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<SEC-DOCUMENT>0000950144-05-005259.txt : 20050510
<SEC-HEADER>0000950144-05-005259.hdr.sgml : 20050510
<ACCEPTANCE-DATETIME>20050510163224
ACCESSION NUMBER:		0000950144-05-005259
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20050331
FILED AS OF DATE:		20050510
DATE AS OF CHANGE:		20050510

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MASTEC INC
		CENTRAL INDEX KEY:			0000015615
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER, SEWER, PIPELINE, COMM AND POWER LINE CONSTRUCTION [1623]
		IRS NUMBER:				650829355
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08106
		FILM NUMBER:		05817151

	BUSINESS ADDRESS:	
		STREET 1:		800 DOUGLAS ROAD
		STREET 2:		12TH FLOOR
		CITY:			CORAL GABLES
		STATE:			FL
		ZIP:			33134
		BUSINESS PHONE:		3055991800

	MAIL ADDRESS:	
		STREET 1:		800 DOUGLAS ROAD
		STREET 2:		12TH FLOOR
		CITY:			CORAL GABLES
		STATE:			FL
		ZIP:			33134

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BURNUP & SIMS INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>g95171e10vq.htm
<DESCRIPTION>MASTEC INC.
<TEXT>
<HTML>
<HEAD>
<TITLE>e10vq</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<P align="center" style="font-size: 18pt"><B>FORM 10-Q</B>


<P align="center" style="font-size: 12pt"><B>QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)<BR>
OF THE SECURITIES EXCHANGE ACT OF 1934</B>

<DIV align="center" style="font-size: 10pt"><B>For the quarterly period ended March&nbsp;31, 2005</B></DIV>



<P align="center" style="font-size: 10pt"><B>Commission File Number 001-08106</B>



<P align="center" style="font-size: 10pt"><IMG src="g95171g9517190.gif" alt="(MASTEC LOGO)">


<P align="center" style="font-size: 24pt"><B>MASTEC, INC.</B>


<DIV align="center" style="font-size: 10pt"><B>(Exact name of registrant as specified in Its charter)</B></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><U><B>Florida</B></U>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><U><B>65-0829355</B></U></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>(State or other jurisdiction of</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(I.R.S. Employer</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>incorporation or organization)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Identification No.)</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><U><B>800 Douglas Road, Floor 12, Coral Gables, FL</B></U>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><U><B>33134</B></U></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>(Address of principal executive offices)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(Zip Code)</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><B>Registrant&#146;s telephone number, including area code: (305)&nbsp;599-1800</B>



<P align="center" style="font-size: 10pt"><B>Former name, former address and former fiscal year, if changed since last report: Not Applicable</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant (1)&nbsp;has filed all reports required to be
filed by Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12&nbsp;months
(or for such shorter period that the registrant was required to file such reports), and (2)&nbsp;has
been subject to such filing requirements for the past 90&nbsp;days. Yes <FONT face="Wingdings">&#254;</FONT> No <FONT face="Wingdings">&#111;</FONT>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule
12b-2 of the Exchange Act). Yes <FONT face="Wingdings">&#254;</FONT> No <FONT face="Wingdings">&#111;</FONT>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of April&nbsp;30, 2005 MasTec, Inc. had 48,855,397 shares of common stock, $0.10 par value,
outstanding.


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt">&nbsp;</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>MASTEC, INC.<BR>
FORM 10-Q<BR>
QUARTER ENDED MARCH 31, 2005</B>


<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>TABLE OF CONTENTS</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="90%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><B>Part I.</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Financial Information</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Item&nbsp;1.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Financial Statements</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#103">Condensed Unaudited Consolidated Statements of Operations for</A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#103">the three months ended March 31, 2005 and 2004 </A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#104">Condensed Unaudited Consolidated Balance Sheets as of March 31, 2005</A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#104">and December 31, 2004 </A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#105">Condensed Unaudited Consolidated Statements of Cash Flows for</A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#105">the three months ended March 31, 2005 and 2004 </A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#106">Notes to Condensed Unaudited Consolidated Financial Statements </A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><A href="#107">Item&nbsp;2.</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#107">Management&#146;s Discussion and Analysis of Financial Condition</A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#107">and Results of Operations </A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><A href="#108">Item&nbsp;3.</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#108">Quantitative and Qualitative Disclosures About Market Risk </A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><A href="#109">Item&nbsp;4.</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#109">Controls and Procedures </A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><A href="#110"><B>Part II.</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#110"><B>Other Information</B></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><A href="#111">Item&nbsp;1.</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#111">Legal Proceedings </A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><A href="#112">Item&nbsp;6.</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#112">Exhibits </A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><A href="#113"><B>Signatures</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g95171exv10w32.htm">Employment Agreement/Michael Nearing</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g95171exv21w1.htm">Subsidiaries</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g95171exv31w1.htm">Section 302 Chief Executive Officer Certification</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g95171exv31w2.htm">Section 302 Chief Financial Officer Certification</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g95171exv32w1.htm">Section 906 Chief Executive Officer Certification</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g95171exv32w2.htm">Section 906 Chief Financial Officer Certification</A></FONT></TD></TR>
</TABLE>
</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="103"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>MASTEC, INC.<BR>
CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS</B>



<P align="center" style="font-size: 10pt">(In thousands, except per share amounts)


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>For the Three Months</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Ended March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">217,770</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">194,707</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Costs of revenue, excluding depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">204,970</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">188,574</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,965</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,831</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">General and administrative expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,460</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,513</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest expense, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,851</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,903</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other (income)&nbsp;expense, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,973</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">166</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss from continuing operations before minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,503</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(24,280</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(66</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss from continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,569</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(24,280</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Discontinued operations:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"></TD>
    <TD nowrap></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"></TD>
    <TD nowrap></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss on discontinued operations, net of tax benefit of $0 in 2005
and 2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(445</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,621</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss on write off of assets of discontinued operations, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(19,165</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(12,014</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(46,066</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Basic and diluted weighted average common shares outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,696</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,323</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Basic and diluted net loss per share:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.24</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.50</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.01</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.45</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Basic and diluted net loss per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.25</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.95</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">The accompanying notes are an integral part of these condensed unaudited consolidated financial statements.



<P align="center" style="font-size: 10pt">3</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="104"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>MASTEC, INC.<BR>
CONDENSED UNAUDITED CONSOLIDATED BALANCE SHEETS</B>



<P align="center" style="font-size: 10pt">(In thousands, except share amounts)


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Audited)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px"><B>Assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">23,648</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,548</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts receivable, unbilled revenue and retainage, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">190,493</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200,743</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,445</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,293</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income tax refund receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,925</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,846</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Prepaid expenses and other current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,361</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,828</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">297,872</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">312,258</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property and equipment, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,849</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69,303</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">138,640</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">138,640</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred taxes, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,732</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,732</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,737</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,590</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">584,830</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">600,523</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px"><B>Liabilities and Shareholders&#146; Equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current liabilities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current maturities of debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">99</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts payable and accrued expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115,217</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113,333</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,971</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,363</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">173,268</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">177,795</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,749</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,516</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">196,058</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">196,059</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">405,075</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">409,370</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commitments and contingencies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shareholders&#146; equity:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Preferred stock, no par value; authorized shares &#150;
5,000,000; issued and outstanding <BR>
shares &#150; none</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Common stock $0.10 par value; authorized shares &#150;
100,000,000; issued and outstanding <BR>
shares &#150;
48,826,000 and 48,597,000
shares in 2005 and 2004, respectively</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,883</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,860</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Capital surplus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">353,621</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">353,033</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accumulated deficit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(179,298</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(167,284</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accumulated other comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">549</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">544</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total shareholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179,755</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">191,153</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total liabilities and shareholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">584,830</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">600,523</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">The accompanying notes are an integral part of these condensed unaudited consolidated financial statements.



<P align="center" style="font-size: 10pt">4</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="105"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>MASTEC, INC.<BR>
CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS</B>



<P align="center" style="font-size: 10pt">(In thousands)


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>For the Three Months</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Ended March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash flows from operating activities of continuing operations:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss from continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(11,569</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(24,280</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjustments to reconcile net loss from continuing operations to net cash
provided by (used in) operating activities of continuing operations:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,007</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-cash stock and restricted stock compensation expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">416</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gain on sale of fixed assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,925</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(426</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Write down of fixed assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">327</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">605</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Provision for doubtful accounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,028</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,420</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Provision for inventory obsolescence</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">902</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Changes in assets and liabilities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts receivable, unbilled revenue and retainage, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,030</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,981</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,810</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,101</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income tax refund receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">(79</TD>
    <TD>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other assets, current and non-current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,852</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,764</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,994</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,709</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other liabilities, current and non-current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,318</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,334</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash provided by (used in) operating activities of continuing
operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,251</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(15,087</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash flows provided by investing activities of continuing operations:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Capital expenditures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,893</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,939</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Payments received from sub-leases</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">190</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">146</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investments in unconsolidated companies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,139</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(88</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net proceeds from sale of assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,875</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,883</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash provided by investing activities of continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,033</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash flows provided by (used in) financing activities of continuing
operations:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Proceeds (repayments)&nbsp;from revolving credit facilities, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,108</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Proceeds (repayments)&nbsp;from other borrowings, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(20</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Payments of capital lease obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(91</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(91</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Proceeds from issuance of common stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">611</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">912</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash provided by (used in) financing activities of continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(287</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net increase (decrease)&nbsp;in cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,784</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(15,372</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net effect of currency translation on cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">202</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents &#150; beginning of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,548</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,415</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash provided by (used in) discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">311</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(976</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents &#150; end of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">23,648</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,269</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">5</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">Cash paid during the period for:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,158</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,233</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">248</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt"><B>Supplemental disclosure of non-cash information (in thousands):</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the three months ended March&nbsp;31, 2005, the Company disposed of certain assets and
equipment for which it recorded a receivable of $400,000 in other current assets as of March&nbsp;31,
2005.


<P align="center" style="font-size: 10pt">The accompanying notes are an integral part of these condensed unaudited consolidated financial statements.



<P align="center" style="font-size: 10pt">6</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="106"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>MasTec, Inc<BR>
Notes to the Condensed Unaudited Consolidated Financial Statements</B>



<P align="left" style="font-size: 10pt"><B>Note 1 &#150; Nature of the Business</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MasTec, Inc. (collectively, with its subsidiaries, &#147;MasTec&#148; or &#147;the Company&#148;) serves providers
of telecommunications, broadband (including cable, satellite and high speed Internet), energy
services, traffic control and homeland security systems throughout many parts of North America.
Although the Company&#146;s clients may contract for a full range of services, the Company&#146;s offerings
are more typically separated into the construction, design and installation or the maintenance and
upgrade, of infrastructure. MasTec is organized as a Florida corporation and its fiscal year ends
December&nbsp;31. MasTec or its predecessors have been active in the specialty infrastructure services
industry for over 70&nbsp;years.


<P align="left" style="font-size: 10pt"><B>Note 2 </B>&#150; <B>Basis for Presentation</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying condensed unaudited consolidated financial statements for MasTec have been
prepared in accordance with accounting principles generally accepted in the United States for
interim financial information and with the instructions for Form 10-Q and Rule&nbsp;10-01 of Regulation
S-X. Accordingly, these financial statements do not include all information and notes required by
accounting principles generally accepted in the United States for complete financial statements and
should be read in conjunction with the audited consolidated financial statements and notes thereto
included in the Company&#146;s Form 10-K for the year ended December&nbsp;31, 2004. In the opinion of
management, all adjustments (consisting of normal recurring accruals) considered necessary for a
fair presentation of the financial position, results of operations and cash flows for the quarterly
periods presented have been included. The results of operations for the periods presented are not
necessarily indicative of results that may be expected for any other interim period or for the full
fiscal year. As discussed in Note 7, the Company ceased doing business in Brazil in March&nbsp;2004
and the Company committed to sell the Network Services division in the fourth quarter 2004. These
entities have been classified as discontinued operations. Accordingly, the net loss for the
Network Services division in the three months ended March&nbsp;31, 2004 has been reclassified as a loss
from discontinued operations in the Company&#146;s condensed unaudited consolidated statements of
operations.


<P align="left" style="font-size: 10pt"><B>Note 3 &#150; Significant Accounting Policies</B>



<P align="left" style="font-size: 10pt"><I>(a)&nbsp;Principles of Consolidation</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying financial statements include MasTec, Inc. and its subsidiaries. Other
parties&#146; interests in consolidated entities are reported as minority interests in the condensed
unaudited consolidated financial statements during the three months ended March&nbsp;31, 2005. There is
no minority interest in the accompanying condensed unaudited consolidated financial statements in
the three months ended March&nbsp;31, 2004 as operating losses were generated by such consolidated
entities in that period and it was uncertain whether such minority interest would be able to bear
financial responsibility. All intercompany accounts and transactions have been eliminated in
consolidation.


<P align="left" style="font-size: 10pt"><I>(b)&nbsp;Comprehensive Loss</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comprehensive loss is a measure of net loss and all other changes in equity that result from
transactions other than with shareholders. Comprehensive loss consists of net loss and foreign
currency translation adjustments.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comprehensive loss consisted of the following (in thousands):

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>For the Three Months</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Ended March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(12,014</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(46,066</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less: foreign currency translation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,300</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comprehensive loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(12,009</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(24,766</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">7</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>MasTec, Inc<BR>
Notes to the Condensed Unaudited Consolidated Financial Statements</B>



<P align="left" style="font-size: 10pt"><I>(c)&nbsp;Revenue Recognition</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue and related costs for master and other service agreements billed on a time and
materials basis are recognized as the services are rendered. There are also some service
agreements that are billed on a fixed fee basis. Under the Company&#146;s fixed fee master service and
similar type service agreements, the Company furnishes various specified units of service for a
separate fixed price per unit of service. The Company recognizes revenue as the related unit of
service is performed. For service agreements on a fixed fee basis, profitability will be reduced
if the actual costs to complete each unit exceed original estimates. The Company also immediately
recognizes the full amount of any estimated loss on these fixed fee projects if estimated costs to
complete the remaining units exceed the revenue to be received from such units.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company recognizes revenue on unit based construction/installation projects using the
units-of-delivery method. The Company&#146;s unit based contracts relate primarily to contracts that
require the installation or construction of specified units within an infrastructure system. Under
the units-of-delivery method, revenue is recognized at the contractually agreed price per unit as
the units are completed and delivered. Profitability will be reduced if the actual costs to
complete each unit exceed original estimates. The Company is also required to immediately
recognize the full amount of any estimated loss on these projects if estimated costs to complete
the remaining units for the project exceed the revenue to be received from such units. For certain
clients with unit based construction/installation contracts, the Company recognizes revenue after
the service is performed and work orders are approved to ensure that collectibility is probable
from these clients. Revenue from completed work orders not collected in accordance with the
payment terms established with these clients is not recognized until collection is assured.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s non-unit based, fixed price installation/construction contracts relate primarily
to contracts that require the construction, design and installation of an entire infrastructure
system. The Company recognizes revenue and related costs as work progresses on non-unit based,
fixed price contracts using the percentage-of-completion method, which relies on contract revenue
and estimates of total expected contract revenue and costs. The Company estimates total project
costs and profit to be earned on each long-term, fixed-price contract prior to commencement of work
on the contract. The Company follows this method since reasonably dependable estimates of the
revenue and costs applicable to various stages of a contract can be made. Under the
percentage-of-completion method, the Company records revenue and recognizes profit or loss as work
on the contract progresses. The cumulative amount of revenue recorded on a contract at a specified
point in time is the percentage of total estimated revenue that incurred costs to date bear to
estimated total contract costs, after adjusting estimated total contract costs for the most recent
information. If, as work progresses, the actual contract costs exceed estimates, the profit
recognized on revenue from that contract decreases. The Company recognizes the full amount of any
estimated loss on a contract at the time the estimates indicate such a loss.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s clients generally supply materials such as cable, conduit and telephone
equipment. Customer furnished materials are not included in revenue and cost of sales as these
materials are purchased by the customer. The customer determines the specification of the
materials that are to be utilized to perform installation/construction services. The Company is
only responsible for the performance of the installation/construction services and not the
materials for any contract that includes customer furnished materials, nor does the Company have
any risk associated with customer furnished materials. The Company&#146;s clients retain the financial
and performance risk of all customer furnished materials.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Billings in excess of costs and estimated earnings on uncompleted contracts are classified as
current liabilities. Any costs and estimated earnings in excess of billings are classified as
current assets. Work in process on contracts is based on work performed but not billed to clients
as per individual contract terms.


<P align="left" style="font-size: 10pt"><I>(d)&nbsp;Basic and Diluted Net Loss Per Share</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted net loss per share is computed by dividing net loss by the weighted average
number of common shares outstanding for each period presented. Common stock equivalents amounted
to 796,625 shares and 1,509,208 shares for the three months ended March&nbsp;31, 2005 and 2004,
respectively. Common stock equivalents were


<P align="center" style="font-size: 10pt">8</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt">not considered since their effect would be antidilutive. Accordingly, for the three months
ended March&nbsp;31, 2005 and 2004 diluted net loss per share is the same as basic net loss per share.


<P align="left" style="font-size: 10pt"><I>(e)&nbsp;Intangibles and Other Long-Lived Assets</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-lived assets and goodwill are recorded at the lower of carrying value or estimated fair
value. Intangibles are amortized on a straight-line basis over their definite useful life.
Long-lived assets are depreciated using the straight-line method over the shorter of the useful
lives (five to forty years) or lease terms (five to seven years for leasehold improvements) of the
respective assets. Repairs and maintenance on such items are expensed as incurred.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management assesses the impairment of intangibles, long-lived assets and goodwill at least
annually or whenever events or changes in circumstances indicate that the carrying value may not be
recoverable.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company follows the provisions of Statement of Financial Accounting Standards (SFAS)&nbsp;No.
142, &#147;Goodwill and Other Intangible Assets&#148; (&#147;SFAS No.&nbsp;142&#148;). Goodwill acquired in a purchase
business combination and determined to have an infinite useful life is not amortized, but instead
tested for impairment at least annually in accordance with the provisions of SFAS No.&nbsp;142. In
addition, acquired intangible assets are required to be recognized and amortized over their useful
lives if the benefit of the asset is based on contractual or legal rights. In connection with the
abandonment of the Brazil subsidiary as discussed in Note 7, the Company wrote off goodwill
associated with this reporting entity in the amount of $12.3&nbsp;million in the three months ended
March&nbsp;31, 2004 which is included in the loss from discontinued operations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company reviews its long-lived assets, including property and equipment that are held and
used in its operations for impairment whenever events or changes in circumstances indicate that the
carrying amount of the asset may not be recoverable, as required by SFAS No.&nbsp;144, &#147;Accounting for
the Impairment or Disposal of Long-Lived Assets&#148;. In the three months ended March&nbsp;31, 2005 and
2004, the Company recognized impairment losses and write-offs of long-lived assets of approximately
$327,000 and $605,000, respectively.


