliba Corporation
Recognition
Perini Building Company 3 #1 Commercial General Contractor in Nevada, In Business
Perini Building Company 3 Top Contractor, Nevada, Southwest Contractor
James A. Cummings wins Platinum Level Safety Award, Associated Builders & Contractors (FL)
Rudolph and Sletten 3 #1 Top Project in California, California Construction
Perini Corporation #1 in Boston Globe’s Top 100 Companies in Massachusetts 2007 & 2008
Launch of construction program in Dubai and UAE
Revenues and profits at Rudolph and Sletten and James A. Cummings have doubled since acquisition by Perini—successful transition to gaming projects by R&S
?Strong outlook for balance of 2008 and 2009-2010
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Financial Performance (2003—2007)
Perini
Income Before Taxes
(dollars in millions)
154.4
69.7
47.3
44.9
30.9
03
04
05
06
07
Working Capital
(dollars in millions)
293.5
194.0
153.3
178.0
125.4
03
04
05
06
07
Net Worth
(dollars in millions)
368.3
243.9
183.2
174.0
120.6
03
04
05
06
07
2007
New Work Acquisition by Segment
(dollars in billions)
Building $3.398
Civil .263
Management Services.084
$3.745
Adjusted to exclude the $40.4 million
Charge resulting from the WMATE judgment
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Record Results—Revenue by QTR
Perini
Revenue
(dollars in millions)
380.3
603.2
612.8
712.5
773.3
944.3
987.4
1,151.6
1,242.7
1,246.7
1,256.3
1,388.4*
Q3’05
Q3’05
Q1’06
Q2’06
Q3’06
Q4’06
Q1’07
Q2’07
Q3’07
Q4’07
Q1’08
Q2’08
* Record Net Income of $28.6M
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The Combined Perini Tutor-Saliba
Perini
The premier publicly traded civil and commercial construction services firm in the U.S.
Highly complementary business models
Accelerates Perini s growth profile
Enhances leadership positions in key growth markets
Increases size, scale and diversity
Maintains existing strong financial position
Presents attractive synergy opportunities
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Our History of Partnership
Perini
Successful JV partnerships since 1977
Completed over 35 projects as JV partners with aggregate project value of over $3 billion
History of significant profitability as a partnership with an average gross profit margin of approximately 6%
1987: $176 million Lexington Ave JV
1996: $248 million SFO Intl Terminal JV
1997: Ron Tutor joins Perini as COO and Director
2000: Ron Tutor becomes Perini’s CEO and Chairman
2001: $317 million Jamaica Station JV
3,500
3,000
2,500
2,000 ( $ mm) 1,500
1,000 500 0
40 35 30 25 20 15
10 5 0
Number of Projects
1977 1980 1985 1990 1995 2000 2005 Present
Cummulative JV Project Value
Cummulative Number of JV Projects
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Highly Complementary Business Models
Perini
Perini
Tutor-Saliba
Leading commercial contractor in gaming and hospitality; leading healthcare contractor in California
Highly respected brand in Eastern U.S. civil construction
Leading U.S. government contractor with worldwide urgent response and remote capabilities
Predominantly private client base
Highly scalable business model with subcontractor relationships and alliances
Contributes additional resources, experience and relationships in Las Vegas
Leading Western U.S. civil contractor
Leading contractor in Guam with a highly defensible market position and attractive market opportunity
Significant public works success and experience
Integrated business model with significant self-perform capabilities
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Segment Overview
Perini Building
End Markets
Hospitality and Gaming Healthcare Education Corporate Campuses High Tech/R&D
Sports and Entertainment Transportation Facilities
Key Projects
MGM MIRAGE CityCenter Wynn Encore
Trump International Hotel & Tower Cosmopolitan Foothill Oaks Casino UCLA Westwood Hospital Children’s Hospital Los Angeles McCarran Airport Terminal 3
International
U.S. Government Services U.S. Army Corps of Engineers
U.S. Air Force
