For Immediate Release                                           February 8, 2000

            PERINI ANNOUNCES $40 MILLION EQUITY INVESTMENT AGREEMENT
                               WITH NEW INVESTORS


Framingham, MA -- Perini Corporation (AMEX:PCR) (the "Company") and Tutor-Saliba
Corporation of Sylmar, CA, O&G Industries,  Inc. of Torrington, CT, and National
Union Fire  Insurance  Company of Pittsburgh,  PA, a wholly-owned  subsidiary of
American International Group, Inc., (collectively,  the "New Investors"),  today
announced  that the Company and the New Investors have entered into a definitive
Securities  Purchase  Agreement (the  "Agreement") with respect to an investment
transaction.  Pursuant to the  Agreement,  the New Investors  would purchase $40
million of common stock from the Company which  consists of 9,411,765  shares of
common  stock  at  $4.25  per  share.  Tutor-Saliba  Corporation  is  owned  and
controlled  by Ronald N. Tutor,  who also  serves as  Chairman of the  Company's
Board of Directors.

A Special  Committee of the Company's Board of Directors  approved the Agreement
after  receiving a fairness  opinion from  Houlihan  Lokey  Howard & Zukin.  The
Agreement permits the Special  Committee and the Company to solicit  alternative
offers for the Company.

The  transaction  is subject to approval by a majority of  disinterested  common
shareholders,  the exchange of 100% of the Series B Preferred Stock (which has a
current accreted face amount of  approximately  $40 million) for common stock at
an  effective  price of $5.50 per share,  satisfactory  renegotiation  of credit
facilities with the Company's bank group (on which an agreement in principle has
been  reached)  and  certain  other  conditions,  including  completion  of  due
diligence.  Subject to the  satisfaction  of  closing  conditions,  the  Company
expects to be able to close the transaction during the first or second quarter.

The  shares  of  common  stock   represented  by  this  equity  investment  will
approximate  42% of the Company's  voting rights,  and will also entitle the New
Investors  to  nominate  three  members  to the  Company's  Board of  Directors.
Following  the  exchange  of the Series B Preferred  Stock for common  stock the
former holders of those shares will control approximately 32.5% of the Company's
voting  rights and  continue to be entitled to nominate up to two members to the
Company's Board of Directors.


Robert Band, President and CEO, commented "Perini Corporation is very pleased to
announce  our  signing  of the  Agreement  with the New  Investors.  As has been
previously reported, the Company has been seeking to raise additional capital to
help restore its balance sheet net worth and improve liquidity.  This new equity
investment  together with the  conversion  of the Series B Preferred  Stock will
significantly  improve  the  Company's  balance  sheet  net  worth  and  provide
additional liquidity to support its ongoing core construction operations."

Nancy Hawthorne,  chair of the Special  Committee,  stated "This is an important
step in seeking additional capital on terms fair to disinterested  stockholders.
We continue to seek alternative proposals for the Company."

Perini Corporation, headquartered in Framingham, Massachusetts, provides general
contracting  and  construction  management  services  for the building and civil
segments of the construction  industry for public and private clients throughout
the United States and  overseas.  Office  locations  include  Boston,  New York,
Phoenix, Las Vegas, Detroit and Atlantic City.

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  statement.  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.