<P align="left" style="font-size: 10pt"><I>(f)&nbsp;Accrued Insurance</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company maintains insurance policies subject to per claim deductibles of $2&nbsp;million for
workers&#146; compensation and general liability policies and $3&nbsp;million for its automobile liability
policy. The Company has excess umbrella coverage for losses in excess of the primary coverages up
to $100&nbsp;million per claim and in the aggregate. The liabilities are actuarially determined on a
quarterly basis for unpaid claims and associated expenses, including the ultimate liability for
claims incurred and an estimate of claims incurred but not reported. The accruals are based upon
known facts, historical trends and a reasonable estimate of future expenses. However, a change in
experience or actuarial assumptions could nonetheless materially affect results of operations in a
particular period. Known amounts for claims that are in the process of being settled, but that
have been paid in periods subsequent to those being reported, are also booked in such reporting
period.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is required to post additional cash collateral or letters of credit periodically
to the insurance company. The Company posted additional cash collateral of $4.5&nbsp;million in the
first quarter 2005 which is included in other assets of March&nbsp;31, 2005. In addition, in April&nbsp;2005
an additional $4.5&nbsp;million was posted as collateral.


<P align="left" style="font-size: 10pt"><I>(g)&nbsp;Stock Based Compensation</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company accounts for its stock-based award plans in accordance with Accounting Principle
Board (APB)&nbsp;Opinion No.&nbsp;25, &#147;<I>Accounting for Stock Issued to Employees</I>&#148;, and related
interpretations, under which compensation expense is recorded to the extent that the current market
price of the underlying stock exceeds the exercise price. The Company has reflected below the net
loss and proforma net loss as if compensation expense relative to the fair value of the options
granted had been recorded under the provisions of Statement of Financial Accounting Standards No.
123 &#147;Accounting for Stock-Based Compensation&#148; (SFAS No.&nbsp;123).


<P align="center" style="font-size: 10pt">9</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>MasTec, Inc<BR>
Notes to the Condensed Unaudited Consolidated Financial Statements</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The fair value of each option granted was estimated using the Black Scholes option pricing
model with the following assumptions used:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>For the Three Months</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Ended March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expected life</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">7 years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">7 years</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Volatility percentage</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">79.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">75.6</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" nowrap align="right">None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" nowrap align="right">None</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The required proforma disclosures are as follows (in thousands, except per share data):

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>For the Three Months</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Ended March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss, as reported</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(12,014</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(46,066</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deduct: Total stock-based employee
compensation expense determined under
fair value based methods for all
awards</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,252</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,661</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proforma net loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(13,266</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(48,727</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Basic and diluted net loss:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">As reported</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(.25</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(.95</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Proforma</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(.27</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1.01</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company also grants restricted stock, which is valued based on the market price of the
common stock on the date of grant. Compensation expense arising from restricted stock grants is
recognized using the straight-line method over the vesting period. Unearned compensation for
performance-based options and restricted stock is a reduction of stockholders&#146; equity in the
consolidated balance sheets. In the three months ended March&nbsp;31, 2005, the Company issued 75,000
shares of restricted stock to key employees. The value of the restricted stock is approximately
$656,000 and will be expensed over twenty one months (the vesting period). The Company also issued
57,926 shares of restricted stock to board members in 2004 in which the remaining deferred
compensation related to this restricted stock which was valued at
$294,000 and is being amortized over three years (the vesting
period). Total unearned compensation related to restricted stock
grants as of March&nbsp;31, 2005 is approximately $886,000.


<P align="left" style="font-size: 10pt"><I>(h)&nbsp;Reclassifications</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain reclassifications were made to the December&nbsp;31, 2004 financial statements in order to
conform to the current year presentation. In addition, as discussed in Note 7, the Company
committed to sell the Network Services division in the fourth quarter 2004. Accordingly, the net
loss for this entity for the three months ended March&nbsp;31, 2004 has been reclassified as a loss from
discontinued operations in the Company&#146;s condensed unaudited consolidated statements of operations.


<P align="left" style="font-size: 10pt"><I>(i)&nbsp;Equity investments</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has one common stock investment which the Company accounts for by the equity
method because the Company owns between 20% and 50% of the entity and the Company has a
non-controlling ownership interest. The Company&#146;s share of its earnings or losses in this
investment is included as other (income) expense in the condensed unaudited consolidated statements
of operations. As of March&nbsp;31, 2005, the Company&#146;s investment exceeded the net equity of such
investment and accordingly the excess is considered to be equity goodwill. The Company
periodically evaluates the equity goodwill for impairment under Accounting Principle Board No.&nbsp;18,
&#147;The Equity Method of Accounting for Investments in Common Stock&#148;, as amended. See Note 10.


<P align="center" style="font-size: 10pt">10</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>MasTec, Inc<BR>
Notes to the Condensed Unaudited Consolidated Financial Statements</B>



<P align="left" style="font-size: 10pt"><I>(j)&nbsp;Fair value of financial instruments</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company estimates the fair market value of financial instruments through the use of public
market prices, quotes from financial institutions and other available information. Judgment is
required in interpreting data to develop estimates of market value and, accordingly, amounts are
not necessarily indicative of the amounts that we could realize in a current market exchange.
Short-term financial instruments, including cash and cash equivalents, accounts and notes
receivable, accounts payable and other liabilities, consist primarily of instruments without
extended maturities, the fair value of which, based on management&#146;s estimates, equaled their
carrying values. At March&nbsp;31, 2005 and December&nbsp;31, 2004, the fair value of the Company&#146;s
outstanding senior subordinated notes was $190.3&nbsp;million and $184.5&nbsp;million, respectively, based on
quoted market values. The Company uses letters of credit to back certain insurance policies. The
letters of credit reflect fair value as a condition of their underlying purpose and are subject to
fees competitively determined in the marketplace.


<P align="left" style="font-size: 10pt"><B>Note 4 &#150; Other Assets and Liabilities</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets as of March&nbsp;31, 2005 and December&nbsp;31, 2004 consisted
of the following (in thousands):

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred tax assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,107</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,107</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Notes receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,374</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,511</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-trade receivables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,960</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,164</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other investments and assets held for sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,217</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,884</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Prepaid expenses and deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,426</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,931</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,277</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,231</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total prepaid expenses and other current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">38,361</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">43,828</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets consist of the following as of March&nbsp;31, 2005 and December&nbsp;31, 2004
(in thousands):

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term receivables, including retainage</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,705</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,694</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity investment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,208</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,780</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investment in real estate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,683</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,683</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term portion of deferred financing costs, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,037</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,414</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash surrender value of insurance policies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,230</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,279</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-compete agreement, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,035</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,080</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insurance escrow</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,198</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,083</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,641</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,577</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">33,737</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">29,590</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">11</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>MasTec, Inc<BR>
Notes to the Condensed Unaudited Consolidated Financial Statements</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current and non-current liabilities consist of the following as of March&nbsp;31, 2005 and
December&nbsp;31, 2004 (in thousands):

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current liabilities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,739</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15,090</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,618</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,691</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,532</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,329</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued restructuring</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">212</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued losses on contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,534</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,638</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued guaranteed equity investment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,850</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,775</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Due to subcontractors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,437</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,948</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,149</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,680</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">57,971</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">64,363</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-current liabilities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">34,118</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">33,751</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">286</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">333</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,345</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,432</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">35,749</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">35,516</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="left" style="font-size: 10pt"><B>Note 5 &#150; Debt</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt is comprised of the following at March&nbsp;31, 2005 and December&nbsp;31, 2004 (in thousands):

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revolving credit facility at LIBOR plus 3.25%
(6.125% and 5.75% as of March&nbsp;31, 2005 and
December&nbsp;31, 2004, respectively) and the bank&#146;s
prime rate plus 1.75% (7.5% and 7.0% as of
March&nbsp;31, 2005 and December&nbsp;31, 2004,
respectively)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">7.75% senior subordinated notes due February&nbsp;2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">195,922</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">195,915</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Notes payable for equipment, at interest rates
from 7.5% to 8.5% due in installments through
the year 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">216</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">243</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">196,138</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">196,158</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less current maturities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(80</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(99</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">196,058</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">196,059</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt"><B><I>Revolving Credit Facility</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See Note 13 for discussion of amendment to the bank credit facility entered into in May&nbsp;2005.
The credit facility as of March&nbsp;31, 2005 had the following terms and conditions:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has a revolving credit facility for North American operations that provides for
borrowings up to an aggregate of $125.0&nbsp;million. The amount that the Company can borrow at any
given time is based upon a formula that takes into account, among other things, eligible billed and
unbilled accounts receivable, which can result in borrowing availability of less than the full
amount of the facility. As of March&nbsp;31, 2005 and December&nbsp;31, 2004, net availability under the
credit facility totaled $7.8&nbsp;million and $25.5&nbsp;million, respectively, net of outstanding standby
letters of credit aggregating $66.8&nbsp;million in each period. At March&nbsp;31, 2005, $63.3&nbsp;million of
the outstanding letters of


<P align="center" style="font-size: 10pt">12</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>MasTec, Inc<BR>
Notes to the Condensed Unaudited Consolidated Financial Statements</B>


<P align="left" style="font-size: 10pt">credit are issued to support the Company&#146;s casualty insurance requirements or surety needs.
These letters of credit mature at various dates through December&nbsp;31, 2005, and except for Letters
of Credit totaling $10.0&nbsp;million, most have automatic renewal provisions subject to prior notice of
cancellation. The Company had no outstanding draws under the credit facility at March&nbsp;31, 2005 and
December&nbsp;31, 2004. The revolving credit facility matures on January&nbsp;22, 2007. The revolving credit
facility, at March&nbsp;31, 2005, is collateralized by a first priority security interest in substantially all of the
Company&#146;s North American assets, including $7.3&nbsp;million in restricted cash which is included in
cash and cash equivalents at March&nbsp;31, 2005 and a pledge of the stock of certain of the operating
subsidiaries. All wholly owned subsidiaries collateralize the facility. Interest under the
facility accrues at rates based, at the Company&#146;s option, on the agent bank&#146;s base rate plus a
margin of between 0.75% and 1.75% or its LIBOR rate (as defined in the credit facility) plus a
margin of between 2.25% and 3.25%, each margin depending on certain financial thresholds. The
facility includes an unused facility fee of 0.50%, which may be adjusted to as low as 0.375% or as
high as 0.625% depending on the amount of the total commitment which is unused.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The revolving credit facility as of March&nbsp;31, 2005 contains customary events of default
(including cross-default) provisions and covenants related to the North American operations that
prohibit, among other things, making investments and acquisitions in excess of a specified amount,
incurring additional indebtedness in excess of a specified amount, paying cash dividends, making
other distributions in excess of a specified amount, making capital expenditures in excess of a
specified amount, creating liens against the Company&#146;s assets, prepaying other indebtedness
including the Company&#146;s 7.75% senior subordinated notes, and engaging in certain mergers or
combinations without the prior written consent of the lenders. In addition, any deterioration in
the quality of billed and unbilled receivables would reduce availability under the credit facility.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is required to be in compliance with certain financial covenants measured on a
monthly basis. The credit facility was amended on March&nbsp;17, 2005 modifying financial covenants and
the Company was in compliance with its credit facility&#146;s financial covenants at March&nbsp;31, 2005.
Under the amended agreement, the Company&#146;s North American operations has minimum tangible net worth
requirements as well as minimum fixed charge coverage ratios, computed on a monthly basis. The
fixed charge coverage ratio is generally defined to mean the ratio of our net income before
interest expense, income tax expense, depreciation expense, and amortization expense plus $1.1
million to consolidated interest expense and current maturities of debt for the period of
determination. For the purposes of determining the current maturities of long term debt during the
period from April&nbsp;2004 through March&nbsp;2005 used in determining the fixed charge coverage ratio the
amount of current maturities of long term debt as of any month during this period is multiplied by
a fraction, the numerator of which is the number of cumulative months since April&nbsp;2004, and the
denominator of which is 12.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s variable rate credit facility exposes it to interest rate risk. However, the
Company had no borrowings outstanding under the credit facility at March&nbsp;31, 2005.


<P align="left" style="font-size: 10pt"><B><I>Senior Subordinated Notes</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of March&nbsp;31, 2005, the Company had outstanding $195.9&nbsp;million in principal amount of its
7.75% senior subordinated notes due in February&nbsp;2008. Interest is due semi-annually. The notes are
redeemable, at the Company&#146;s option at 101.292% until January&nbsp;31, 2006, and 100% annually
thereafter. The notes also contain default (including cross-default) provisions and covenants
restricting many of the same transactions restricted under the Company&#146;s credit facility.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company had no holdings of derivative financial or commodity instruments at March&nbsp;31,
2005.


<P align="left" style="font-size: 10pt"><B>Note 6 &#150; Restructuring Charges</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the second quarter of 2002, the Company initiated a study to determine the proper
balance of downsizing and cost cutting in relation to its ability to respond to current and future
work opportunities in each of its service offerings. The review evaluated current operations, the
growth and opportunity potential of each service offering and the consolidation of back-office
processes.


<P align="center" style="font-size: 10pt">13</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>MasTec, Inc<BR>
Notes to the Condensed Unaudited Consolidated Financial Statements</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The elements of the restructuring program included involuntary terminations of employees in
affected service offerings and the consolidation of facilities. As of March&nbsp;31, 2005, the
remaining obligations under the restructuring program are existing lease agreements for closed
facilities amounting to approximately $112,000.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a reconciliation of the restructuring accruals as of March&nbsp;31, 2005 (in
thousands):

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accrued costs at December&nbsp;31, 2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">212</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash payments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(100</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accrued costs at March&nbsp;31, 2005</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">112</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt"><B>Note 7 &#150; Discontinued Operations</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In March&nbsp;2004, the Company ceased performing contractual services for customers in Brazil,
abandoned all assets in its Brazil subsidiary and made a determination to exit the Brazil market.
During the three months ended March&nbsp;31, 2004, the Company wrote off approximately $12.3&nbsp;million in
goodwill &#091;see Note 3(e)&#093; and the net investment in the Brazil subsidiary of approximately $6.8
million which consisted of the accumulated foreign currency translation loss of $21.3&nbsp;million less
a net deficit in assets of $14.5&nbsp;million. The abandoned Brazil subsidiary has been classified as a
discontinued operation. The net loss for the Brazil subsidiary was approximately $20.0&nbsp;million for the three
months ended March&nbsp;31, 2004. For the three months ended March&nbsp;31, 2005, the Brazil subsidiary had
no activity as the entity is in the process of liquidation. In November&nbsp;2004, the subsidiary
applied for relief and was adjudicated bankrupt by a Brazilian bankruptcy court. The subsidiary is
currently being liquidated under court supervision.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes the assets and liabilities of our Brazil operations as of March
31, 2005 and December&nbsp;31, 2004 (in thousands):

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">290</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">290</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(19,455</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(19,455</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,170</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,170</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated foreign currency translation.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,335</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,335</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes the results of operations for our Brazil operations for the
three months ended March&nbsp;31, 2004 (in thousands):

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cost of revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(821</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income (loss)&nbsp;from operations before (provision)&nbsp;benefit
for income taxes and minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(826</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(Provision) Benefit for income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(826</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the fourth quarter of 2004, the Company committed to sell its Network Services division
and exit this service market. This division has been classified as a discontinued operation. The
net loss for the three months ended March&nbsp;31, 2004 has been reclassified to loss from discontinued
operations. The net loss for the Network Services division was $445,000 and $1.8&nbsp;million for the
three months ended March&nbsp;31, 2005 and 2004, respectively.


<P align="center" style="font-size: 10pt">14</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>MasTec, Inc<BR>
Notes to the Condensed Unaudited Consolidated Financial Statements</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes the assets and liabilities of the Network Services division as
of March&nbsp;31, 2005 and December&nbsp;31, 2004 (in thousands):

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,447</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,464</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,339</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,753</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shareholder&#146;s equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,133</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,738</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes the results of operations for the Network Services division
(in thousands):

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>For the Three Months</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Ended March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,636</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,315</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cost of revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,533</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,999</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating and other expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(548</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,111</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss from operations before benefit for income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(445</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1,795</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Benefit for income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(445</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1,795</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt"><B>Note 8 &#150; Commitments and Contingencies</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the second quarter of 2004, purported class action complaints were filed against the
Company and certain of its officers in the United States District Court for the Southern District
of Florida and one was filed in the United States District Court for the Southern District of New
York. These cases have been consolidated by court order in the Southern District of Florida. The
complaints allege certain violations of Sections 10(b) and 20(a) of the Securities Exchange Act of
1934, as amended, related to current and prior period earnings reports. On January&nbsp;25, 2005, a
motion for leave to file a Second Amended Complaint was filed by Plaintiffs which motion the Court
granted. Plaintiffs filed their Second Amended Complaint on February&nbsp;22, 2005. Plaintiffs contend
that the Company&#146;s financial statements during the purported Class&nbsp;Period of August&nbsp;12, 2003 to May
11, 2004 were materially misleading in the following areas: 1) the financials for the third
quarter of 2003 were allegedly overstated by $5.8&nbsp;million in revenue from unapproved change orders
from a variety of Company projects; and 2) the financials for the second quarter of 2003 were
overstated by some $1.3&nbsp;million as a result of the intentional overstatement of revenue,
inventories and work in progress at the Company&#146;s Canadian subsidiary. Plaintiffs seek damages,
not quantified, for the difference between the stock price Plaintiffs paid and the stock price
Plaintiffs believe they should have paid, plus interest and attorney fees. MasTec believes the
claims are without merit. MasTec will vigorously defend these lawsuits but may be unable to
successfully resolve these disputes without incurring significant expenses. Due to the early stage
of these proceedings, any potential loss cannot presently be determined with respect to this
litigation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July&nbsp;28, 2004, MasTec, Inc.&#146;s Board of Directors received a demand from a shareholder that
the Board take appropriate steps to remedy breaches of fiduciary duty, mismanagement and corporate
waste, all arising from the same factual predicate set out in the shareholder class actions
described above. On November&nbsp;18, 2004, the Board of Directors authorized its Executive Committee
to establish appropriate procedures and form a special litigation committee, as contemplated by
Florida law, to investigate these allegations and to determine whether it is in the best interests
of MasTec to pursue an action or actions based on said allegations. On December&nbsp;22, 2004, a
derivative action was filed by the shareholder. On January&nbsp;10, 2005, the Executive Committee formed
a special litigation committee to investigate this matter. By agreement of counsel, the derivative
action has been stayed during the pendency of any
motion to dismiss in the securities class action described above.