U.S. Dept. of State Multi-national corporations Surety Companies
Overhead Coverage Systems, Iraq
Afghan National Army Bases
British Embassy, Manila
Surety Services Program (Zurich and St. Paul’s/Travelers)
General Dynamics
Home Depot, Guam
UAE Construction Program
Civil
Highways and Bridges Mass Transit Wastewater Treatment Site Work and Excavation
Tappan Zee Bridge
LAX Runway & Taxiway Improvements Brooklyn-Queens Expressway Newtown Creek WWTP
Cherry Hill Highways & Toll Roads Harold Structures I-80 San Francisco
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Proforma Combined Company Overview
Perini ($ in millions)
For the Six Months Ended 06/30/08 Revenues
International Civil $102 $180
3% 5%
92%
Building $3,158
$3,440
Backlog as of 06/30/2008
Civil $551
6% 2%
International $193
92%
Building $8,407
$9,151
Includes $1.2B McCarran Airport contract signed on July 15, 2008
Three operating segments:
Building
International
Civil
Key services offered:
General contracting
Pre-construction planning
Construction management
Design/build construction
Additional self-performed construction services:
Sitework
Concrete forming and placement
Steel erection
Electrical
Mechanical/Plumbing
Aggregates
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Proforma Combined Company Client Mix and Contract Types
Perini ($ in millions)
For the Six Months Ended 06/30/08 Revenues
Federal
3% 13%
State & Local
84%
Private
Fixed Price
26%
74%
Cost Plus & GMP
$3,440 $9,151*
Private
Negotiated Contracts
Cost + Award Fee Guaranteed Maximum Price
State & Local
Competitive Bidding
Fixed Price
Construction Management at Risk
Federal
Multi-Year Negotiated Contracts
Cost + Fixed Fee Cost + Award Fee Fixed Price
Includes $1.2B McCarran Airport contract signed on July 15, 2008
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Building Proforma Combined Company Overview
Per ($ in millions)
For the Six Months Ended 06/30/08 Revenues
Condominiums Office Bldgs. $194 $159
6%
Healthcare 5% $355 11% Education
4% $137
4%
70% Hospitality All Other and Gaming $121 $2,192
$3,158
(92% of Total Revenues)
Backlog as of 06/30/08
Condominiums $213
Transportation Facilities $1,200
Hospitality Gaming $4,776
Office Bldgs. $333
Healthcare $1,317
Education $236
All Other $332
$8,407*
(92% of Total Backlog)
2%
14%
4%
16%
3%
4%
57%
* Includes $1.2B McCarran Airport contract signed on July 15, 2008
Focus on large, complex construction projects for specialized end markets:
Hospitality and Gaming
Healthcare
Education
Corporate Campus
High Tech/R&D
Sports and Entertainment
Transportation Facilities
Correction Facilities
Condominiums
Significant level of repeat and referral business; predominantly negotiated contracts
Pending Contract Awards
Hospitality and Gaming $2,192.3M Condominiums 830.0M Education 367.8M Healthcare 29.5M Total $3,419.6M
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Proforma Combined Company
International
Overview
Perini
($ in millions)
For the Six Months Ended 06/30/08 Revenues
All Other $5
Foreign Government Services. $8
Industrial Bldgs. $3
U.S
Government Services $86
5%
8%
3% 84%
$102
(3% of Total Revenues)
Backlog as of 06/30/08
All Other $18
U.S. Government Services $149
Industrial Bldgs. $26
9%
14%
77%
$193
(2% of Total Backlog)
Diversified construction, design/build and maintenance services primarily to:
U.S. military
U.S. Government agencies
Private multinational corporations
Surety companies
Foreign Government Agencies
Mix of cost-plus and negotiated fixed-price contracts
Estimated $15 billion program to relocate U.S.Marines from Okinawa, Japan
Pending Contract Awards
Hospitality (Dubai) $2.0B
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Proforma Combined Company
Civil
Overview
Perini ($ in millions)
For the Six Months Ended 06/30/08 Revenues
Bridges $73
Wastewater Treatment and Other $22
Highways $51
Sitework $5
Mass Transit $29
12%
28%
41%
16%
3%
$180
(5% of Total Revenues)
Backlog as of 06/30/08
Bridges $198
Wastewater Treatment and Other $93
Highways $115
Mass Transit $145
17%
36%
21%
26%
$551
