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August 11, 2005 — Perini Corporation Enters into Letter of Intent to Acquire Rudolph and Sletten
Perini Corporation, a leading building and civil construction and construction management today announced that it has a signed letter of intent to acquire Rudolph and Sletten, Inc., a privately held construction and construction management company. Rudolph and Sletten have revenues of $700 million for the fiscal year ended September 30, 2004. Under the terms of the proposed transaction, subject to due diligence, Perini plans to acquire 100% of the company's stock for $50 million in cash plus an amount to be determined based on actual fiscal year 2005 operating results through the anticipated September 2005 closing date.
Source: Perini Corporation

August 1, 2005 — Commerce Capital Group Completes the Sale of Utility Locate and Mapping Services (ULMS)
InfraSource Services, Inc. (NYSE: IFS), one of the largest specialty contractors servicing utility transmission and distribution infrastructure in the United States, has announced the completion of the sale of its wholly owned subsidiary, Utility Locate and Mapping Services, Inc. (ULMS), which is a leading provider of outsourced underground utility locating and marking services for the electric, gas, telecommunications, cable, water and sewer industries. Commerce Capital Group served as the exclusive financial advisor to InfraSource in its successful divestiture of ULMS.
Source: Commerce Capital Group

July 18, 2005 — Demand for Gas Pipelines is Expected to Drive Large Capital Investment
The lagging natural gas pipeline business is poised for a boom in the next 2 years that will continue well into the next decade, says industry analysts. Construction expenditures could double from a recent low of $1.3 billion in 2005 to $2.7 billion in 2006 and further to $3.1 billion in 2007 according to an Energy Information Report. The liquefied-natural gas market will drive the surge.
Source: Engineering News Record (ENR)

July 1, 2005 — An FTTP Reality Check: Will FTTH Provide a ROI-Focused Business
Ten years ago, when the last round of FTTH hype occurred, the challenges were associated with cost and technology. Costs, particularly installation, still remain an issue, but the technology is standardized and proven. The real challenge facing operators is making the business case work and finding the right balance between infrastructure investment and revenue opportunity.
Source: Americas Telecommunications

June 29, 2005 — Layne Christensen Announces Signed Letter of Intent to Acquire Reynolds
Layne Christensen announced its purchase of 100% outstanding stock of Reynolds, Inc. Reynolds, a privately held company is a major supplier of product and services to the water and wastewater industries. Reynolds had combined revenues of $177 million for the year ended December 31, 2004, and EBITDA of $16 million.
Source: Layne Christensen Co.

June 27, 2005 — Wireless Carrier Capex Spending to Decrease in 2006
Capital expenditures by wireless carriers on infrastructure will begin to slow next year. Investments are transitioning from coveraged based radio network deployments to advancements in the core network, new applications and network professional services. Partnerships and aquisitons of other sources of expertise will increase to provide end-to-end solutions.
Source: RCR Wireless News

June 17, 2005 — MDU Resources Acquires Las Vegas Mechanical HVAC Contractor, Bombard Mechanical
MDU acquires Bombard Mechanical, an installation and maintenance of HVAC equipment as well as plumbing services company. Bombard Mechanical has annual revenues of $25 million and combined with MDU's June 9, 2005 acquisition of Bombard Electric, the two companies will have a combined revenue of approximately $166 million.
Source: MDU Resources Group, Inc.

June 10, 2005 — MDU Resources Acquires Bombard Electric
MDU announced the acquisition yesterday of Bombard Electric, based in Las Vegas, Nev. Bombard Electric specializes in installation, repair and maintenance of inside electrical systems. Earnings from the Bombard Electric acquisition are expected to be accretive to current year MDU Resources earnings per share. Bombard Electric has annual revenues of about $140 million.
Source: MDU Resources Group, Inc.

June 1, 2005 — MDU Resources Announces Acquisition of Norm's Utility Contractor Inc.
MDU announced that Norm's Utility Contractor Inc. has been acquired with a combination of cash and MDU Resources common stock. Norm's is a privately held, leading construction services company with headquarters in Post Falls, Idaho. It primarily serves the Coeur d'Alene, Idaho, and Spokane, Wash., market area and has annual revenues of about $12 million.
Source: MDU Resources Group, Inc.

May 31, 2005 — Golder Associates Acquires Water Treatment Consulting Firm, Resource Technologies Group
Golder Associates Inc. has acquired Resource Technologies Group, Inc. (RTG), expanding Golder's Denver , CO office capabilities and enabling Golder to become a more prominent player in the water treatment market. RTG is a 40 person consulting and contracting business founded in 1981 that provides water treatment engineering, contracting, and operations & maintenance (O&M) services to mining and waste management clients in the United States.
Source: Golder Associates

May 3, 2005 — MDU Resources Acquires Masco Inc.
Masco has been acquired by MDU and merged into Knife River Corp (construction materials and mining subsidiary of MDU). Masco is a construction materials and construction services company with headquarters in Boise, Idaho. It has annual revenues of $35 million. Masco also includes in its operations underground utilities such as water, sewer line and underground cable. Masco has operations in 11 states and complemented operations in Oregon, Boise, and Montana with Knife River Corp.
Source: MDU Resources Group, Inc.

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