<P align="center" style="font-size: 10pt">15</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>MasTec, Inc<BR>
Notes to the Condensed Unaudited Consolidated Financial Statements</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company contracted to construct a natural gas pipeline for Coos County, Oregon in 2003.
Construction work on the pipeline ceased in December&nbsp;2003 after the County refused payment due on
regular contract invoices of $6.3&nbsp;million and refused to process change orders for additional work
submitted to the County on or after November&nbsp;29, 2003. In February&nbsp;2004, MasTec brought an action
for breach of contract against Coos County in Federal District Court in Oregon, seeking payment for
work done, interest and anticipated profits. In April&nbsp;2004, Coos County announced it was
terminating the contract and seeking another company to complete the project. Coos County
subsequently counterclaimed for breach of contract and other causes in the Federal District Court
action. The amount of revenue recognized on the Coos County project that remained uncollected at
March&nbsp;31, 2005 amounted to $6.3&nbsp;million representing amounts due MasTec on normal progress payment
invoices submitted under the contract. In addition to these uncollected receivables, the Company
also has additional claims for payment and interest in excess of $6.0&nbsp;million, including all of its
change order billings and retainage, which the Company has not recognized as revenue but which the
Company believes is due to the Company under the terms of the contract. In addition, the Company
was made party to a number of citizen initiated actions arising from the Coos County project. A
complaint alleging failure to comply with prevailing wage requirements was issued by the Oregon
Bureau of Labor and Industry. A number of individual property owners brought claims in Oregon
state courts against the Company for property damages and related claims; a number of citizens&#146;
groups brought an action in federal court for alleged violations of the Clean Water Act. All but
one of the individual property claims has been settled; one is set for trial in 2005. The Company
will vigorously defend these actions, but may incur significant expense in connection with that
defense.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Coos County pipeline project, the United States Army Corps of Engineers
and the Oregon Division of State Land, Department of Environmental Quality issued cease and desist
orders and notices of non-compliance to Coos County and to the Company with respect to the County&#146;s
project. A cease and desist order was issued by the Corps on October&nbsp;31, 2003 and addressed
sedimentary disturbances and the discharge of bentonite, an inert clay mud employed for this kind
of drilling, resulting from directional boring under stream beds along a portion of the natural gas
pipeline route then under construction. The County and the Company received a subsequent cease and
desist order from the Corps on December&nbsp;22, 2003. The order addressed additional sedimentary
discharges caused by clean up efforts along the pipeline route. MasTec and the County were in
substantial disagreement with the United States Army Corps of Engineers and the Oregon Division of
State Land as to whether the subject discharges were permitted pursuant to Nationwide Permit No.&nbsp;12
(utility line activities) or were otherwise prohibited pursuant to the Clean Water Act. However,
the Company has been cooperating with Corps of Engineers and the Oregon Division of State Land,
Department of Environmental Quality to mitigate any adverse impact as a result of construction.
Corps of Engineer and Oregon Division of State Land notices or complaints focused for the largest
part on runoff from the construction site and from nearby construction spoil piles which may have
increased sediment and turbidity in adjacent waterways and roadside ditches. Runoff was the result
of extremely wet and snowy weather, which produced exceptionally high volumes of runoff water.
MasTec employed two erosion control consulting firms to assist. As weather permitted and sites
became available, MasTec moved spoil piles to disposal sites. Silt fences, sediment entrapping
blankets and sediment barriers were employed in the meantime to prevent sediment runoff.
Ultimately, when spring weather permitted, open areas were filled, rolled and seeded to eliminate
the runoff. To date, mitigation efforts have cost the Company approximately $1.4&nbsp;million. These
costs were included in the costs on the project at March&nbsp;31, 2005 and December&nbsp;31, 2004. No
further mitigation expenses are anticipated. The only additional anticipated liability arises from
possible fines or penalties assessed, or to be assessed by the Corps of Engineers and/or Oregon
Division of State Land. The County accepted a fine of $75,000 to settle this matter with the Corp
of Engineers; the County has not concluded with the Oregon Department of Environmental Quality. No
fines or penalties have been assessed against the Company by the Corp of Engineers to date. On
August&nbsp;9, 2004, the Oregon Division of State Land Department of Environmental Quality issued a
Notice of Violation and Assessment of Civil Penalty to MasTec North America in the amount of
$126,000. MasTec North America has denied liability for the civil penalty and requested a formal
contested case hearing on the same.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The potential loss for all Coos Bay matters and settlements reached described above is
estimated to be $175,000 at March&nbsp;31, 2005, which is recorded in the consolidated balance sheet as
accrued expenses.


<P align="center" style="font-size: 10pt">16</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>MasTec, Inc<BR>
Notes to the Condensed Unaudited Consolidated Financial Statements</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In November&nbsp;2004, the Company entered into, and bonded a conditional $2.6&nbsp;million settlement
of litigation brought for subcontract work done by Hugh O&#146;Kane Electric for MasTec on a
telecommunication project for Telergy in New York. Telergy is in bankruptcy and did not pay MasTec
for the Hugh O&#146;Kane work. The settlement was conditioned on the outcome of an interlocutory appeal
brought by MasTec. The appeal sought to enforce contract terms which relieved MasTec of its
obligation to pay Hugh O&#146;Kane when MasTec was not paid by Telergy. New York&#146;s appellate level
court upheld the enforceability of the term of MasTec&#146;s contract, but remanded the case to the
trial court to determine whether the Company was estopped from using this contract provision as a
defense. Hugh O&#146;Kane has sought reargument of the issue before the court which issued the ruling.
The Company expects to recover the bond posted in connection with the appeal, and will continue to
contest this matter in the trial court. The amount of the loss, if any, relating to this matter
cannot be determined at this time.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is also a party to other pending legal proceedings arising in the normal course of
business. While complete assurance cannot be given as to the outcome of any legal claims,
management believes that any financial impact would not be material to the Company&#146;s results of
operations, financial position or cash flows.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is required to provide payment and performance bonds in connection with some of
its contractual commitments. Such bonds amounted to $125.1&nbsp;million at March&nbsp;31, 2005 related to
projects in process.


<P align="left" style="font-size: 10pt"><B>Note 9 &#150; Concentrations of Risk</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company provides services in the telecommunications, broadband (including cable, satellite
and high speed Internet), energy, traffic control and homeland security systems markets.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue by customer industry group is as follows (in thousands):

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>For the Three Months</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Ended March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Telecommunications</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">71,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">45,774</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Broadband</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69,249</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79,499</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Energy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,536</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,820</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Government</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,745</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,614</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">217,770</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">194,707</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company grants credit, generally without collateral, to its customers. Consequently, the
Company is subject to potential credit risk related to changes in business and economic factors.
However, the Company generally has certain lien rights and concentrations of credit risk are
limited due to the diversity of the customer base. The Company believes the billing and collection
policies are adequate to minimize potential credit risk. During the three months ended March&nbsp;31,
2005, 40.9% of the Company&#146;s total revenue was attributed to two customers. Revenue from these two
customers accounted for 28.5% and 12.4% of the total revenue for the three months ended March&nbsp;31,
2005. During the three months ended March&nbsp;31, 2004, 36.1% of the Company&#146;s total revenue was
attributed to two customers. Revenue from these two customers accounted for 18.7% and 17.4% of the
total revenue for the three months ended March&nbsp;31, 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company maintains allowances for doubtful accounts for estimated losses resulting from the
inability of clients to make required payments. Management analyzes historical bad debt
experience, client concentrations, client credit-worthiness, the availability of mechanics and
other liens, the existence of payment bonds and other sources of payment, and current economic
trends when evaluating the adequacy of the allowance for doubtful accounts. If judgments regarding
the collectibility of accounts receivables were incorrect, adjustments to the allowance may be
required, which would reduce profitability. In addition, the Company&#146;s reserve mainly covers the
accounts receivable related to the unprecedented number of clients that filed for bankruptcy
protection during the year 2001 and general


<P align="center" style="font-size: 10pt">17</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>MasTec, Inc<BR>
Notes to the Condensed Unaudited Consolidated Financial Statements</B>


<P align="left" style="font-size: 10pt">economic climate of 2002. As of March&nbsp;31, 2005, the Company had remaining receivables from
clients undergoing bankruptcy reorganization totaling $14.8&nbsp;million of which $9.0&nbsp;million is
included in specific reserves. As of December&nbsp;31, 2004, remaining receivables from clients
undergoing bankruptcy reorganization totaled $15.1&nbsp;million of which $9.4&nbsp;million was included in
specific reserves. Based on the analytical process described above, management believes that the
Company will recover the net amounts recorded. The Company maintained an allowance for doubtful
accounts of $20.0&nbsp;million as of March&nbsp;31, 2005 and December&nbsp;31, 2004 for both specific customers
and as a reserve against other past due balances. Should additional clients file for bankruptcy or
experience difficulties, or should anticipated recoveries in existing bankruptcies and other
workout situations fail to materialize, the Company could experience reduced cash flows and losses
in excess of the current allowance.



<P align="left" style="font-size: 10pt"><B>Note 10 &#150; Equity Investment</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In September&nbsp;2004, MasTec purchased a 49% interest in a limited liability corporation. The
Company&#146;s payments for its interest are due quarterly over three years beginning in September&nbsp;2004.
Equity payments fluctuate based on the venture&#146;s sales. In addition, the Company is responsible
for 49% of the venture&#146;s net operating capital needs until the venture is self funding. The
Company expects this venture will be able to fully fund its own operating capital requirements by
mid to late 2005. The venture is intended to strengthen relationships with existing and future
customers, and increase Company sales. The initial investment of $3.7&nbsp;million will be paid over
four quarters which commenced in the fourth quarter of 2004 with additional contingent payments of
up to $1.3&nbsp;million per quarter based upon the level of unit sales and profitability of the limited
liability company for the two years following the period after the initial investment is fully
funded.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of March&nbsp;31, 2005, the Company&#146;s investment exceeded the net equity of such investment and
accordingly the excess is considered to be equity goodwill.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has accounted for this investment using the equity method as the Company has the
ability to exercise significant influence over the operational policies of the Company. As of
March&nbsp;31, 2005, the Company had an investment balance of approximately $4.2&nbsp;million in relation to
this investment included in other assets with a corresponding liability related to the outstanding
commitment which is included in other liabilities. Based upon the lack of significance to the
financial information of the Company, no summary financial information for this equity investment
has been provided.


<P align="left" style="font-size: 10pt"><B>Note 11 &#150; Related Party Transactions</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MasTec purchases, rents and leases equipment used in its business from a number of different
vendors, on a non-exclusive basis, including Neff Corp., in which Jorge Mas, the Company&#146;s Chairman
and Jose Mas, the Company&#146;s Vice-Chairman and Executive Vice President, are directors and owners of
a controlling interest. Juan Carlos Mas, the brother of Jorge and Jose Mas, is Chairman, Chief
Executive Officer, a director and a shareholder of Neff Corp. During the three months ended March
31, 2005 and 2004, MasTec paid Neff $172,618 and $283,816, respectively, for equipment purchases,
rentals and leases. MasTec believes the amount paid to Neff is equivalent to the payments that
would have been made between unrelated parties for similar transactions acting at arm&#146;s length.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&nbsp;1, 2002, MasTec entered into an employment agreement with Donald P. Weinstein
relating to his employment as Executive Vice President and Chief Financial Officer. On January&nbsp;7,
2004 (but effective as of December&nbsp;1, 2003), the Company entered into an amended employment
agreement with Mr.&nbsp;Weinstein. The agreement was for a term of three years and provided that Mr.
Weinstein would be paid an annual base salary of $300,000 (with annual cost of living increases).
Additionally, Mr.&nbsp;Weinstein was entitled to receive a total of $600,000 of deferred compensation
over the term of the contract and was to be entitled to participate in a bonus plan for senior
management, and would be entitled to a minimum annual performance bonus of $50,000 per year. Mr.
Weinstein resigned effective March&nbsp;11, 2004. In connection therewith, the Company entered into a
severance agreement with Mr.&nbsp;Weinstein pursuant to which the Company paid him his base salary of
$300,000 through December&nbsp;2004, provided him with certain employee and insurance benefits and
provided for the vesting of his stock options. The severance agreement was approved by the
Compensation Committee on July&nbsp;16, 2004. As a result of Mr.&nbsp;Weinstein&#146;s severance agreement, the


<P align="center" style="font-size: 10pt">18</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>MasTec, Inc<BR>
Notes to the Condensed Unaudited Consolidated Financial Statements</B>


<P align="left" style="font-size: 10pt">Company recorded $199,500 in stock compensation expense for the three months ended March&nbsp;31,
2004 related to the extension of the exercise period on Mr.&nbsp;Weinstein&#146;s stock options. In
addition, a severance accrual was recorded for $300,000 as of March&nbsp;31, 2004 which was subsequently
paid.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In July&nbsp;2002, MasTec entered into an employment agreement with Eric J. Tveter as Executive
Vice President and Chief Operations Officer with a two year term at an annual base salary of
$300,000 (with annual cost of living increases) and a grant of 50,000 stock options, a guaranteed
bonus for the year 2002 equal to one half of his base salary paid to him during the year 2002 and
the right to participate in MasTec&#146;s bonus plan for senior management beginning January&nbsp;1, 2003.
The agreement also contained noncompete and nonsolicitation provisions for a period of two years
following the term of the agreement. Mr.&nbsp;Tveter resigned his position with the company on March
22, 2004. In connection therewith, the Company entered into a severance agreement with Mr.&nbsp;Tveter
pursuant to which the Company paid him severance of $33,134 during 2004, paid him regular salary
through July&nbsp;14, 2004 at an annual rate of $306,837, provided him with certain employee benefits
and provided for the vesting of his stock options. The Compensation Committee approved Mr.
Tveter&#146;s severance agreement on April&nbsp;15, 2004 which was the new measurement date of his stock
options. As a result of Mr.&nbsp;Tveter&#146;s severance agreement, the Company recorded approximately
$216,800 in stock compensation expense for the three months ended March&nbsp;31, 2004 related to the
extension of the exercise period on Mr.&nbsp;Tveter&#146;s stock options. In addition, a severance accrual
was recorded as of March&nbsp;31, 2004 for approximately $173,000 which was subsequently paid.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective as of August&nbsp;27, 2002, MasTec and Jorge Mas entered into a split dollar agreement
wherein MasTec agreed to pay the premiums due on two life insurance policies with an aggregate face
amount of $50,000,000. Additionally, effective as of September&nbsp;13, 2002, MasTec and Jorge Mas
entered into a second split dollar agreement (as amended on December&nbsp;1, 2002) wherein MasTec agreed
to pay the premiums due on a life insurance policy. Under the terms of these agreements, MasTec is
the sole owner and beneficiary of the policies and is entitled to recover all premiums it pays on
the portion of the policy subject to the agreement, plus interest equal to four percent, compounded
annually, upon the death of the insured. During the three months ended March&nbsp;31, 2005 and 2004,
MasTec did not pay any premiums in connection with the split dollar agreements for Jorge Mas.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;1, 2002, MasTec and Austin Shanfelter entered into a split dollar agreement
wherein MasTec agreed to pay the premiums due on a life insurance policy. MasTec is the sole owner
and beneficiary of the policy and is entitled, upon the death of the insureds, to recover all
premiums it pays on the policy plus interest equal to four percent, compounded annually. The
remainder of the policy&#146;s proceeds will be paid in accordance with Mr.&nbsp;Shanfelter&#146;s designations.
During the three months ended March&nbsp;31, 2005 and 2004, MasTec did not pay any premiums in
connection with the split dollar agreement for Mr.&nbsp;Shanfelter and his family.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective as of July&nbsp;16, 2004, MasTec and Jose Mas entered into a split dollar agreement
wherein MasTec agreed to pay premiums on a life insurance policy. Under the terms of the
agreement, MasTec is the sole owner and beneficiary of the policy and is entitled to recover all
premiums it pays on the policy plus interest equal to 3.5%, compounded annually, upon the death of
the insured. MasTec has agreed to make the premium payments until at least July&nbsp;15, 2009. During
the three months ended March&nbsp;31, 2005 and 2004, MasTec did not pay any premiums in connection with
the split dollar agreement for Mr.&nbsp;Jose Mas.


<P align="left" style="font-size: 10pt"><B>Note 12 &#150; New Accounting Pronouncements</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December&nbsp;2004, the Financial Accounting Standards Board (&#147;FASB&#148;) issued SFAS 123R,
&#147;Share-Based Payment,&#148; a revision of SFAS 123. In March&nbsp;2005, the SEC issued Staff Bulletin No.&nbsp;107
(SAB 107) regarding its interpretation of SFAS 123R. The standard requires companies to expense the
grant-date fair value of stock options and other equity-based compensation issued to employees. In
accordance with the revised statement, the Company will be required to recognize the expense
attributable to stock options granted or vested in financial statement periods subsequent to
December&nbsp;31, 2005. The Company is evaluating the requirements of SFAS 123R and SAB 107. The Company
has not yet determined the method of adoption or the effect of adopting SFAS 123R, and it has not
determined whether the adoption will result in amounts that are similar to the current pro forma
disclosures under SFAS 123 above.


<P align="center" style="font-size: 10pt">19</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>MasTec, Inc<BR>
Notes to the Condensed Unaudited Consolidated Financial Statements</B>



<P align="left" style="font-size: 10pt"><B>Note 13 &#150; Subsequent Event</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;10, 2005, the Company entered into an amended and restated loan and security agreement
in connection with the revolving credit facility which increased the maximum amount of availability
to $150&nbsp;million subject to reserves of $5.0&nbsp;million, and other adjustments and restrictions
pursuant to the terms of the amended and restated loan and security agreement. The term of the
facility was extended to 2010. The terms and conditions of the amended credit facility are similar
to the credit facility described in Note 5. In addition to the increase in the maximum availability and extension of term, the key differences include no monthly financial
covenants if certain conditions are met, a release of the restricted
cash in the amount of $7.3&nbsp;million and an increase in borrowing availability based on higher
advance rates on unbilled receivables and equipment. To the extent that certain conditions are not
met, the Company must maintain a fixed charge ratio in excess of 1.2 to 1.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon the Company&#146;s projections for 2005, the Company believes it will be in compliance
with the amended credit facility&#146;s terms and conditions as well as the fixed charge ratio covenant
in 2005. The Company is dependent upon borrowings and letters of credit under this credit facility
to fund operations. Should the Company be unable to comply with the terms and conditions of the
amended credit facility, it would be required to obtain further modifications of the credit
facility or another source of financing to continue to operate. The Company may not be able to
achieve its 2005 projections and thus may not be in compliance with the amended credit facility&#146;s
financial covenants in 2005.


<P align="center" style="font-size: 10pt">20</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="107"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>ITEM 2. MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B>



<P align="left" style="font-size: 10pt"><B>Forward-Looking Statements</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This report contains forward-looking statements within the meaning of the Securities Act of
1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are not historical facts but are the intent,
belief, or current expectations, of our business and industry, and the assumptions upon which these
statements are based. Words such as &#147;anticipates&#148;, &#147;expects&#148;, &#147;intends&#148;, &#147;will&#148;, &#147;could&#148;, &#147;would&#148;,
&#147;should&#148;, &#147;may&#148;, &#147;plans&#148;, &#147;believes&#148;, &#147;seeks&#148;, &#147;estimates&#148; and variations of these words and the
negatives thereof and similar expressions are intended to identify forward-looking statements.
These statements are not guarantees of future performance and are subject to risks, uncertainties,
and other factors, some of which are beyond our control, are difficult to predict, and could cause
actual results to differ materially from those expressed or forecasted in the forward-looking
statements. These risks and uncertainties include those described in &#147;Management&#146;s Discussion and
Analysis of Financial Condition and Results of Operations&#148; and elsewhere in this report and in the
Company&#146;s Annual Report on Form 10-K for the year ended December&nbsp;31, 2004, including those
described under &#147;Risk Factors.&#148; Forward-looking statements that were true at the time made may
ultimately prove to be incorrect or false. Readers are cautioned to not place undue reliance on
forward-looking statements, which reflect our management&#146;s view only as of the date of this report.
We undertake no obligation to update or revise forward-looking statements to reflect changed
assumptions, the occurrence of unanticipated events or changes to future operating results.


