Cosmopolitan receives notice of loan default

RAMINGHAM, Massachusetts -- (PRESS RELEASE) -- Perini Corporation (NYSE: PCR), a leading building and civil construction company confirmed that Deutsche Bank, on Wednesday, January 16, 2008 delivered a notice of loan default to the developer of the Cosmopolitan Resort and Casino project under construction in Las Vegas, Nevada.

Perini Building Company, Inc., a wholly-owned subsidiary of Perini Corporation, is the general contractor for the project which is scheduled for completion in December of 2009. Currently, Perini is in discussions with the developer and lender to facilitate an orderly continuation of construction of the project. Pending the outcome of these discussions, the Company is unable to determine the financial impact, if any, at this time. At this time, construction work continues and all current amounts due to Perini have been paid pursuant to the terms of the construction contract. As of December 31, 2007, work remaining to be performed under the construction contract totaled approximately $1.4 billion.