(6% of Total Backlog)
Specializing in new public construction, repair, replacement and reconstruction of:
Highways
Bridges
Wastewater Treatment
Mass Transit
Sitework
Airports
Principal operations in the New York, Baltimore / Washington and Los Angeles metro areas
Predominantly fixed price contracts
Pending Contract Awards
Highways $73.8M Other Civil 67.4M Total $141.2M
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Leadership in Hospitality
Building
& Gaming Construction
Perini
Our Market Leadership
Leading contractor for BOTH traditional gaming and Native American casinos and resorts
#1 builder in the broader hotel, motel and convention center category (1)
#7 builder in the healthcare category (1)
#17 builder of multi-unit condominiums (1)
Proven ability, strong relationships and excellent reputation
Building MGM MIRAGE CityCenter
Key Projects Under Contract Contract Value
MGM MIRAGE CityCenter $6,082M
The Cosmopolitan Resort 1,832M
Wynn Encore 1,398M
McCarran Airport Terminal 3 1,200M
MGM Grand at Foxwoods 528M
Gaylord National Resort (JV 60%) 514M
Planet Hollywood 507M
Foothill Oaks Casino 224M
Sheraton Phoenix 207M
Moffet Towers 165M
(1) 2007 ENR rankings
Select Hospitality & Gaming Projects
Trump International Las Vegas, NV
Wynn Encore
Las Vegas, NV
Paris Las Vegas Las Vegas, NV
MGM Grand at Foxwoods Ledyard, CT
Morongo Casino, Resort & Spa Cabazon, CA
Gaylord National Resort & Convention Center Prince Georges County, MD
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Strong Position in Other
Building
Attractive Niche Markets
Perini
Our Competitive Position
Healthcare Facilities
Perini selectively competes for new healthcare facilities construction
Rudolph and Sletten #1 Healthcare Builder in California (CA Builder)
Education Facilities
Perini became a leading contractor of schools and municipal buildings in Florida with the acquisition of James A. Cummings, Inc.
Select Projects
UCLA Westwood Hospital Los Angeles, CA
Children’s Hospital New Patient Tower & Parking Los Angeles, CA
Florida Int’l. University Research Center Miami, FL
Molecular Foundry Berkeley, CA
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Perini
Strong Position in Other
Building
Attractive Niche Markets
Our Competitive Position Select Projects
Green Building LEED (Leadership in Energy and Environmental Design)
Rudolph and Sletten employs over 125 LEED Accredited Professionals
“CityCenter may qualify as world’s largest LEED-Certified project upon completion” - MGM MIRAGE
Sports & Entertainment
Strong track record in construction of sports and entertainment facilities
Completed several landmark stadiums and arenas
Transportation Facilities
Airport Terminal recently awarded McCarran Airport $1.2B
Pacific Shores Center MGM MIRAGE CityCenter Gold LEED Award Las Vegas, NV
Redwood City, CA
Jobing.Com Arena Chase Field Glendale, AZ Phoenix, AZ
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Perini
Targeted Projects
Building
Attractive Niche Markets
Remaining 2008 & 2009
NOTE: Excludes all pending awards. ($ in millions)
Sports & Entertainment: $500 2.8% 20% Office/Industrial: $3,600 Healthcare: $800 4.4% 5.0% Other: $900 Education: $1,600 8.9%
28.3% Transportation: $5,100
Hospitality & Gaming: $5,500 30.6%
End Market Fundamentals and Prospects
California population growth estimated at 30% by 2020
Growth in California healthcare market due to aging population and seismic upgrade mandate of $100B through 2030
Non-residential construction expected to grow 15% to $1.33T by 2011, focus on education, healthcare and industrial
Strong growth and pricing outlook in Southern states:
Favorable demographics, aging infrastructure, dedicated funding
The LEED Green Building Ranking System is the national benchmark for high performance green buildings
McGraw Hill forecasts 5% to 10% of building starts by 2010 will be green
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Perini
Leadership Position in
International
International Construction
Our Competitive Position Select International Projects