<P align="left" style="font-size: 10pt"><B>Overview</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We serve providers of telecommunications services, broadband services (including cable,
satellite and high speed Internet), energy services, traffic control and homeland security systems.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue by customer industry group is as follows (in thousands):

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>For the Three Months Ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Telecommunications</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">71,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">45,774</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Broadband</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69,249</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79,499</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Energy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,536</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,820</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Government</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,745</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,614</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">217,770</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">194,707</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A significant portion of our revenue is derived from service agreements. Some of these
agreements are billed on a time and materials basis and revenue is recognized as the services are
rendered. The remainder of these agreements are referred to as master service agreements, because
they are exclusive (with certain exceptions) up to a specified dollar amount per work order within
a defined geographic area. Work performed under service agreements is typically generated by work
orders, each of which is performed for a fixed fee. The majority of these services typically are
of a maintenance nature and to a lesser extent upgrade services. These service agreements are
frequently awarded on a competitive bid basis, although clients are often willing to negotiate
contract extensions beyond their original terms without re-bidding. Our service agreements have
various terms, depending upon the nature of the services provided and are typically subject to
termination by the client on short notice. Under our master service and similar type service
agreements, we furnish various specified units of service each for a separate fixed price per unit
of service. We recognize revenue as the related unit of service is performed. Profitability will
be reduced if the actual costs to complete each unit exceed original estimates on fixed price
service agreements. We also immediately recognize the full amount of any estimated loss on these
fixed fee work orders if estimated costs to complete the remaining units for the work order exceed
the revenue to be received from such units.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The remainder of our work is provided pursuant to contracts for specific
installation/construction projects or jobs. For installation/construction projects we recognize
revenue on the units-of-delivery or percentage-of-completion methods. For certain clients with
unit based construction/installation contracts, we recognize revenue after the service is


<P align="center" style="font-size: 10pt">21</DIV>

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<P align="left" style="font-size: 10pt">performed and work orders are approved to ensure that collectibility is probable from these
clients. Revenue from completed work orders not collected in accordance with the payment terms
established with these clients is not recognized until collection is assured. Revenue on unit
based projects is recognized using the units-of-delivery method. Under the units-of-delivery
method, revenue is recognized as the units are completed at the contractually agreed price per
unit. Revenue on non-unit based contracts is recognized using the percentage-of-completion method.
Under the percentage-of-completion method, we record revenue as work on the contract progresses.
The cumulative amount of revenue recorded on a contract at a specified point in time is that
percentage of total estimated revenue that incurred costs to date bear to estimated total contract
costs. Clients are billed with varying frequency: weekly, monthly or upon attaining specific
milestones. Such contracts generally include retainage provisions under which 2% to 15% of the
contract price is withheld from us until the work has been completed and accepted by the client.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue by type of contract is as follows (in thousands):

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>For the Three Months</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Ended March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Master service and other service agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">141,516</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">146,415</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Installation/construction projects agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,254</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,292</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">217,770</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">194,707</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our costs of revenue include the costs of providing services or completing the projects under
our contracts including operations payroll and benefits, accrued losses on contracts, fuel,
subcontractor costs, equipment rental, materials not provided by our clients, and insurance.
Profitability will be reduced if the actual costs to complete each unit exceed original estimates
on fixed price service agreements. We also immediately recognize the full amount of any estimated
loss on these fixed fee work orders if estimated costs to complete the remaining units for the work
order exceed the revenue to be received from such units.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our clients generally supply materials such as cable, conduit and telephone equipment.
Customer furnished materials are not included in revenue and cost of sales due to these materials
being purchased by the customer. The customer determines the specifications of the materials that
are to be utilized to perform installation/construction services. We are only responsible for the
performance of the installation/construction services and not the materials for any contract that
includes customer furnished materials nor do we not have any risk associated with customer
furnished materials. Our customers retain the financial and performance risk of all customer
furnished materials.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses include all costs of our management and administrative
personnel, severance payments, reserves for bad debts, rent, utilities, travel and business
development efforts and back office administration such as financial services, insurance,
administration, professional and legal fees as well as clerical and administrative overhead.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In March&nbsp;2004, we ceased performing contractual services for customers in Brazil, abandoned
all assets in our Brazil subsidiary and made a determination to exit the Brazil market. During the
three months ended March&nbsp;31, 2004, we wrote off approximately $12.3&nbsp;million of goodwill and the net
investment in our Brazil subsidiary of approximately $6.8&nbsp;million which consisted of the
accumulated foreign currency translation loss of $21.3&nbsp;million less a deficit in assets of $14.5
million. The abandoned Brazil subsidiary has been classified as a discontinued operation. The net
loss from operations for the Brazil subsidiary was approximately $20.0&nbsp;million for the three months
ended March&nbsp;31, 2004. For the three months ended March&nbsp;31, 2005, the Brazil subsidiary had no
activity as the entity is in the process of being liquidated. In November&nbsp;2004, the subsidiary
applied for relief and was adjudicated bankrupt by a Brazilian bankruptcy court. The subsidiary is
currently being liquidated under court supervision.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the fourth quarter 2004, we committed to sell our Network Services division and exit
this service market. This division has been classified as a discontinued operation. The net loss
for the Network Services division for the three months ended March&nbsp;31, 2004 was reclassified to
discontinued operations in the amount of $1.8&nbsp;million. The net loss for the three months ended
March&nbsp;31, 2005 included in discontinued operations was $445,000.


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<P align="left" style="font-size: 10pt"><B>Critical Accounting Policies and Estimates</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our discussion and analysis of our financial condition and results of operations is based upon
our consolidated financial statements, which have been prepared in accordance with accounting
principles generally accepted in the United States. The preparation of these financial statements
requires us to make estimates and judgments that affect the reported amounts of assets,
liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. On
an on-going basis, we evaluate our estimates, including those related to revenue recognition,
allowance for doubtful accounts, intangible assets, reserves and accruals, impairment of assets,
income taxes, insurance reserves and litigation and contingencies. We base our estimates on
historical experience and on various other assumptions that are believed to be reasonable under the
circumstances, the results of which form the basis of making judgments about the carrying values of
assets and liabilities, that are not readily apparent from other sources. Actual results may
differ from these estimates if conditions change or if certain key assumptions used in making these
estimates ultimately prove to be materially incorrect.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe the following critical accounting policies involve our more significant judgments
and estimates used in the preparation of our consolidated financial statements.


<P align="left" style="font-size: 10pt"><B>Revenue Recognition</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue and related costs for master and other service agreements billed on a time and
materials basis are recognized as the services are rendered. There are also some master service
agreements that are billed on a fixed fee basis. Under our fixed fee master service and similar
type service agreements we furnish various specified units of service for a separate fixed price
per unit of service. We recognize revenue as the related unit of service is performed. For
service agreements on a fixed fee basis, profitability will be reduced if the actual costs to
complete each unit exceed original estimates. We also immediately recognize the full amount of any
estimated loss on these fixed fee projects if estimated costs to complete the remaining units
exceed the revenue to be received from such units.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We recognize revenue on unit based construction/installation projects using the
units-of-delivery method. Our unit based contracts relate primarily to contracts that require the
installation or construction of specified units within an infrastructure system. Under the
units-of-delivery method, revenue is recognized at the contractually agreed upon price as the units
are completed and delivered. Our profitability will be reduced if the actual costs to complete
each unit exceed our original estimates. We are also required to immediately recognize the full
amount of any estimated loss on these projects if estimated costs to complete the remaining units
for the project exceed the revenue to be earned on such units. For certain clients with unit based
construction/installation contracts we recognize revenue after service has been performed and work
orders are approved to ensure that collectibility is probable from these clients. Revenue from
completed work orders not collected in accordance with the payment terms established with these
clients is not recognized until collection is assured.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our non-unit based, fixed price installation/construction contracts relate primarily to
contracts that require the construction, design and installation of an entire infrastructure
system. We recognize revenue and related costs as work progresses on non-unit based, fixed price
contracts using the percentage-of-completion method, which relies on contract revenue and estimates
of total expected costs. We estimate total project costs and profit to be earned on each
long-term, fixed-price contract prior to commencement of work on the contract. We follow this
method since reasonably dependable estimates of the revenue and costs applicable to various stages
of a contract can be made. Under the percentage-of-completion method, we record revenue and
recognize profit or loss as work on the contract progresses. The cumulative amount of revenue
recorded on a contract at a specified point in time is that percentage of total estimated revenue
that incurred costs to date bear to estimated total contract costs, after adjusting estimated total
contract costs for the most recent information. If, as work progresses, the actual contract costs
exceed our estimates, the profit we recognize from that contract decreases. We recognize the full
amount of any estimated loss on a contract at the time our estimates indicate such a loss.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our clients generally supply materials such as cable, conduit and telephone equipment.
Customer furnished materials are not included in revenue and cost of sales as these materials are
purchased by the customer. The customer determines the specification of the materials that are to
be utilized to perform installation/construction services. We are only responsible for the
performance of the installation/construction services and not the materials for any contract that


<P align="center" style="font-size: 10pt">23</DIV>

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<P align="left" style="font-size: 10pt">includes customer furnished materials nor do we have any risk associated with customer
furnished materials. Our customers retain the financial and performance risk of all customer
furnished materials.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Billings in excess of costs and estimated earnings on uncompleted contracts are classified as
current liabilities. Any costs and estimated earnings in excess of billings are classified as
current assets. Work in process on contracts is based on work performed but not billed to clients
as per individual contract terms.


<P align="left" style="font-size: 10pt"><B>Allowance for Doubtful Accounts</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We maintain allowances for doubtful accounts for estimated losses resulting from the inability
or unwillingness of our clients to make required payments. Management analyzes past due balances
based on invoice date, historical bad debt experience, client concentrations, client
credit-worthiness, client financial condition and credit reports, the availability of mechanics&#146;
and other liens, the existence of payment bonds and other sources of payment, and current economic
trends when evaluating the adequacy of the allowance for doubtful accounts. We review the adequacy
of reserves for doubtful accounts on a quarterly basis. If our estimates of the collectibility of
accounts receivable are incorrect, adjustments to the allowance for doubtful accounts may be
required, which could reduce our profitability.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our estimates for our allowance for doubtful accounts are subject to significant change during
times of economic weakness or uncertainty in either the overall U.S. economy or the industries we
serve, and our loss experience has increased during such times.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We recorded provisions against earnings for doubtful accounts of $1.0&nbsp;million, and $1.4
million for the three months ended March&nbsp;31, 2005 and 2004, respectively. The provisions in the
three months ended March&nbsp;31, 2005 and 2004 were due to a monthly provision being recorded based on
the Company&#146;s write-off history.


<P align="left" style="font-size: 10pt"><B>Inventories</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories consist of materials and supplies for construction projects, and are typically
purchased on a project-by-project basis. Inventories are valued at the lower of cost (using the
specific identification method) or market. Construction projects are completed pursuant to customer
specifications. The loss of the customer or the cancellation of the project could result in an
impairment of the value of materials purchased for that customer or project. Technological or
market changes can also render certain materials obsolete. Allowances for inventory obsolescence
are determined based upon the specific facts and circumstances for each project and market
conditions. During the three months ended March&nbsp;31, 2005 and 2004, we recorded approximately $0
and $900,000, respectively, in obsolescence provisions that have been included in &#147;Costs of
revenue&#148; in the accompanying condensed unaudited consolidated statements of operations. The
provisions in the three months ended March&nbsp;31, 2004 were mainly due to inventories that were
purchased for specific jobs no longer in process.


<P align="left" style="font-size: 10pt"><B>Depreciation</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We depreciate our property and equipment over estimated useful lives using the straight-line
method. We periodically review changes in technology and industry conditions, asset retirement
activity and salvage values to determine adjustments to estimated remaining useful lives and
depreciation rates.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective November&nbsp;30, 2002, we implemented the results of a review of the estimated service
lives of our property and equipment in use. Useful lives were adjusted to reflect the extended use
of much of our equipment. In addition, the adjustments make the estimated useful lives for similar
equipment consistent among all operating units. Depreciation expense was reduced by $1.3&nbsp;million
for the three months ended March&nbsp;31, 2004 from the amount of expense which would have been reported
using the previous useful lives as a result of the change of estimate. The adjustment took place
in 2003 and 2004. During 2004 and first quarter 2005, we continued to dispose of excess assets
and increase our reliance on operating leases to finance equipment needs, thereby reducing our
depreciation expense. We do anticipate continued declines in our overall equipment costs, since we
continue to use more lease opportunities.


<P align="center" style="font-size: 10pt">24</DIV>

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<P align="left" style="font-size: 10pt"><B>Valuation of Long-Lived Assets</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We review long-lived assets, consisting primarily of property and equipment and intangible
assets with finite lives, for impairment in accordance with Statement of Financial Accounting
Standards No.&nbsp;144, &#147;Accounting for the Impairment or Disposal of Long-Lived Assets&#148; (SFAS No.&nbsp;144).
In analyzing potential impairment, we use projections of future undiscounted cash flows from the
assets. These projections are based on our views of growth rates for the related business,
anticipated future economic conditions and the appropriate discount rates relative to risk and
estimates of residual values. We believe that our estimates are consistent with assumptions that
marketplace participants would use in their estimates of fair value. However, economic conditions,
interest rates, the anticipated cash flows of the businesses related to these assets and our
business strategies are all subject to change in the future. If changes in growth rates, future
economic conditions or discount rates and estimates of terminal values were to occur, long-lived
assets may become impaired. During the three months ended March&nbsp;31, 2005 and 2004, we recognized
impairment losses and write-offs of long-lived assets of approximately $327,000 and $605,000,
respectively, relating to long-lived assets no longer in use and held for sale, certain assets in
use and long-lived assets related to the discontinued operations in Brazil.


<P align="left" style="font-size: 10pt"><B>Valuation of Intangible Assets</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with SFAS No.&nbsp;142, &#147;Goodwill and Other Intangible Assets&#148;, we conduct, on at
least an annual basis, a review of our reporting units to determine whether their carrying value
exceeds fair market value using a discounted cash flow methodology for each unit. Should this be
the case, the value of our goodwill may be impaired and written down.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the disposition of the Brazil subsidiary as discussed in Note 7, we wrote
off goodwill associated with this reporting entity in the amount of $12.3&nbsp;million in the three
months ended March&nbsp;31, 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We could record additional impairment losses if, in the future, profitability and cash flows
of our reporting units decline to the point where the carrying value of those units exceed their
market value.


<P align="left" style="font-size: 10pt"><B>Insurance Reserves</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We presently maintain insurance policies subject to per claim deductibles of $2&nbsp;million for
our workers&#146; compensation, and general liability policies and $3&nbsp;million for our automobile
liability policy. We have excess umbrella coverages up to $100&nbsp;million per claim and in the
aggregate. We are required to post letters of credit to secure our obligation to reimburse the
insurance carrier for amounts that have been or could potentially be advanced by the carrier within
the deductible layer and also post letters of credit to our surety company. Such letters of credit
amounted to $63.3&nbsp;million at March&nbsp;31, 2005. We actuarially determine any liabilities for unpaid
claims and associated expenses, including incurred but not reported losses, and reflect those
liabilities in our balance sheet as other current and non-current liabilities. The determination of
such claims and expenses and the appropriateness of the related liability is reviewed and updated
quarterly. However, insurance liabilities are difficult to assess and estimate due to the many
relevant factors, the effects of which are often unknown, including the severity of an injury, the
determination of our liability in proportion to other parties, the number of incidents not reported
and the effectiveness of our safety program. We are working with our insurance carrier to resolve
claims more quickly in an effort to reduce our exposure. We are also attempting to accelerate the
claims process where possible so that amounts incurred can be reported rather than estimated. In
addition, known amounts for claims that are in the process of being settled, but that have been
paid in periods subsequent to those being reported, are booked in such reporting period. Our
accruals are based upon known facts, historical trends and our reasonable estimate of future
expenses and we believe such accruals to be adequate. If we do not accurately estimate the losses
resulting from these claims, we may experience losses in excess of our estimated liability, which
may reduce our profitability.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the three months ended March&nbsp;31, 2005, we were required to post additional cash collateral
with our current insurance carrier in the amount of $4.5&nbsp;million which is included in other assets.
We also posted additional cash collateral in April&nbsp;2005 of $4.5&nbsp;million. We expect to be required
to post an additional $9.0&nbsp;million in cash collateral in 2005 and we may be required to post
additional collateral in the future which may reduce our liquidity, or pay increased insurance
premiums, which could decrease our profitability.


<P align="center" style="font-size: 10pt">25</DIV>

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<P align="left" style="font-size: 10pt"><B>Valuation of Equity Investments</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have one common stock investment which we account for by the equity method because we own
between 20% and 50% of the common stock and we have a non-controlling ownership interest. Our
share of the earnings or losses in this investment is included in the condensed unaudited
consolidated statements of operations. As of March&nbsp;31, 2005, our investment exceeded the net
equity of such investment and accordingly the excess is considered to be equity goodwill. We
evaluate the equity goodwill for impairment under Accounting Principles Board No.&nbsp;18, &#147;The Equity
Method of Accounting for Investments in Common Stock&#148;, as amended.


<P align="left" style="font-size: 10pt"><B>Income Taxes</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We record income taxes using the liability method of accounting for deferred income taxes.
Under this method, deferred tax assets and liabilities are recognized for the expected future tax
consequence of temporary differences between the financial statement and income tax bases of our
assets and liabilities. We estimate our income taxes in each of the jurisdictions in which we
operate. This process involves estimating our tax exposure together with assessing temporary
differences resulting from differing treatment of items, such as deferred revenue, for tax and
accounting purposes. These differences result in deferred tax assets and liabilities, which are
included within our consolidated balance sheet. The recording of a net deferred tax asset assumes
the realization of such asset in the future. Otherwise a valuation allowance must be recorded to
reduce this asset to its net realizable value. We consider future pretax income and ongoing prudent
and feasible tax planning strategies in assessing the need for such a valuation allowance. In the
event that we determine that we may not be able to realize all or part of the net deferred tax
asset in the future, a valuation allowance for the deferred tax asset is charged against income in
the period such determination is made.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of our operating losses, we have recorded valuation allowances aggregating $37.2
million and $32.3&nbsp;million as of March&nbsp;31, 2005 and December&nbsp;31, 2004, respectively, to reduce
certain of our net deferred Federal, foreign and state tax assets to their estimated net realizable
value.


<P align="left" style="font-size: 10pt"><B>Restructuring Charges</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the second quarter of 2002, we initiated a study to determine the proper balance of
downsizing and cost cutting in relation to our ability to respond to current and future work
opportunities in each of our service offerings. The review not only evaluated our current
operations, but also the growth and opportunity potential of each service offering as well as the
consolidation of back-office processes. As a result of this review, we implemented a restructuring
program.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a reconciliation of the restructuring accruals as of March&nbsp;31, 2005 (in
thousands):

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accrued costs at December&nbsp;31, 2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">212</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash payments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(100</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accrued costs at March&nbsp;31, 2005</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">112</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt"><B>Litigation and Contingencies</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Litigation and contingencies are reflected in our condensed unaudited consolidated financial
statements based on our assessments, with legal counsel, of the expected outcome of such litigation
or expected resolution of such contingency. If the final outcome of such litigation and
contingencies differs significantly from our current expectations, such outcome could result in a
charge to earnings. See Note 8 to our condensed unaudited consolidated financial statements in
Part&nbsp;I Item&nbsp;1 to this Form 10-Q for description of legal proceedings and commitments and
contingencies.


