TUTOR PERINI CORP — Director's Dealing 2003

Nov 14, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PERINI CORP (PCR)
CIK: 0000077543
Period of Report: 2003-11-13

Reporting Person: BLUM CAPITAL PARTNERS LP (10% Owner)
Reporting Person: RICHARD C BLUM & ASSOCIATES INC (10% Owner)
Reporting Person: BLUM RICHARD C (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-11-13	Common Stock	J	362845	—	Disposed	4244149	Direct
2003-11-13	Common Stock	J	24772	—	Acquired	29026	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1162348	Indirect
Common Stock	49801	Indirect

Footnotes

F1: This transaction represents shares distributed by PB Capital Partners, L.P. ("PB Capital") to several of its limited partners.

F2: These shares are owned directly by PB Capital.

F3: These shares may be deemed to be owned indirectly by the following parties: (i) Blum Capital Partners, L.P. ("Blum LP"), an investment manager with voting and investment discretion, the general partner of the limited partnership described in Note (2); (ii) Richard C. Blum and Associates, Inc. ("RCBA Inc."), the general partner of Blum LP; and (iii) Richard C. Blum, the controlling shareholder and Chairman of RCBA Inc. Blum LP, RCBA Inc. and Mr. Blum disclaim beneficial ownership of the shares, except to the extent of any pecuniary interest therein.

F4: This transaction represents shares distributed by PB Capital to Blum LP as part of its distribution of shares to its limited partners.

F5: These shares are owned directly by Blum LP and may be deemed to be owned indirectly by the following parties: (i) RCBA Inc., the general partner of Blum LP; and (ii) Richard C. Blum, the controlling shareholder and Chairman of RCBA Inc. RCBA Inc. and Mr. Blum disclaim beneficial ownership of the shares, except to the extent of any pecuniary interest therein.

F6: These shares are owned directly by The Common Fund for its Multi-Strategy Equity Fund ("The Common Fund"). The Common Fund disclaims membership in a group with any of the Reporting Persons and therefore is not subject to Section 16. Blum LP, a registered investment advisor, has voting and investment discretion with respect to the shares owned by The Common Fund, but no Reporting Person has a reportable pecuniary interest in any of the shares owned by The Common Fund.

F7: These shares are owned directly by the United Brotherhood of Carpenters Pension Plan ("UBC"). UBC disclaims membership in a group with any of the Reporting Persons and therefore is not subject to Section 16. Blum LP, a registered investment advisor, has voting and investment discretion with respect to the shares owned by UBC, but no Reporting Person has a reportable pecuniary interest in any of the shares owned by UBC.