Demonstrated superior performance on multi-year contracts with U.S. government agencies
Positioned to capture additional projects as government expenditures for defense and homeland security increase
Proven track record on federal projects positions Perini to win contracts from private defense contractors
Leading contractor of overhead coverage building systems (1.2 million sq.ft. constructed)
Top private employer in Guam
Key Projects Under Contract Contract Value
USACE ±OCS Guard Camp $56M
USN Global Hawk Aircraft Maintenace 42M
USN Guam 3 Old APRA Housing 42M
PAC AIR GIAA Cargo Facility 21M
USACE ±Anaconda Tanks 20M
USACE ±Iraq Tanks 17M
USAF HERC (IDIQ Contract ) 16M
USACE ±Basrah Air Station 16M
USACE ±OCS DFAC ±NEC Baghdad 7M
Kosrae Int’l Airport, Micronesia 6M
Water Tank Construction LSA Anaconda Iraq
Overhead Coverage Systems (Iraq, Various Locations)
Restoration of Electrical Power British Embassy Manila
Facilities & Infrastructure Iraq
Home Depot Aircraft Acoustical Enclosure U.S. Marines Air Station Beaufort, SC
Guam
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Perini
Targeted Projects
International
International Construction
Remaining 2008 & 2009
NOTE: Excludes all pending awards. ($ in millions)
Government Contracts: $500
12.2%
48.0% Hospitality (Dubai): $2,000 Government Services: $1,600 39.0%
End Market Fundamentals and Prospects
DoD—CENTCOM Area of Operations
USACE planning $2 billion of additional work in CENTCOM Region over the next 5 years—procurements in planning stage, dependent on congressional funding
U.S. Air Force Indefinite Delivery/Indefinite Quantity (IDIQ) Contracts
HERC—Heavy Engineering, Repair and Construction—up to 10 year contract
Year 2—$50M potential task orders; $6 billion funded
SATOC—Sustainment, Restoration and Maintenance (S/R&M)—up to 10 year contract
Year 1—$50M potential task orders; $4 billion funded
Contingency Contracting
Record of successful rapid response and fast-track construction in challenging locations to meet urgent requirements
Relocation of Marines from Okinawa to Guam – Total estimated construction value exceeds $15B by 2014, predominantly self-performed work
United Arab Emirates Development & Construction estimates $350B in spending
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Perini
Market Trends,
Civil
Position & Projects
Our Competitive Position Select Civil Projects
California, Northeast, Mid-Atlantic States & Florida
Among select group qualified for complex civil projects in dense urban areas
Proven record of performance
Strong financial position
Significant local resources
Established union relationships
Industry-leading access to surety bonding
#16 Builder in the U.S. bridge construction category (1)
Key Projects Under Contract Contract Value
I-80 San Francisco $262M
LAX Runway 186M
Tappan Zee Bridge Replacement 157M
Harold Structures New York 139M
I-95 @ I-895 Kenwood MD 87M
Peekskill Bridges New York 73M
Pier A West/Area 2 67M
CVN Maintenance Pier Replacement 61M
9th St. Bridge 44M
Joint Water Treatment Plant 32M
(1) 2007 ENR rankings
Highways
Brooklyn-Queens I-80
Expressway San Francisco, CA Queens, NY
Mass Transit
Metro North Commuter Jamaica Station Rail Line Rehab Project Intermodal Transportation New York Center Bridges Jamaica, NY
Tappan Zee Bridge Passaic River Bridge
New York, NY Newark, NJ 19
Perini
Targeted Projects
Civil
Civil Construction Market
Remaining 2008 & 2009
NOTE: Excludes all pending awards. ($ in millions)
18.0% Bridges: $6,000
Mass Transit: $13,700 41.1%
11.4% Other Sitework/Misc: $3,800
29.5% Highways: $9,800
End Market Fundamentals and Prospects
U.S. public infrastructure spending expected to remain strong, supported by $286B SAFETEA-LU Act
California and New York recently issued $50B of new bond issues to fund public infrastructure projects
NY Metro Transportation Improvement Program (NYMTC-TIP) estimates $127B over the next 20 years just to maintain the transportation infrastructure in the NY Metropolitan Region
NY Metro Regional Transportation Plan (2008-2012) identified $34B of transportation improvements