<P align="center" style="font-size: 10pt">26</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>Results of Operations</B>



<P align="left" style="font-size: 10pt"><B><I>Comparison of Quarterly Results</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table reflects our consolidated results of operations in dollar and percentage
of revenue terms for the periods indicated including the reclassification of the three months ended
March&nbsp;31, 2004 net loss for the Network Services operations to discontinued operations.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>For the Three Months Ended March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14"><B>(dollars in thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">217,770</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">194,707</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Costs of revenue, excluding depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">204,970</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">94.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">188,574</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">96.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,965</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,831</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">General and administrative expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,460</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,513</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">10.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest expense, net of interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,851</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,903</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other (income)&nbsp;expense, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,973</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.9</TD>
    <TD nowrap>)%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">166</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss from continuing operations before
minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(11,503</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5.3</TD>
    <TD nowrap>)%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(24,280</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12.5</TD>
    <TD nowrap>)%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(66</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss from continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(11,569</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5.3</TD>
    <TD nowrap>)%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(24,280</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12.5</TD>
    <TD nowrap>)%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Discontinued Operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(445</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.2</TD>
    <TD nowrap>)%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(21,786</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11.2</TD>
    <TD nowrap>)%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(12,014</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5.5</TD>
    <TD nowrap>)%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(46,066</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(23.7</TD>
    <TD nowrap>)%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><B>Three Months Ended March&nbsp;31, 2005<BR>
Compared to Three Months Ended March&nbsp;31, 2004</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Revenue. </I>Our revenue was $217.8&nbsp;million for the three months ended March&nbsp;31, 2005, compared
to $194.7&nbsp;million for the same period in 2004, representing an increase of $23.1&nbsp;million or 11.8%.
This increase was due primarily to the increased revenue of approximately $28.2&nbsp;million received
from DirecTV. In addition, the fiber-to-home installations for Verizon Communications commenced
towards the end of 2004. During the three months ended March&nbsp;31, 2005 revenue related to Verizon
increased by approximately $23.6&nbsp;million. We expect to continue to see an increase in revenue from
these two customers throughout 2005. The increases were offset by a significant decrease in
upgrade work from Comcast. In first quarter 2004, the Comcast projects were fully operational and
proceeding at full schedule. In first quarter 2005, the Comcast upgrade work was minimal because
the majority of the work was completed in the fourth quarter 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Costs of Revenue. </I>Our costs of revenue were $205.0&nbsp;million or 94.1% of revenue for the three
months ended March&nbsp;31, 2005, compared to $188.6&nbsp;million or 96.9% of revenue for the same period in
2004 reflecting an improvement in margins. The decrease was due to obsolescence provisions,
insurance expense and loss accruals. In the three months ended March&nbsp;31, 2004, we had obsolescence
provisions in inventory of approximately $900,000 mainly due to inventories that were purchased for
specific jobs which were no longer in process. There was no provision necessary during the three
months ended March&nbsp;31, 2005. In addition, in the three months ended March&nbsp;31, 2005, the cost of
sales portion of insurance expense decreased $9.5&nbsp;million from the three months ended March&nbsp;31,
2004. In the three months ended March&nbsp;31, 2004, there were an increased number of claims. The
increasing trends and the loss history in 2004 caused insurance expense based on actuarial
assumptions to increase in 2004. These trends leveled off throughout 2004 and 2005 causing
insurance reserves to be consistent; resulting in a significant decrease in insurance expense.
Lastly, loss accruals on construction projects decreased $1.8&nbsp;million from $2.5&nbsp;million in the
three months ended March&nbsp;31, 2004 to $700,000 in the three months ended March&nbsp;31, 2005. These
decreases were offset by increases in subcontractor and labor costs. In the first quarter of 2005,
we started reducing the use of subcontractors and


<P align="center" style="font-size: 10pt">27</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt">increasing the proportion of our employees on DirecTV. As a result we hired additional
personnel to perform services for DirecTV which required extensive upfront training costs to these
employees. As we transitioned to greater use of employees, subcontractors were still being used,
increasing overall cost of sales during the transition. In addition, there were more projects with
high material installations during the three months ended March&nbsp;31, 2005 causing materials expense
to be higher than in the three months ended March&nbsp;31, 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Depreciation. </I>Depreciation was $5.0&nbsp;million for the three months ended March&nbsp;31, 2005,
compared to $4.8&nbsp;million for the same period in 2004, representing an increase of approximately
$200,000 or 2.8%. In the three months ended March&nbsp;31, 2004, depreciation expense was reduced by
$1.3&nbsp;million related to the change in estimate in useful lives that occurred in November&nbsp;30, 2002.
There was no such reduction in the three months ended March&nbsp;31, 2005. However, this reduction in
2004 was offset in 2005 by continuing to reduce capital expenditures and disposing of excess
equipment during 2004 and the first quarter of 2005.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>General and administrative expenses</I>. General and administrative expenses were $16.5&nbsp;million
or 7.6% of revenue for the three months ended March&nbsp;31, 2005, compared to $20.5&nbsp;million or 10.5% of
revenue for the same period in 2004, representing a decrease of $4.0&nbsp;million or 19.8%.
Professional fees incurred in the first quarter 2004 were approximately $6.0&nbsp;million related to our
audit, fees to a third party in assisting us with Sarbanes-Oxley compliance and legal fees related
to our defense and settlement of various litigation matters. Professional fees in the three months
ended March&nbsp;31, 2005 were approximately $3.0&nbsp;million which mainly consisted of audit and legal
fees. In addition, the general and administrative portion of insurance expense decreased by $1.5&nbsp;million.
In the three months ended March&nbsp;31, 2004, there were an increased number of claims. The
increasing trends and the loss history in 2004 caused insurance expense to increase in 2004
based on actuarial assumptions. These trends leveled off throughout 2004 causing insurance
reserves to be consistent resulting in a decrease in the general and administrative component of
insurance expense in the three months ended March&nbsp;31, 2005. In addition, we no longer had
international operations in the three months ended March&nbsp;31, 2005 resulting in a decrease of
approximately $400,000.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Interest expense, net. </I>Interest expense, net of interest income, remained consistent at $4.9
million for both periods.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other (income)&nbsp;expense. </I>Other income was $2.0&nbsp;million for the three months ended March&nbsp;31,
2005, compared to other expense of $166,000 in the three months ended March&nbsp;31, 2004, representing
an increase of $2.2&nbsp;million. The increase mainly relates to sales of fixed assets in the first
quarter of 2005 resulting in $1.6&nbsp;million of gains on these sales. In the first quarter of 2004,
we had $400,000 of gains on sale of assets but those gains were offset by $500,000 of write-offs.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Discontinued operations. </I>In the first quarter 2004, we ceased performing contractual services
for customers in Brazil, abandoned all assets in our Brazil subsidiary and made a determination to
exit the Brazil market. During the three months ended March&nbsp;31, 2004, we wrote off approximately
$12.3&nbsp;million of goodwill and the net investment in the Brazil subsidiary of approximately $6.8
million which consisted of the accumulated foreign currency translation loss of $21.3&nbsp;million less
a deficit in assets of $14.5&nbsp;million. The net loss for the Brazil subsidiary for the three months
ended March&nbsp;31, 2004 was approximately $20.0&nbsp;million. There was no activity in the three months
ended March&nbsp;31, 2005 because the subsidiary was in the process of liquidation. In November&nbsp;2004,
our subsidiary applied for relief and was adjudicated bankrupt by a Brazilian bankruptcy court.
The subsidiary is currently being liquidated under court supervision. During the fourth quarter
2004, we committed to sell our Network Services division and exit this service market. This
division has been classified as a discontinued operation. The results of operations for the three
months ended March&nbsp;31, 2004 have been reclassified to loss from discontinued operations. The net
loss for the Network Services division was $445,000 and $1.8&nbsp;million for the three months ended
March&nbsp;31, 2005 and 2004, respectively. The loss decreased due to decreased activity in the
division pending sale.


<P align="left" style="font-size: 10pt"><B>Financial Condition, Liquidity and Capital Resources</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our primary sources of liquidity are cash flows from continuing operations, borrowings under
revolving lines of credit, and proceeds from sales of assets and investments. We expect to
continue selling vehicles and equipment as we see the need to upgrade with new equipment. We
expect to continue to obtain proceeds from these sales in excess of $1.0&nbsp;million per quarter
depending upon market conditions. Our primary liquidity needs are for working capital, capital
expenditures, letters of credit and debt service. In addition to ordinary course working capital
requirements, we will


<P align="center" style="font-size: 10pt">28</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt">continue to spend at least $10.0 to $15.0&nbsp;million per year on capital expenditures in order to
keep our equipment new and in good condition. We also expect our annual lease payments to increase
as we place greater reliance on operating leases to meet our equipment needs. We also have paid
$9.0&nbsp;million in 2005 to our insurance company for cash collateral on our insurance claims. We
expect to pay an additional $9.0&nbsp;million in 2005. Interest payments of approximately $7.6&nbsp;million
are due each February and August under our subordinated debt agreement. In 2004, we purchased a
49% interest in a limited liability company with an established marketing group. The initial
investment of $3.7&nbsp;million will be paid over four quarters which commenced in the third quarter of
2004 with additional contingent payments of up to $1.3&nbsp;million per quarter based upon the level of
unit sales and profitability of the limited liability company for the two years following the
period after the initial investment is fully funded.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We anticipate that funds generated from continuing operations, together with borrowings under
our credit facility, and proceeds from sales of assets and investments will be sufficient to meet
our working capital requirements, anticipated capital expenditures, insurance collateral requirements, equity investment obligations, letters of credit, and debt
service obligations for at least the next twelve months.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We need working capital to support seasonal variations in our business, primarily due to the
impact of weather conditions on external construction and maintenance work, and the corresponding
spending by our clients on their annual capital expenditure budgets. Our business is slower in the
first and fourth quarters of each calendar year and stronger in the second and third quarters. We
generally experience seasonal working capital needs from approximately April through September to
support growth in unbilled revenue and accounts receivable, and to a lesser extent, inventory. Our
billing terms are generally net 30 to 60&nbsp;days, although some contracts allow our clients to retain
a portion (from 2% to 15%) of the contract amount until the contract is completed to their
satisfaction. We maintain inventory to meet the material requirements of some of our contracts.
Some of our clients pay us in advance for a portion of the materials we purchase for their
projects, or allow us to pre-bill them for materials purchases up to a specified amount.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our vendors generally offer us terms ranging from 30 to 90&nbsp;days. Our agreements with
subcontractors usually contain a &#147;pay-when-paid&#148; provision, whereby our payments to subcontractors
are made after we are paid by our clients.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of March&nbsp;31, 2005, we had $124.6&nbsp;million in working capital compared to $134.5&nbsp;million as
of December&nbsp;31, 2004. The decrease in working capital was due to a decrease in accounts receivable
and inventories due to revenue decreasing from the fourth quarter 2004 to March&nbsp;31, 2005. Our
business is traditionally slower in the first quarter. Cash and cash equivalents increased from
$19.5&nbsp;million at December&nbsp;31, 2004 to $23.6&nbsp;million at March&nbsp;31, 2005. At March&nbsp;31, 2005, the cash
balance includes $7.3&nbsp;million in restricted cash related to collateral for our credit facility.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities from continuing operations was $2.3&nbsp;million for the
three months ended March&nbsp;31, 2005 compared to net cash used in operating activities from continuing
operations of $15.1&nbsp;million for the three months ended March&nbsp;31, 2004. The net cash provided by
operating activities from continuing operations in the three months ended March&nbsp;31, 2005 was
primarily related to timing of cash collections from customers and payments to vendors as well as
installations of inventory to projects offset by the net loss from continuing operations. The net
cash used in operating activities from continuing operations in the three months ended March&nbsp;31,
2004 was primarily related to the net loss from continuing operations, purchases of inventory and
timing of cash collections from customers and payments to vendors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by investing activities of continuing operations was $1.0&nbsp;million for the
three months ended March&nbsp;31, 2005 compared to $2,000 for the three months ended March&nbsp;31, 2004.
Net cash provided by investing activities from continuing operations in the three months ended
March&nbsp;31, 2005 primarily related to $3.9&nbsp;million in net proceeds from sales of assets offset by
capital expenditures in the amount of $1.9&nbsp;million and payments related to our equity investment in
the amount of $1.1&nbsp;million. Net cash provided by investing activities from continuing operations
in the three months ended March&nbsp;31, 2004 primarily related to $2.9&nbsp;million in net proceeds from
sales of assets offset by capital expenditures in the amount of $2.9&nbsp;million.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities from continuing operations was $500,000 for the
three months ended March&nbsp;31, 2005 compared to net cash used in financing activities from continuing
operations of $300,000 for the three months ended March&nbsp;31, 2004. Net cash provided by financing
activities from continuing operations in the three months ended March&nbsp;31, 2005 was primarily
related to issuance of common stock offset by repayments of borrowings and capital lease payments.
Net cash used in financing activities from continuing operations in the three months ended


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<P align="left" style="font-size: 10pt">March&nbsp;31, 2004 was due to repayment of our credit facility of $1.1&nbsp;million offset by proceeds
from issuance of common stock.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;10, 2005, we entered into an amended and restated loan and security agreement in
connection with the revolving credit facility which increased the maximum amount of the revolver to
$150&nbsp;million subject to a reserve of $5.0&nbsp;million and other adjustments and restrictions pursuant
to the terms and conditions of the amended and restated loan and security agreement. The term of
the facility was extended to 2010. The terms and conditions of the amended credit facility are
similar to the credit facility outstanding as of March&nbsp;31, 2005 described below. In addition to the increase in the maximum availability and extension of term, the key
differences include no monthly financial covenants if certain
conditions are met, a release of the restricted cash in the amount of
$7.3&nbsp;million and an increase
in borrowing availability based on higher advance rates on unbilled receivables and equipment. To
the extent that certain conditions are not met, we must maintain a fixed charge ratio in excess of
1.2 to 1.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon our projections for 2005, we believe we will be in compliance with the terms and
conditions of the amended credit facility. We are dependent upon borrowings and letters of credit
under this credit facility to fund operations. Should we be unable to comply with the terms and
covenants of the amended credit facility, we would be required to obtain further modifications of
the credit facility or another source of financing to continue to operate. We may not be able to
achieve our 2005 projections and thus may not be in compliance with the amended credit facility&#146;s
financial covenants in 2005.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The terms and conditions of the credit facility at March&nbsp;31, 2005 are described below:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of March&nbsp;31, 2005, the revolving credit facility for our North American operations provided
for borrowings up to an aggregate of $125.0&nbsp;million. The amount that we can borrow at any given
time is based upon a formula that takes into account, among other things, eligible billed and
unbilled accounts receivable, which can result in borrowing availability of less than the full
amount of the facility. As of March&nbsp;31, 2005 and December&nbsp;31, 2004, net availability under the
credit facility totaled $7.8&nbsp;million and $25.5&nbsp;million, net of outstanding standby letters of
credit aggregating $66.8&nbsp;million each period. At March&nbsp;31, 2005, $63.3&nbsp;million of the outstanding
letters of credit are issued to support our casualty insurance requirements or surety needs. These
letters of credit mature at various dates through December&nbsp;31, 2005, and except for Letters of
Credit totaling $10.0&nbsp;million, most have automatic renewal provisions subject to prior notice of
cancellation. We had no outstanding draws under the credit facility on March&nbsp;31, 2005 and 2004.
The revolving credit facility matures on January&nbsp;22, 2007. The
revolving credit facility at March&nbsp;31, 2005 is
collateralized by a first priority security interest in substantially all of our North American
assets including $7.3&nbsp;million in restricted cash which is included in cash and cash equivalents at
March&nbsp;31, 2005 and a pledge of the stock of certain of our operating subsidiaries. All wholly
owned subsidiaries collateralize the facility. Interest under the facility accrues at rates based,
at our option, on the agent bank&#146;s base rate plus a margin of between 0.75% and 1.75% or its LIBOR
rate (as defined in the credit facility) plus a margin of between 2.25% and 3.25%, each margin
depending on certain financial thresholds. The facility includes an unused facility fee of 0.50%,
which may be adjusted to as low as 0.375% or as high as 0.625% depending on the amount of the total
commitment which is unused.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The revolving credit facility outstanding at March&nbsp;31, 2005 contains customary events of
default (including cross-default) provisions and covenants related to our North American operations
that prohibit, among other things, making investments and acquisitions in excess of a specified
amount, incurring additional indebtedness in excess of a specified amount, paying cash dividends,
making other distributions in excess of a specified amount, making capital expenditures in excess
of a specified amount, creating liens against our assets, prepaying other indebtedness including
our 7.75% senior subordinated notes, and engaging in certain mergers or combinations without the
prior written consent of the lenders. In addition, any deterioration in the quality of billed and
unbilled receivables would reduce availability under our revolving credit facility.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are required to be in compliance with certain financial covenants measured on a monthly
basis. The credit facility was amended on March&nbsp;17, 2005 modifying certain financial covenants and
we were in compliance with our amended credit facility&#146;s financial covenants at March&nbsp;31, 2005.
Under the amended agreement, our North American operations must maintain minimum tangible net worth
requirements as well as minimum fixed charge coverage ratio, computed on a monthly basis, beginning
in May&nbsp;2004. The fixed charge coverage ratio is generally defined to mean the ratio of our net
income before interest expense, income tax expense, depreciation expense, and amortization expense
plus $1.1&nbsp;million to consolidated interest expense and current maturities of debt for the period of
determination. For the purposes of determining the current maturities of long-term debt during the
period from April&nbsp;2004 through March&nbsp;2005


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<P align="left" style="font-size: 10pt">used in determining the fixed charge coverage ratio the amount of current maturities of long
term debt as of any month during this period is multiplied by a fraction, the numerator of which is
the number of cumulative months since April&nbsp;2004, and the denominator of which is 12.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of March&nbsp;31, 2005, we have outstanding $195.9&nbsp;million in principal amount of its 7.75%
senior subordinated notes due in February&nbsp;2008, with interest due semi-annually. The notes also
contain default (including cross-default) provisions and covenants restricting many of the same
transactions as under our credit facility. The indenture which governs our 7.75% senior
subordinated notes allows us to incur the following additional indebtedness: the credit facility
(up to $150&nbsp;million), renewals to existing debt permitted under the indenture plus an additional
$25&nbsp;million of indebtedness. The indenture prohibits incurring further indebtedness unless our
fixed charge coverage ratio is at least 2:1 for the four most recently ended fiscal quarters
determined on a proforma basis as if that additional debt has been incurred at the beginning of the
period. The definition of our fixed charge coverage ratio under the indenture is essentially
equivalent to that under our credit agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The audit of our 2004 financial statements disclosed a material weakness in our internal
controls over inventory. See &#147;Item&nbsp;4. Controls and Procedures&#148; for remediation procedures we performed during the first quarter 2005 related to the material weakness.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some of our contracts require us to provide performance and payment bonds, which we obtain
from a surety company. If we were unable to meet our contractual obligations to a client and the
surety company paid our client the amount due under the bond, the surety company would seek
reimbursement of such payment from us. At March&nbsp;31, 2005, performance and payment bonds
outstanding on our behalf totaled $125.1&nbsp;million.


<P align="left" style="font-size: 10pt"><B>New Accounting Pronouncements</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See Note 12 to our condensed unaudited consolidated financial statements in Part&nbsp;1 Item&nbsp;1 to
this Form 10-Q for certain new accounting pronouncements.


<P align="left" style="font-size: 10pt"><B>Seasonality</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our North American operations are historically seasonally slower in the first and fourth
quarters of the year. This seasonality is primarily the result of client budgetary constraints and
preferences and the effect of winter weather on network activities. Some of our clients,
particularly the incumbent local exchange carriers, tend to complete budgeted capital expenditures
before the end of the year and defer additional expenditures until the following budget year.


<P align="left" style="font-size: 10pt"><B>Impact of Inflation</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The primary inflationary factor affecting our operations is increased labor costs. We are
also affected by increases in fuel costs which increased significantly in 2004 and first quarter
2005 and are expected to continue to increase in 2005.


<P align="left" style="font-size: 10pt"><B>Risk Factors</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the course of operations, we are subject to certain risk factors, including but not limited
to, risks related to rapid technological and structural changes in the industries it serves, the
volume of work received from clients, contract cancellations on short notice, operating strategies,
economic downturn, collectibility of receivables, significant fluctuations in quarterly results,
effect of continued efforts to streamline operations, management of growth, dependence on key
personnel, availability of qualified employees, competition, recoverability of goodwill, and
potential exposures to environmental liabilities and political and economic instability in foreign
operations. For information about additional risks, see the Company&#146;s Annual Report on Form 10-K
for the year ended December&nbsp;31, 2004.

<DIV align="left">
<A name="108"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are exposed to market risk related to changes in interest rates and fluctuations in foreign
currency exchange rates. Our variable rate credit facility exposes us to interest rate risk.
However, we had no borrowings under the credit facility at March&nbsp;31, 2005.


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<P align="left" style="font-size: 10pt"><B>Interest Rate Risk</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less than 5% of our outstanding debt at March&nbsp;31, 2005 was subject to variable interest rates.
The remainder of our debt has fixed interest rates. Our fixed interest rate debt includes $196.0
million (face value) in senior subordinated notes. The carrying value and market value of our debt
at March&nbsp;31, 2005 was $196.1&nbsp;million and $190.3&nbsp;million, respectively. Based upon debt balances
outstanding at March&nbsp;31, 2005, a 100 basis point (i.e. 1%) addition to our weighted average
effective interest rate for variable rate debt would increase our interest expense by less than
$200,000 on an annual basis.


<P align="left" style="font-size: 10pt"><B>Foreign Currency Risk</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have an investment in a subsidiary in Canada and sell our services into this foreign
market.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our foreign net asset/exposure (defined as assets denominated in foreign currency less
liabilities denominated in foreign currency) for Canada at March&nbsp;31, 2005 of U.S. dollar
equivalents was $2.2&nbsp;million as of March&nbsp;31, 2005 and $2.7&nbsp;million at December&nbsp;31, 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Canada subsidiary sells services and pays for products and services in Canadian dollars.
A decrease in the Canadian foreign currency relative to the U.S. dollar could adversely impact our
margins. An assumed 10% depreciation of the foreign currency relative to the U.S. dollar over the
three months ended March&nbsp;31, 2005 (i.e., in addition to actual exchange experience) would have
resulted in a translation reduction of our revenue by $190,222 for the first quarter 2005.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As the assets, liabilities and transactions of our Canada subsidiary are denominated in
Canadian dollars, the results and financial condition are subject to translation adjustments upon
their conversion into U.S. dollars for our financial reporting purposes. A 10% decline in this
foreign currency relative to the U.S. dollar over the course of the three months ended March&nbsp;31,
2005 (i.e., in addition to actual exchange experience) would have not changed materially our
foreign subsidiaries&#146; translated operating loss.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See our Annual Report on Form 10-K in Note 1 of Notes to Consolidated Financial Statements for
further disclosures about market risk.

<DIV align="left">
<A name="109"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>ITEM 4. CONTROLS AND PROCEDURES</B>



<P align="left" style="font-size: 10pt"><B>Disclosure Controls and Procedures</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the end of the period covered by our 2004 Form 10-K, we carried out an evaluation, under
the supervision and with the participation of our management, including our Chief Executive Officer
and our Chief Financial Officer, of the effectiveness of the design and operation of our disclosure
controls and procedures (as defined in Rule&nbsp;13a-15(e) under the Securities Exchange Act of 1934, as
amended). Based upon that evaluation, we had concluded that as of December&nbsp;31, 2004, our
disclosure controls and procedures were ineffective to ensure that information required to be
disclosed in reports that we file or submit under the Exchange Act were recorded, processed,
summarized and reported within the time periods specified in the rules and forms of the Securities
and Exchange Commission. As of the end of the period covered by this Form 10-Q, we carried out
another evaluation of inventory. Due to the extent of manual procedures performed and the
improvements that still need to be made, we have concluded that as of March&nbsp;31, 2005, our
disclosure controls and procedures are still ineffective.


<P align="left" style="font-size: 10pt"><B>Internal Control over Financial Reporting</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 2004, we carried out an evaluation, under the supervision and with the
participation of our management, including our Chief Executive Officer and our Chief Financial
Officer, of the effectiveness of the design and operation of our internal controls and
procedures. In making this assessment, management used the criteria set forth by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO)&nbsp;in Internal Control-Integrated
Framework. The results of management&#146;s assessment and review were reported to the Audit Committee
of the Board of Directors.


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<P align="left" style="font-size: 10pt">Based on management&#146;s assessment using the criteria set out above, management believes that we did not
maintain an effective internal control over financial reporting as of December&nbsp;31, 2004, as a result of the following material weakness:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the course of management&#146;s investigation, management noted one matter involving internal
control and its operation that management considered a material weakness under standards
established by the Public Company Accounting Oversight Board. Reportable conditions involve
matters relating to significant deficiencies in the design or operation of internal control that
could adversely affect our ability to record, process, summarize, and report financial data
consistent with the assertions of management in the consolidated financial statements. A material
weakness is a reportable condition in which the design or operation of one or more of the internal
control components does not reduce to a relatively low level the risk that misstatements caused by
errors or fraud in amounts that would be material in relation to the consolidated financial
statements being audited may occur and not be detected within a timely period by employees in the
normal course of performing their assigned functions.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management&#146;s consideration of internal control would not necessarily disclose all matters in
internal control that might be reportable conditions and, accordingly, would not necessarily
disclose all reportable conditions that are also considered to be material weaknesses as defined
above. However, management did identify weaknesses in internal controls involving inventory
practices and policies in our ITS division, with respect to inventory pricing on receipt and the
related costs of sales, and inventory tracking prior to sale or use. Management believes this
constitutes a material weakness in internal control over the financial reporting process.


<P align="left" style="font-size: 10pt"><B>Remediation Steps to Address Material Weaknesses and Other Deficiencies in Internal Control over
Financial Reporting</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since December&nbsp;31, 2004, we have significantly expanded our procedures to include additional
analysis and other post-closing procedures to improve the system of internal controls related to
inventory processing at our ITS division. We are also in the process of implementing the inventory
module into our Oracle System. Once this system can be relied upon and tested, management will no
longer need to perform manual procedures. An effective internal control framework requires the
commitment of management to require competence, diligence, and integrity on the part of its
employees. Control activities include policies and procedures adopted by management to ensure the
execution of management directives, and to help advance the successful achievement of our
objectives.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to remediate the material weakness in internal control over financial reporting and
ensure the integrity of our financial reporting processes in the first quarter of 2005, we
performed the following procedures on ITS inventory:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>performed physical inventory at all locations at March&nbsp;31, 2005;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>independent internal observers were used to test count at each location once the
initial inventory was completed;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>reviewed pricing of all inventory items;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>independent internal verification of inventory price testing by inventory item to
ensure no pricing errors existed in the inventory list;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>analytically compared by location inventory from December&nbsp;31, 2004 to March&nbsp;31, 2005
to ensure all activity by location was reasonable based on activity on specific jobs at
that location;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>performed extensive cutoff testing to ensure accruals and inventory were proper and
accurate at March&nbsp;31, 2005; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>hired additional accounting staff who specialize in cost accounting and developing
improved internal controls.</TD>
</TR>

</TABLE>


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, in an effort to improve internal control over financial reporting, we continue to
emphasize the importance of establishing the appropriate environment in relation to accounting,
financial reporting and internal control over financial reporting and the importance of identifying
areas of improvement and to create and implement new policies and procedures where material
weaknesses or significant deficiencies exist. In addition, we sample tested many controls in the
three months ended March&nbsp;31, 2005 throughout the control environment and found no significant
deficiencies or material weaknesses in our testing, except for the items identified at December&nbsp;31,
2004. Furthermore, in an effort to improve internal control over financial reporting, we have
hired individuals with additional accounting expertise in management positions in certain
divisions.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Changes
in Internal Control over Financial Reporting &#150; </B>There were no changes in our internal
control over financial reporting identified in connection with the evaluation required by paragraph
(d)&nbsp;of Exchange Act Rules&nbsp;13a-15 or 15d-15 that occurred during our last fiscal quarter that have
materially affected, or are reasonably likely to materially affect, our internal control over
financial reporting.


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<A name="110"></A>
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<P align="left" style="font-size: 10pt"><B>PART II. OTHER INFORMATION</B>


<DIV align="left">
<A name="111"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>ITEM 1. LEGAL PROCEEDINGS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the second quarter of 2004, purported class action complaints were filed against us and
certain of our officers in the United States District Court for the Southern District of Florida
and one was filed in the United States District Court for the Southern District of New York. These
cases have been consolidated by court order in the Southern District of Florida. The complaints
allege certain violations of Sections<BR>
10(b) and 20(a) of the Securities Exchange Act of 1934, as
amended, related to current and prior period earnings reports. On January&nbsp;25, 2005, a motion for
leave to file a Second Amended Complaint was filed by Plaintiffs which the Court granted.
Plaintiffs filed their Second Amended Complaint on February&nbsp;22, 2005. Plaintiffs&#146; contend that our
financial statements during the purported class period of August&nbsp;12, 2003 to May&nbsp;11, 2004 were
materially misleading in the following areas: 1) the financials for the third quarter of 2003 were
allegedly overstated by $5.8&nbsp;million in revenue from unapproved change orders from a variety of our
projects; and 2) the financials for the second quarter of 2003 were overstated by some $1.3&nbsp;million
as a result of the intentional overstatement of revenue, inventories and work in progress at our
Canadian subsidiary. Plaintiffs seek damages, not quantified, for the difference between the
stock price Plaintiffs paid and the stock price Plaintiffs believe they should have paid, plus
interest and attorney fees. We believe the claims are without merit. We will vigorously defend
these lawsuits but may be unable to successfully resolve these disputes without incurring
significant expenses. Due to the early stage of these proceedings, any potential loss cannot
presently be determined with respect to this litigation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July&nbsp;28, 2004, our Board of Directors received a demand from a shareholder that the Board
take appropriate steps to remedy breaches of fiduciary duty, mismanagement and corporate waste, all
arising from the same factual predicate set out in the shareholder class actions described above.
On November&nbsp;18, 2004, the Board of Directors authorized its Executive Committee to establish
appropriate procedures and form a special litigation committee, as contemplated by Florida law, to
investigate these allegations and to determine whether it is in our best interest to pursue an
action or actions based on said allegations. On December&nbsp;22, 2004, a derivative action was filed
by the shareholder. On January&nbsp;10, 2005, the Executive Committee formed a special litigation
committee to investigate this matter. By agreement of counsel, the derivative action has been
stayed during the pendency of any motion dismiss in the securities class action.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We contracted to construct a natural gas pipeline for Coos County, Oregon in 2003.
Construction work on the pipeline ceased in December&nbsp;2003 after the County refused payment due on
regular contract invoices of $6.3&nbsp;million and refused to process change orders for additional work
submitted to the County on or after November&nbsp;29, 2003. In February&nbsp;2004, we brought an action for
breach of contract against Coos County in Federal District Court in Oregon, seeking payment for
work done, interest and anticipated profits. In April&nbsp;2004, Coos County announced it was
terminating the contract and seeking another company to complete the project. Coos County
subsequently counterclaimed for breach of contract and other causes in the Federal District Court
action. The amount of revenue recognized on the Coos County project that remained uncollected at
March&nbsp;31, 2005 amounted to $6.3&nbsp;million representing amounts due to us on normal progress payment
invoices submitted under the contract. In addition to these uncollected receivables, we also have
additional claims for payment and interest in excess of $6.0&nbsp;million, including all of our change
order billings and retainage, which we have not recognized as revenue but to which we believe is
due to us under the terms of the contract. In addition, we were made party to a number of citizen
initiated actions arising from the Coos County project. A complaint alleging failure to comply
with prevailing wage requirements was issued by the Oregon Bureau of Labor and Industry. A number
of individual property owners brought claims in Oregon state courts against us for property damages
and related claims; a number of citizens&#146; groups brought an action in federal court for alleged
violations of the Clean Water Act. All but one of the individual property claims has been settled;
one is set for trial in 2005. We will vigorously defend these actions, but may incur significant
expense in connection with that defense.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Coos County pipeline project, the United States Army Corps of Engineers
and the Oregon Division of State Land, Department of Environmental Quality issued cease and desist
orders and notices of non-compliance to Coos County and to us with respect to the County&#146;s project.
A cease and desist order was issued by the Corps on October&nbsp;31, 2003 and addressed sedimentary
disturbances and the discharge of bentonite, an inert clay mud


<P align="center" style="font-size: 10pt">35</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt">employed for this kind of drilling, resulting from directional boring under stream beds along
a portion of the natural gas pipeline route then under construction. The County and MasTec
received a subsequent cease and desist order from the Corps on December&nbsp;22, 2003. The order
addressed additional sedimentary discharges caused by clean up efforts along the pipeline route.
MasTec and the County were in substantial disagreement with the United States Army Corps of
Engineers and the Oregon Division of State Land as to whether the subject discharges were permitted
pursuant to Nationwide Permit No.&nbsp;12 (utility line activities) or were otherwise prohibited
pursuant to the Clean Water Act. However, we have been cooperating with Corps of Engineers and the
Oregon Division of State Land, Department of Environmental Quality to mitigate any adverse impact
as a result of construction. Corps of Engineer and Oregon Division of State Land notices or
complaints focused for the largest part on runoff from the construction site and from nearby
construction spoil piles which may have increased sediment and turbidity in adjacent waterways and
roadside ditches. Runoff was the result of extremely wet and snowy weather, which produced
exceptionally high volumes of runoff water. MasTec employed two erosion control consulting firms
to assist. As weather permitted and sites became available, MasTec moved spoil piles to disposal
sites. Silt fences, sediment entrapping blankets and sediment barriers were employed in the
meantime to prevent sediment runoff. Ultimately, when spring weather permitted, open areas were
filled, rolled and seeded to eliminate the runoff. To date, mitigation efforts have cost us
approximately $1.4&nbsp;million. These costs were included in the costs on the project at March&nbsp;31,
2005 and December&nbsp;31, 2004. No further mitigation expenses are anticipated. The only additional
anticipated liability arises from possible fines or penalties assessed, or to be assessed by the
Corps of Engineers and/or Oregon Division of State Land. The County accepted a fine of $75,000 to
settle this matter with the Corp of Engineers; the County has not concluded with the Oregon
Department of Environmental Quality. No fines or penalties have been assessed against the Company
by the Corp of Engineers to date. On August&nbsp;9, 2004, the Oregon Division of State Land Department
of Environmental Quality issued a Notice of Violation and Assessment of Civil Penalty to MasTec
North America in the amount of $126,000. MasTec North America has denied liability for the civil
penalty and requested a formal contested case hearing on the same.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The potential loss for all Coos Bay matters and settlements reached described above is
estimated to be $175,000 at March&nbsp;31, 2005, which has been recorded on the accompanying
consolidated balance sheet as other current liabilities.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In November&nbsp;2004, we entered into, and bonded a conditional $2.6&nbsp;million settlement of
litigation brought for subcontract work done by Hugh O&#146;Kane Electric for us on a telecommunication
project for Telergy in New York. Telergy is in bankruptcy and did not pay us for the Hugh O&#146;Kane
work. The settlement was conditioned on the outcome of an interlocutory appeal brought by us. The
appeal sought to enforce contract terms which relieved us of our obligation to pay Hugh O&#146;Kane when
we were not paid by Telergy. New York&#146;s appellate level court upheld the enforceability of the
term of our contract, but remanded the case to the trial court to determine whether we were
estopped from using this contract provision as a defense. We expect to recover the bond posted in
connection with the appeal, and will continue to contest this matter in the trial court. The
amount of the loss, if any, relating to this matter cannot be determined at this time.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are also a party to other pending legal proceedings arising in the normal course of
business. While complete assurance cannot be given as to the outcome of any legal claims,
management believes that any financial impact would not be material to our results of operations,
financial position or cash flows.

<DIV align="left">
<A name="112"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>ITEM 6. EXHIBITS</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="7%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Exhibit&nbsp;No.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Description</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.32*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Employment Agreement dated February&nbsp;1, 2004 between Michael G. Nearing and MasTec, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">21.1*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subsidiaries of MasTec</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">31.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification of Chief Executive Officer, pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act of 2002.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">31.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification of Chief Financial Officer, pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act of 2002.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">32.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification of Chief Executive Officer, pursuant to 18 U.S.C. Section&nbsp;1350, as Adopted
pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002.</TD>
</TR>
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</DIV>


<P align="center" style="font-size: 10pt">36</DIV>

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<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="7%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">32.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification of Chief Financial Officer, pursuant to 18 U.S.C. Section&nbsp;1350, as Adopted
pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002.</TD>
</TR>
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</DIV>



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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="left">*</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Exhibits filed with this Form 10-Q.</TD>
</TR>

</TABLE>



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<DIV align="left">
<A name="113"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>SIGNATURE</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>MASTEC, INC.</B><BR>
<BR>
<BR>
Date: May&nbsp;10, 2005<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left"><I>/s/ Austin J. Shanfelter</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Austin J. Shanfelter&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">President and Chief Executive
Officer<BR>
(Principal Executive Officer)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">                                                 <I>/s/ C. Robert Campbell</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">C. Robert Campbell&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Chief Financial Officer<BR>
(Principal Financial and Accounting Officer)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">38</DIV>

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<TYPE>EX-10.32
<SEQUENCE>2
<FILENAME>g95171exv10w32.htm
<DESCRIPTION>EMPLOYMENT AGREEMENT/MICHAEL NEARING
<TEXT>
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<P align="right" style="font-size: 10pt"><B>Exhibit&nbsp;10.32</B>



<P align="left" style="font-size: 10pt"><IMG src="g95171g9517191.gif" alt="(MASTEC LOGO)">



<P align="center" style="font-size: 10pt"><B>EMPLOYMENT AGREEMENT</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS EMPLOYMENT AGREEMENT (the &#147;<U>Agreement</U>&#148;) is entered into as of February&nbsp;1, 2004
(the &#147;<U>Hire Date</U>&#148;), by and between <B>MASTEC, INC.</B>, a Florida corporation (the
&#147;<U>Company</U>&#148;), and <B>MICHAEL G. NEARING </B>(&#147;<U>Employee</U>&#148;).