NYSDOT recently completed an analysis indicating an estimated $175B in capital needs over the next 20 years to maintain the state highway system, and future infrastructure needs
Current NJ Transportation Improvement Program covers 2008-2011. The plan provides for $17B of transportation improvements for NJDOT, NJ Turnpike and NJ Transit
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Perini
Business Strategy
Focus on Building Markets
Leverage leadership position and relationships to generate additional projects
Gain new contracts by emphasizing experience and proven ability to complete challenging projects
Leverage strong relationships with Native American tribes and traditional gaming clients
Expand Expertise to Additional Markets
Cross-utilize building construction expertise geographically and by project type (e.g. healthcare and education markets)
Continue to serve clients as they develop projects beyond core markets
Capitalize on the expertise of acquisitions to expand end markets
Become a significant contractor in U.A.E.
Pursue Federal Contracting Opportunities
Leverage extensive track record with the U.S. government to gain new contracts
Continue to pursue federal projects in domestic and overseas locations such as Guam
Continue to pursue multi-year urgent response and task order contracts
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Perini
Business Strategy (cont’d)
Improve Civil Operating Performance
Build upon established position as a leading contractor in these regions
Capitalize on established credentials and proven expertise to win and complete civil projects
Leverage the Tutor-Saliba merger to extend already strong reputation in the region
Pursue Selected Strategic Acquisitions
Continue to pursue selected acquisitions to supplement internal growth
Enhance geographic presence and relationships
Expand expertise to new and additional markets
Continue to grow backlog and generate strong cash flow
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Perini
Acquisitions Have Expanded End Markets
Successfully integrated acquisitions consistent with expansion strategy
INCORPORATED 1960
RUDOLPH AND SLETTEN
GENERAL AND ENGINEERING CONTRACTORS
Offices in Redwood City, Irvine, Roseville and San Diego, California
#1 Healthcare General Contractor (California Construction) specializing in corporate campuses and healthcare, pharmaceutical, biotech, and high-tech projects
Employs >125 LEED-Accredited Professionals
Successful transition into Native American hospitality and gaming market
Cummings
General contractors
A Perini Company
James A. Cummings, Inc.
Offices in Ft. Lauderdale, Orlando and W. Palm Beach, Florida
Leading builder of schools, college and university facilities and municipal structures in Eastern Florida
Celebrated 25th Anniversary in 2006
More than doubled revenue since acquisition
Enhances diversity of geographic presence building segment
CHERRY HILL
CONSTRUCTION INC.
Offices in Maryland and Florida
Leading civil contractor in Mid-Atlantic market
Highways, bridges, site development, airports, excavation and utilities
Financial Outlook
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Perini
Guidance for Full Year 2008
Revenues $5.5B—$5.9B
Earnings per share $3.50—$3.75
Guidance for Full Year 2009
Revenues $7.3B—$7.8B
Earnings per share $4.00—$4.20
Diluted Earnings Per Share Growth in 2010 between 10% to 20%
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Perini
The Premier Publicly Traded Construction Services Firm in U.S.
$ 9.2B pro forma backlog, $5.6B of pending awards, and over $50B of targeted projects
Pre-eminent gaming and hospitality contractor
Leading and profitable civil construction services provider
Expanded international platform with compelling growth profile
Strong financial position and industry-leading access to surety bonding
Attractive growth opportunities
Focused, experienced management team with significant depth
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