<P align="center" style="font-size: 10pt"><B>Recitals</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The Company desires to employ Employee and Employee desires to be employed by the Company on
the terms and subject to the conditions set forth in this Agreement.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>ACCORDINGLY, in consideration of the mutual covenants and agreements set forth in this
Agreement, and for other good and valuable consideration, the receipt and adequacy of which are
acknowledged, the Company and Employee agree as follows:</B>


<P align="left" style="font-size: 10pt"><B>Terms</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<U><B>Employment</B></U><B>. </B>The Company employs Employee and Employee accepts such employment and
agrees to perform the services specified in this Agreement, upon the terms and subject to the
conditions set forth in this Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<U><B>Term</B></U><B>.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><B>General</B></U><B>. </B>The term of Employee&#146;s employment under this Agreement will be from
the Hire Date to through January&nbsp;31, 2006, unless earlier terminated in accordance with this
Agreement (the &#147;<U>Term</U>&#148;).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;<U><B>Duties</B></U><B>.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <U><B>Position</B></U><B>. </B>During the Term, Employer will serve as Executive Vice President and
General Counsel of the Company. Subject to the direction of the Chief Executive Officer (CEO),
Employee will perform all duties commensurate with his position and as may otherwise be assigned to
him by the CEO or the Board of Directors of the Company. If requested by the Company, Employee
will serve as an officer or director of any subsidiary of the Company, without additional
compensation; provided however, that if Employee is asked to serve as a director of any subsidiary
of the Company, Employee may resign or refuse to accept such appointment without causing a breach
of this Agreement by Employee. If asked to serve as an officer or director of a subsidiary of the
Company, Employee will be provided those officer and director indemnifications provided to other
officers and directors of the Company and any such subsidiary.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <U><B>Full Time and Attention</B></U>. During the Term, Employee will devote his full business
time and energies to the business and affairs of the Company and will use his best efforts, skills
and abilities solely to promote the interests of the Company and to diligently and competently
perform his duties, all in a manner in compliance with all applicable laws and regulations and in
accordance with applicable policies and procedures adopted or amended from time to time by the
Company, including, without limitation, the <I>2000 Personal Responsibility Code</I>, a copy of which
Employee acknowledges having received. Employee&#146;s primary place of employment shall be at the
Company&#146;s primary place of business in Miami-Dade County, Florida; however, Employee agrees and
acknowledges that a material part of the time devoted to his duties and position hereunder will
require that Employee travel on behalf of the Company.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;<U><B>Compensation and Benefits</B></U><B>.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <U><B>Base Salary</B></U>



<P align="center" style="font-size: 10pt">1</DIV>

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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;During the Term, Employee will be paid, as compensation for services rendered pursuant to
this Agreement and Employee&#146;s observance and performance of all of the provisions of this
Agreement, the amount of Three Hundred Thousand and No/100 Dollars ($300,000.00) per annum (the
&#147;<U>Base Salary</U>&#148;). The Base Salary will be payable in accordance with the normal payroll
procedures of the Company as in effect from time to time.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;Base Salary for each year of the Term shall be adjusted to reflect any increase in the
cost of living. The Company and the Employee agree to adopt as a standard for measuring the cost
of living the Consumer Price Index for all Urban Consumers (1982-84=100) issued by the Bureau of
Labor Statistics of the United States Department of Labor (&#147;CPI&#148;). The CPI index figure for the
first month of the Term shall be defined as the &#147;Basic Standard.&#148; The CPI index figure for the
last month of each year (i.e., June) of the Term shall be defined as the &#147; New Index Figure.&#148; Base
Salary for each year of the Term (the &#147;<U>New Base Salary</U>&#148;) shall be determined by multiplying
the Base Salary for the immediately preceding Year of the Term by a fraction, the numerator of
which shall be the New Index Figure and the denominator of which shall be the Basic Standard. The
New Base Salary for each year of the Term shall be effective on July&nbsp;15 of the applicable year of
the Agreement.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="90%">
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<TR valign="bottom">
    <TD width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
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<TR valign="bottom">
    <TD nowrap valign="top"><DIV style="margin-left:0px; text-indent:-0px">Base Salary
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">x
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">New Index Figure
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">=
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New Base Salary</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Basic Standard</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
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</DIV>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <U><B>Benefits</B></U><B>. </B>During the Term, Employee will be entitled to participate in or benefit
from, in accordance with the eligibility and other provisions thereof, such life, health, medical,
accident, dental and disability insurance and such other benefit plans as the Company may make
generally available to, or have in effect for, other employees of the Company at the same general
level as Employee. The Company retains the right to terminate or amend any such plans from time to
time in its sole discretion.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <U><B>Performance Bonus.</B></U> Employee shall be entitled to participate in the Company&#146;s
bonus plan for senior management (the &#147;<U>SMBP</U>&#148;).



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <U><B>Expenses</B></U><B>. </B>The Company will reimburse Employee, in accordance with the Company&#146;s
expense reimbursement policies as may be established from time to time by the Company, for all
reasonable travel and other expenses actually incurred or paid by him during the Term in the
performance of his services under this Agreement, upon presentation of expense statements or
vouchers or such other supporting information as the Company may require.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <U><B>Withholding</B></U><B>. </B>All payments under this Agreement will be subject to applicable taxes
and required withholdings.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;<U><B>Representations of Employee</B></U><B>. </B>Employee represents and warrants that he is not, (i)
a party to any enforceable employment agreement or other arrangement, whether written or oral, with
any past employer, that would prevent or restrict Employee&#146;s employment with the Company; (ii)&nbsp;a
party to or bound by any agreement, obligation or commitment, or subject to any restriction,
including, but not limited to, confidentiality agreements, restrictive covenants or non-compete and
non-solicitation covenants, except for agreements with the Company or its affiliates; or (iii)
involved with any professional endeavors which in the future may possibly adversely affect or
interfere with the business of the Company, the full performance by Employee of his duties under
this Agreement or the exercise of his best efforts hereunder.


<P align="left" style="font-size: 10pt">6. <U><B>Confidentiality</B></U><B>.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <U><B>Confidentiality of this Agreement</B></U><B>. </B>Employee acknowledges that the provisions of
this Agreement are highly confidential and that disclosure of this Agreement or its terms would be
extremely prejudicial to the Company. Accordingly, neither the Company nor Employee will disclose
the terms of this Agreement to any other person or entity (other than immediate family and
financial and legal advisors with a need-to-know and who agree to the confidentiality provisions of
this Agreement) without the prior written consent of the other party, except that (i)&nbsp;the Company
may disclose this Agreement or its terms if in the reasonable opinion of counsel for the Company
such disclosure is required by applicable law or regulation; and, (ii)&nbsp;Employee may disclose this
Agreement in court filings or pleadings by Employee to enforce its terms and conditions or as
otherwise may be necessary to comply with the



<P align="center" style="font-size: 10pt">2</DIV>

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<P align="left" style="font-size: 10pt">requirements of law, after providing the Company with not less than five (5)&nbsp;days prior
written notice of Employee&#146;s intent to disclose.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <U><B>Confidential Information</B></U><B>. </B>Employee acknowledges that as a result of his employment
with the Company, Employee will gain knowledge of, and access to, proprietary and confidential
information and trade secrets of the Company and its subsidiaries and affiliates, including,
without limitation, (1)&nbsp;the identity of customers, suppliers, subcontractors and others with whom
they do business; (2)&nbsp;their marketing methods and strategies; (3)&nbsp;contract terms, pricing, margin,
cost information and other information regarding the relationship between them and the persons and
entities with which they have contracted; (4)&nbsp;their services, products, software, technology,
developments, improvements and methods of operation; (5)&nbsp;their results of operations, financial
condition, projected financial performance, sales and profit performance and financial
requirements; (6)&nbsp;the identity of and compensation paid to their employees, including Employee; (7)
their business plans, models or strategies and the information contained therein; (8)&nbsp;their
sources, leads or methods of obtaining new business; and (9)&nbsp;all other confidential information of,
about or concerning the business of the Company and its subsidiaries and affiliates (collectively,
the &#147;<U>Confidential Information</U>&#148;). Employee further acknowledges that such information, even
though it may be contributed, developed or acquired by Employee, and whether or not the foregoing
information is actually novel or unique or is actually known by others, constitutes valuable assets
of the Company developed at great expense which are the exclusive property of the Company or its
subsidiaries and affiliates. Accordingly, Employee will not, at any time, either during or
subsequent to the Term, in any fashion, form or manner, directly or indirectly, (i)&nbsp;use, divulge,
disclose, communicate, provide or permit access to any person or entity, any Confidential
Information of any kind, nature or description, or (ii)&nbsp;remove from the Company&#146;s or its
subsidiaries&#146; or affiliates&#146; premises any notes or records relating thereto, or copies or
facsimiles thereof (whether made by electronic, electrical, magnetic, optical, laser acoustic or
other means) except in the case of both (i)&nbsp;and (ii), (A)&nbsp;as reasonably required in the performance
of his services to the Company under this Agreement, (B)&nbsp;to responsible officers and employees of
the Company who are in a contractual or fiduciary relationship with the Company and who have a need
for such information for purposes in the best interests of the Company, (C)&nbsp;for such information
which is or becomes generally available to the public other than as a result of an unauthorized
disclosure by Employee, and (D)&nbsp;or as otherwise necessary to comply with the requirements of law,
after providing the Company with not less than five (5)&nbsp;days prior written notice of Employee&#146;s
intent to disclose. Employee acknowledges that the Company would not enter into this Agreement
without the assurance that all Confidential Information will be used for the exclusive benefit of
the Company.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <U><B>Return of Confidential Information</B></U><B>. </B>Upon request by the Company, Employee will
promptly deliver to the Company all drawings, manuals, letters, notes, notebooks, reports and
copies thereof, including all originals and copies contained in computer hard drives or other
electronic or machine readable format, all Confidential Information and other materials relating to
the Company&#146;s business, including, without limitation, any materials incorporating Confidential
Information, which are in Employee&#146;s possession or control.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;<U><B>Intellectual Property</B></U><B>. </B>Any and all material eligible for copyright or trademark
protection and any and all ideas and inventions (&#147;<U>Intellectual Property</U>&#148;), whether or not
patentable, in any such case solely or jointly made, developed, conceived or reduced to practice by
Employee (whether at the request or suggestion of any officer or employee of the Company or
otherwise, whether alone or in conjunction with others, and whether during regular hours of work or
otherwise) during the Term which arise from the fulfillment of Employee&#146;s duties hereunder and
which may be directly or indirectly useful in the business of the Company will be promptly and
fully disclosed in writing to the Company. The Company will have the entire right, title and
interest (both domestic and foreign) in and to such Intellectual Property, which is the sole
property of the Company. All papers, drawings, models, data and other materials relating to any
such idea, material or invention will be included in the definition of Confidential Information,
will remain the sole property of the Company, and Employee will return to the Company all such
papers, and all copies thereof, including all originals and copies contained in computer hard
drives or other electronic or machine readable format, upon the earlier of the Company&#146;s request
therefor, or the expiration or termination of Employee&#146;s employment hereunder. Employee will
execute, acknowledge and deliver to the Company any and all further assignments, contracts or other
instruments the Company deems necessary or expedient, without further compensation, to carry out
and effectuate the intents and purposes of this Agreement and to vest in the Company each and all
of the rights of the Company in the Intellectual Property.


<P align="center" style="font-size: 10pt">3</DIV>

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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;<U><B>Covenants</B></U><B>.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <U><B>Non-Competition and Non-Solicitation</B></U><B>. </B>Employee acknowledges and agrees that the
Company&#146;s and its subsidiary and affiliated companies&#146; (collectively, the &#147;<U>Companies</U>&#148;)
telecommunications infrastructure services businesses (the &#147;<U>Business</U>&#148;) are conducted
throughout the United States of America and the Commonwealth of Canada. Until one (1)&nbsp;year
following the date of the termination of Employee&#146;s employment with the Company (the &#147;<U>Period of
Non-Competition</U>&#148;) and within the United States of America and the Commonwealth of Canada
(including their possessions, protectorates and territories, the &#147;Territory&#148;), Employee will not
(whether or not then employed by the Company for any reason), without the Company&#146;s prior written
consent:



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;directly or indirectly own, manage, operate, control, be employed by, act as agent,
consultant or advisor for, or participate in the ownership, management, operation or control of, or
be connected in any manner through the investment of capital, lending of money or property,
rendering of services or otherwise, with, any business of the type and character engaged in and
competitive with the Company in the Business. For these purposes, ownership of securities of one
percent (1%) or less of any class of securities of a public company will not be considered to be
competition with the Business;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;solicit, persuade or attempt to solicit or persuade or cause or authorize directly or
indirectly to be solicited or persuaded any existing customer or client, or potential customer or
client to which the Companies have made a presentation or with which the Companies have been having
discussions, to cease doing business with or decrease the amount of business done with or not to
hire the Companies, or to commence doing Business with or increase the amount of Business done with
or hire another company;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;solicit, persuade or attempt to solicit or persuade or cause or authorize directly or
indirectly to be solicited or persuaded the business of any person or entity that is a customer or
client of the Companies, or was their customer or client within two (2)&nbsp;years prior to cessation of
Employee&#146;s employment by any of the Companies or any of their subsidiaries, for the purpose of
competing with the Company in the Business; or


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;solicit, persuade or attempt to solicit or persuade, or cause or authorize directly or
indirectly to be solicited or persuaded for employment, or employ or cause or authorize directly or
indirectly to be employed, on behalf of Employee or any other person or entity, any individual who
is or was at any time within six (6)&nbsp;months prior to cessation of Employee&#146;s employment by the
Companies, an employee of any of the Companies.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Employee breaches or violates any of the provisions of this <U>Section&nbsp;8</U>, the running
of the Period of Non-Competition (but not of any of Employee&#146;s obligations under this <U>Section
8</U>) will be tolled with respect to Employee during the continuance of any actual breach or
violation. In addition to any other rights or remedies the Company may have under this Agreement
or applicable law, the Company will be entitled to receive from Employee reimbursement for all
attorneys&#146; and paralegal fees and expenses and court costs incurred by the Companies in enforcing
this Agreement and will have the right and remedy to require Employee to account for and pay over
to the Company all compensation, profits, monies, accruals or other benefits derived or received,
directly or indirectly, by Employee from the action constituting a breach or violation of this
<U>Section&nbsp;8</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <B>Exceptions. </B>Telecommunications operators (such as Sprint, MCI, AT&#038;T) cable companies and
other non construction or installation customers of the Company shall not be considered engaged in
and competitive with the Business.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;<U><B>Reasonable Restrictions</B></U><B>. </B>The parties acknowledge and agree that the restrictions
set forth in <U>Sections</U> <U>6</U>, <U>7</U> and <U>8</U> of this Agreement are reasonable
for the purpose of protecting the value of the business and goodwill of the Companies. It is the
desire and intent of the parties that the provisions of <U>Sections</U> <U>6</U>, <U>7</U> and
<U>8</U> be enforced to the fullest extent permissible under the laws and public policies applied
in each jurisdiction in which enforcement is sought. If any particular provisions or portions of
<U>Sections</U> <U>6</U>, <U>7</U> and <U>8</U> are adjudicated to be invalid or unenforceable,
then such section will be deemed amended to delete such provision or portion adjudicated to be
invalid or unenforceable; provided, however, that such amendment is to apply only with the respect
to the operation of such section in the particular jurisdiction in which such adjudication is made.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;<U><B>Breach or Threatened Breach</B></U><B>. </B>The parties acknowledge and agree that the
performance of the obligations under <U>Sections&nbsp;6</U>, <U>7</U> and <U>8</U> by Employee are
special, unique and extraordinary in character, and that in the event of the breach or threatened
breach by Employee of the terms and conditions of <U>Sections&nbsp;6</U>,<U> 7</U> or <U>8</U>, the
Companies


<P align="center" style="font-size: 10pt">4</DIV>

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<P align="left" style="font-size: 10pt">will suffer irreparable injury and that monetary damages would not provide an adequate remedy
at law and that no remedy at law may exist. Accordingly, in the event of such breach or threatened
breach, the Company will be entitled, if it so elects and without the posting of any bond or
security, to institute and prosecute proceedings in any court of competent jurisdiction, in law and
in equity, to obtain damages for any breach of <U>Sections&nbsp;6, 7 or 8</U> or to
enforce the specific performance of this Agreement by Employee or to enjoin Employee from breaching
or attempting to breach <U>Sections&nbsp;6, 7 or 8</U>. In the event the Company
believes that the Employee has breached Employee&#146;s obligations under <U>Sections&nbsp;6, 7 or 8</U>, or
threatens to do so, it shall promptly provide the Employee written notice of such belief setting
forth the basis for its belief and, (unless under exigent circumstances, as determined by the
Company at its sole discretion, it would harm the Company to delay the institution of legal
proceedings) five (5)&nbsp;business days to respond to the notice, prior to the initiation of legal
proceedings.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;<U><B>Termination</B></U><B>. </B>This Agreement and Employee&#146;s employment under this Agreement may be
terminated upon the occurrence of any of the events described in, and subject to the terms of, this
<U>Section&nbsp;11:</U>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <U><B>Death</B></U><B>. </B>Immediately and automatically upon the death of Employee.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <U><B>Disability</B></U><B>. </B>At the Company&#146;s option, immediately upon written notice if Employee
suffers a &#147;<U>permanent disability</U>,&#148; meaning any incapacity, illness or disability of Employee
which renders Employee mentally or physically unable to perform his duties under this Agreement for
a continuous period of sixty (60)&nbsp;days, or one hundred twenty (120)&nbsp;days (whether or not
consecutive), during the Term, as reasonably determined by the Company.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <U><B>Termination for Cause</B></U><B>. </B>At the Company&#146;s option, immediately upon notice to
Employee, upon the occurrence of any of the following events (each &#147;<U>Cause</U>&#148;), (i)&nbsp;Employee
being convicted of any felony (whether or not against the Company or its subsidiaries or
affiliates); (ii)&nbsp;a material failure of Employee to perform Employee&#146;s responsibilities after ten
(10)&nbsp;days&#146; written notice given by an Executive Officer to Employee, which notice shall identify
the Employee&#146;s failure in sufficient detail and grant Employee an opportunity to cure such failure
within such ten (10)&nbsp;day period (&#147;Notice&#148;); (iii)&nbsp;a breach by Employee of any of his obligations
under <U>Sections&nbsp;6, 7 or 8</U>; (iv)&nbsp;any material act of dishonesty or other misconduct by
Employee against the Company or any of its subsidiaries or affiliates; (v)&nbsp;a material violation by
Employee of any of the policies or procedures of the Company or any of its subsidiaries or
affiliates, including without limitation the <I>2000 Personal Responsibility Code</I>, provided, however,
that if such violation is curable, then Employee will be given ten (10)&nbsp;days&#146; written Notice and
the opportunity to cure such violation; or (vi)&nbsp;Employee voluntarily terminates this Agreement or
leaves the employ of the Company or its subsidiaries or affiliates for any reason, other than Good
Reason.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <U><B>Termination Without Cause</B></U>. At the Company&#146;s option for any reason, or no reason,
upon five (5)&nbsp;days&#146; notice to Employee given by the CEO.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <U><B>Termination with Good Reason</B></U><B>. </B>At Employee&#146;s option, upon not less than fifteen
(15)&nbsp;business days&#146; written notice to the Company, and the Company&#146;s failure to cure within such
fifteen (15)&nbsp;business days, upon the occurrence of any of the following events (each &#147;<U>Good
Reason</U>&#148;) (i)&nbsp;the material diminution of, Employee&#146;s position, duties, titles, offices and
responsibilities with the Company; (ii)&nbsp;a reduction or material delay in payment of Employee&#146;s
compensation and benefits; (iii)&nbsp;a relocation of the Company&#146;s principal executive offices outside
of Miami-Dade, Broward, Palm Beach or Monroe Counties, Florida; or (iv)&nbsp;a breach of any other
material provision of this Agreement by the Company.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <U><B>Payments After Termination</B></U><B>. </B>If this Agreement and Employee&#146;s employment hereunder
are terminated for the reasons set forth in <U>Sections&nbsp;11(a)</U> or <U>11(b)</U>, then Employee
or Employee&#146;s estate will receive the Base Salary and any Performance Bonus earned through the date
of death or disability to which Employee would have been entitled for the year in which the death
or disability occurred in accordance with the terms of this Agreement. If the Company terminates
this Agreement and Employee&#146;s employment hereunder for the reasons set forth in <U>Section
11(c)(i-vi)</U>, then (i)&nbsp;Employee will receive his Base Salary through the date of termination and
(ii)&nbsp;Employee will forfeit any entitlement that Employee may have to receive any performance bonus.
If this Agreement is terminated for the reason set forth in <U>Section&nbsp;11(d)</U> or <U>Section
11(e)</U>, then (i)&nbsp;Employee will receive his Base Salary, and benefits set forth in Section 4(b)
hereof (collectively, with the payment of the Base Salary, the &#147;<U>Severance Benefits</U>&#148;), for a
period of twelve (12)&nbsp;months if the termination occurs prior to January&nbsp;31, 2005, if the
termination occurs after January&nbsp;31, 2005, Employee shall receive the Severance Benefits for the
lesser of (A)&nbsp;one (1)&nbsp;year or (B)&nbsp;the remainder of the Term (the &#147;<U>Severance </U>



<P align="center" style="font-size: 10pt">5</DIV>

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<P align="left" style="font-size: 10pt"><U>Period</U>&#148;). The Severance Benefits shall be payable in accordance with the Company&#146;s
payroll procedures and subject to applicable withholdings, provided however, Employee represents
and warrants that during the Severance Period he shall affirmatively and in good faith seek another
position (whether as an employee or independent contractor) and the Severance Benefits shall be
mitigated upon his obtaining employment or being engaged as an independent contractor by a third
party by an amount equal to the amounts received by Employee in such new position (as an employee
or identified contractor). Upon payment by the Company of the amounts described in this
<U>Section&nbsp;11(f)</U>, Employee will not be entitled to receive any further compensation or
benefits from the Company whatsoever.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. <U><B>General</B>.</U> Notwithstanding anything to the contrary set forth in this Agreement, the
provision of payments after termination in accordance with the provisions of <U>Section&nbsp;11(f)</U>
above, shall not be a bar to the Employee&#146;s continued entitlement from the Company of (i)
reimbursements of proper expenses, (ii)&nbsp;housing, automobile and expense allowances, (iii)&nbsp;vested
benefit and welfare entitlements; (iv)&nbsp;unemployment compensation, (v)&nbsp;workers compensation
benefits, (vi)&nbsp;accrued vacation time (if consistent with Company policy), (vii)&nbsp;Base Salary through
date of termination. Notwithstanding anything in this Agreement to the contrary, if Employee is
employed by the Company on the last day of any calendar year (e.g., December&nbsp;31 of the 2003
calendar year) and is terminated for any reason prior to the payment of a bonus, if any, the
Company hereby agrees to pay Employee any bonus that he would have otherwise been entitled to
hereunder or the SMBP, simultaneous with the payment of such bonus to the Company&#146;s employees, and
(viii)&nbsp;continued vesting of options as may be provided in accordance with the provisions of this
Agreement or any stock option plan.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;<U><B>Gross-Up for Excise Tax</B></U><B>.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. If any payment or benefit under this Agreement becomes subject to the excise tax imposed by
Section&nbsp;4999 of the Internal Revenue Code of 1986, as amended (the &#147;<U>Code</U>&#148;), or any
substitute provision of the Code, or any interest or penalties are incurred by Employee with
respect to such excise tax (collectively, the &#147;<U>Excise Tax</U>&#148;), then the Company will pay
Employee an additional amount or amounts (the &#147;<U>Gross-Up Payment</U>&#148;), such that the net amount
or amounts retained by Employee, after deduction of any Excise Tax on any of the payments or
benefits under this Agreement and any federal, state and local tax and Excise Tax on the Gross-Up
Payment will equal the amount of such payment or benefits prior to the imposition of such Excise
Tax. For purposes of determining the amount of a Gross-Up Payment, Employee will be deemed to pay
federal income taxes at the highest marginal rate of federal income taxation in the calendar year
in which the Gross-Up Payment is payable and state and local income taxes at the highest marginal
rate of taxation in the sate and locality of Employee&#146;s residence on the date the Gross-Up Payment
is payable, net of the maximum reduction in federal income taxes that could be obtained from any
available deduction of such state and local taxes.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Company will pay each Gross-Up Payment on the date on which Employee becomes entitled
to the payment or benefits giving rise to the Excise Tax. If the amount Excise Tax is later
determined to be less than the amount taken into account in calculating the Gross-Up Payment,
Employee will repay to the Company (to the extent actually paid by the Company) the portion of the
Gross-Up Payment attributable to the overstated amount of Excise Tax at the time such reduction is
finally determined, plus interest at the rate set forth in Section&nbsp;1274(b)(2)(B) of the Code. If
the amount of the Excise Tax is later determined to be more than the amount taken into account in
calculating the Gross-Up Payment, the Company will pay Employee an additional Gross-Up Payment in
respect of the additional amount of Excise Tax and the time the amount of the additional tax is
finally determined.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;<U><B>Miscellaneous</B></U><B>.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <U><B>Survival</B></U><B>. </B>The provisions of <U>Sections&nbsp;6</U>, <U>7</U>, <U>8</U>, <U>10</U>
and <U>11</U> will survive the termination or expiration of this Agreement for any reason.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <U><B>Entire Agreement</B></U><B>. </B>This Agreement constitutes the entire agreement of the parties
pertaining to its subject matter and supersedes all prior or contemporaneous agreements or
understandings between the parties pertaining to the subject matter of this Agreement, and there
are no promises, agreements, conditions, undertakings, warranties, or representations, whether
written or oral, express or implied, between the parties other than as set forth in this Agreement.



<P align="center" style="font-size: 10pt">6</DIV>

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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <U><B>Modification</B></U><B>. </B>This Agreement may not be amended or modified, or any provision
waived, unless in writing and signed by both parties.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <U><B>Waiver</B></U><B>. </B>Failure of a party to enforce one or more of the provisions of this
Agreement or to require at any time performance of any of the obligations of this Agreement will
not be construed to be a waiver of such provisions by such party nor to in any way affect the
validity of this Agreement or such party&#146;s right thereafter to enforce any provision of this
Agreement, nor to preclude such party from taking any other action at any time which it would
legally be entitled to take.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <U><B>Successors and Assigns</B></U><B>. </B>This Agreement may not be assigned or the duties delegated
unless in writing and signed by both parties, except for any assignment by the Company occurring by
operation of law. Subject to the foregoing, this Agreement will inure to the benefit of, and be
binding upon, the parties and their heirs, beneficiaries, personal representatives, successors and
permitted assigns.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <U><B>Notices</B></U><B>. </B>Any notice, demand, consent, agreement, request, or other communication
required or permitted under this Agreement will be in writing and will be, (i)&nbsp;mailed by
first-class mail, registered or certified, return receipt requested, postage prepaid, (ii)
delivered personally by independent courier, or (iii)&nbsp;transmitted by facsimile, to the parties at
the addresses as follows (or at such other addresses as will be specified by the parties by like
notice):


<P align="left" style="font-size: 10pt; margin-left: 6%"><B>If to Employee, then to:</B>

<P align="left" style="font-size: 10pt; margin-left: 9%"><B>Michael G. Nearing</B><BR>
881 Ocean Drive, No.&nbsp;25C<BR>
Key Biscayne, Florida 33149<BR>
Facsimile: 305-361-5745

<P align="left" style="font-size: 10pt; margin-left: 6%"><B>If to the Company, then to:</B>

<P align="left" style="font-size: 10pt; margin-left: 9%">MasTec, Inc.<BR>
800 Douglas Road<BR>
Penthouse<BR>
Coral Gables, Florida 33122-1205<BR>
Attn: Legal Department<BR>
Facsimile: (305)&nbsp;406-1907

<P align="left" style="font-size: 10pt">Each party may designate by notice in writing a new address to which any notice, demand, consent,
agreement, request or communication may thereafter be given, served or sent. Each notice, demand,
consent, agreement, request or communication that is mailed, hand delivered or transmitted in the
manner described above will be deemed received for all purposes at such time as it is delivered to
the addressee (with the return receipt, the courier delivery receipt or the telecopier answerback
confirmation being deemed conclusive evidence of such delivery) or at such time as delivery is
refused by the addressee upon presentation.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. <U><B>Severability</B></U><B>. </B>If any provision of this Agreement is held to be invalid or
unenforceable by a court of competent jurisdiction, then such invalidity or unenforceability will
not affect the validity and enforceability of the other provisions of this Agreement and the
provision held to be invalid or unenforceable will be enforced as nearly as possible according to
its original terms and intent to eliminate such invalidity or unenforceability.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. <U><B>Counterparts</B></U><B>. </B>This Agreement may be executed in any number of counterparts, and
all counterparts will collectively be deemed to constitute a single binding agreement.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <U><B>Governing Law; Venue</B></U><B>. </B>This Agreement will be governed by the laws of the State of
Florida, without regard to its conflicts of law principles. Employee consents to the jurisdiction
of any state or federal court located within Miami-Dade County, State of Florida, and consents that
all service of process may be made by registered or certified mail directed to Employee at the
address stated in <U>Section&nbsp;13 (f)</U> of this Agreement. Employee waives any objection which
Employee may have based on lack of personal jurisdiction or improper venue or <U>forum non </U>



<P align="center" style="font-size: 10pt">7</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt"><U>conveniens</U> to any suit or proceeding instituted by the Company under this Agreement in
any state or federal court located within Miami-Dade County, Florida and consents to the granting
of such legal or equitable relief as is deemed appropriate by the court. This provision is a
material inducement for the Company to enter into this Agreement with Employee.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. <U><B>Participation of Parties</B></U><B>. </B>The parties acknowledge that this Agreement and all
matters contemplated herein have been negotiated between both of the parties and their respective
legal counsel and that both parties have participated in the drafting and preparation of this
Agreement from the commencement of negotiations at all times through execution. Therefore, the
parties agree that this Agreement will be interpreted and construed without reference to any rule
requiring that this Agreement be interpreted or construed against the party causing it to be
drafted.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. <U><B>Injunctive Relief</B></U><B>. </B>It is possible that remedies at law may be inadequate and,
therefore, the parties will be entitled to equitable relief including, without limitation,
injunctive relief, specific performance or other equitable remedies in addition to all other
remedies provided hereunder or available to the parties hereto at law or in equity.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. <U><B>Waiver of Jury Trial</B></U><B>. </B>EACH OF THE COMPANY AND EMPLOYEE IRREVOCABLY WAIVES ALL
RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THE
PROVISIONS OF THIS AGREEMENT.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. <U><B>Right of Setoff</B></U><B>. </B>The Company will be entitled, in its discretion and in addition
to any other remedies it may have in law or in equity, to set-off against any amounts payable to
Employee under this Agreement or otherwise the amount of any obligations of Employee to the Company
under this Agreement that are not paid by Employee when due. In the event of any such setoff, the
Company will promptly provide the Employee with a written explanation of such setoff, and an
opportunity to register a written protest thereof.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. <U><B>Litigation; Prevailing Party</B></U><B>. </B>In the event of any litigation, administrative
proceeding, arbitration, mediation or other proceeding with regard to this Agreement, the
prevailing party will be entitled to receive from the non-prevailing party and the non-prevailing
party will pay upon demand all court costs and all reasonable fees and expenses of counsel and
paralegals for the prevailing party.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. <U><B>Descriptive Headings</B></U><B>. </B>The descriptive headings herein are inserted for convenience
only and are not intended to be part of or to affect the meaning or interpretation of this
Agreement.



<P align="center" style="font-size: 10pt"><U><B>&#091;SIGNATURES ON THE FOLLOWING PAGE&#093;</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>EXECUTED </B>as of the date set forth in the first paragraph of this Agreement.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>EMPLOYEE</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ <I>Michael G. Nearing</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Michael G. Nearing&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>MASTEC, INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ <I>Austin Shanfelter</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Austin Shanfelter, Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">8</DIV>

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<TYPE>EX-21.1
<SEQUENCE>3
<FILENAME>g95171exv21w1.htm
<DESCRIPTION>SUBSIDIARIES
<TEXT>
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<HEAD>
<TITLE>exv21w1</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="right" style="font-size: 10pt"><B>Exhibit&nbsp;21.1</B>



<P align="center" style="font-size: 10pt">MasTec, Inc.<BR>
AFFILIATED ENTITIES<BR>
January&nbsp;2005



<P align="center" style="font-size: 10pt"><U>NORTH AMERICA</U>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Church &#038; Tower, Inc. (FL)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by MasTec, Inc.)</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Church &#038; Tower Environmental, Inc. (DE)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by MasTec, Inc.)</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cruz-Cell, Inc. (IN)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by MasTec North America, Inc.)</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dresser/Areia Construction, Inc. (CA)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by MasTec North America, Inc.)</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Flaire Incorporated (MO)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by MasTec North America, Inc.)</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Integral Power &#038; Telecommunications Incorporated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by Phasecom Systems, Inc.)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(Canadian)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MasTec Asset Management Company, Inc. (NV)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by MasTec, Inc)</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MasTec Contracting Company, Inc. (NV)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by MasTec, Inc)</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MasTec Integration Systems, Inc. (CA)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by MasTec, Inc.)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">f/k/a Aidco Systems, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MasTec Minnesota SW, LLC (NV)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% MasTec Services Company, Inc.)</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MasTec Network Services, Inc. (CA)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by MasTec, Inc.)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">f/k/a Aidco, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MasTec North America, Inc. (FL)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by MasTec, Inc.)</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MasTec Services Company, Inc. (FL)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">f/k/a Central America Construction, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by MasTec, Inc.)</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MasTec Telecom &#038; Electrical Services, Inc. (NY)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by MasTec North America, Inc.)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">f/k/a Alert Electrical Contracting Co., Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Phasecom Systems Inc. (Canadian)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by MasTec, Inc.)</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Protel Ind., Inc. (FL)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by MasTec North America, Inc.)</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Renegade of Idaho, Inc. (FL)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by MasTec, Inc.)</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">S.S.S. Construction, Inc. (MN)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by MasTec, Inc.)</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Upper Valley Utilities Corp. (UT)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by MasTec North America, Inc.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">1</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Wilde Holding Co., Inc. (DE)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by MasTec, Inc.)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Wilde Acquisition Co., Inc. (DE)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by Wilde Holding Co., Inc)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Northland Contracting, Inc. (MN)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by Wilde Acquisition Co., Inc.)</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Wilde Optical Service, Inc. (MN)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by MasTec, Inc.)</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">JMC Insurance Company, Inc (SC).</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by MasTec, Inc.)</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">NEVCO LLC I (NV)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Sole member - MasTec, Inc.)</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">NEVCO LLC II (NV)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Sole member - Scott Europe Holdings One LP)</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Globetec Construction, LLC (Florida)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(51% owned by MasTec, North America, Inc.)</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">S&#038;D Communications, Inc. (MO)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(49% owned by MasTec, Inc.)</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">M &#038; J Cable TV Contractor, Inc. (IL)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(49% owned by MasTec North America, Inc.)</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Direct Star TV LLC (NC)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(49% owned by MasTec, Inc.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><U>Holding Companies</U>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MasTec FC, Inc. (NV)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100 % owned by MasTec, Inc.)</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MasTec Real Estate Holdings, Inc. (FL)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by MasTec, Inc.)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Stackhouse Real Estate Holdings, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by MasTec North America, Inc.)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(f/k/a H-W Acquisition II, Inc. (DE)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MasTec of Texas, Inc. (TX)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by MasTec, Inc.)</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MasTec TC, Inc. (NV)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by MasTec, Inc.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">INTERNATIONAL



<P align="center" style="font-size: 10pt"><U>Latin America</U>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Aidco de Mexico, S.A. de C.V. (Mex.)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(98% owned by MasTec, Inc.)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(2% owned by MasTec International Holdings, Inc.)</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MasTec Latin America, Inc. (DE)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by MasTec, Inc.)</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Acietel Mexicana, S.A. (Mex.)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(99% owned by Dresser Acquisition Company)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(1% owned by MasTec International Holdings, Inc.)</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">MasTec Brasil S/A (Brazil)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(88% owned by MasTec Latin America, Inc.)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">CIDE Engenharia, Ltda. (Brazil)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by MasTec Brasil S/A)</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">MasTec Participa&#231;&#245;es Do Brasil LTDA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by MasTec, Inc.)</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MasTelecom Europe I APS (Denmark)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by MasTec, Inc.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">2</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">MasTelecom Europe II BV (Netherlands)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by MasTelecom Europe I APS)</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">MasTelecom Services S. DE R.L. DE CV</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by MasTelecom Europe II BV)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(Mexico)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">MasTelecom S. DE R.L. DE C.V</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by MasTelecom Europe II BV)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(Mexico)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pantel Inversiones de Venezuela, CA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by MasTec Venezuela, Inc.)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(Venezuela)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Burntel Telecommunications, C.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(50% owned by Pantel Inversiones)</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Scott Europe Holdings One LP (Scotland)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(MasTec, Inc, Limited Partner) (Nevco LLC I</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">General</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">General Partner)</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Scott Europe Holdings Two LP (Scotland)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Nevco LLC II General Partner)(Scott Europe Holdings One</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">LLP Limited Partner)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><U>Holding Companies</U>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MasTec Brazil, Inc. (FL)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by MasTec, Inc.)</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MasTec Brazil II, Inc. (FL)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by MasTec, Inc.)</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MasTec Ecuador, Inc. (FL)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by MasTec, Inc.)</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MasTec International Holdings, Inc. (FL)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by MasTec, Inc.)</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MasTec Venezuela, Inc. (FL)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by MasTec, Inc.)</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MasTec Spain, Inc. (FL)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by MasTec, Inc.)</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dresser Acquisition Company (FL)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by MasTec North America, Inc.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><U>INTERNATIONAL INVESTMENTS</U>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Latlink Corporation (DE)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by MasTec, Inc.)</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Latlink Argentina, Inc. (DE)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(100% owned by Latlink Corporation)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">3</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>4
<FILENAME>g95171exv31w1.htm
<DESCRIPTION>SECTION 302 CHIEF EXECUTIVE OFFICER CERTIFICATION
<TEXT>
<HTML>
<HEAD>
<TITLE>exv31w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="right" style="font-size: 10pt"><B>Exhibit&nbsp;31.1</B>



<P align="center" style="font-size: 10pt"><B>CERTIFICATIONS REQUIRED BY SECTION 302(A)<BR>
OF SARBANES-OXLEY ACT OF 2002</B>


<P align="left" style="font-size: 10pt">I, Austin J. Shanfelter, certify that:


<P align="left" style="font-size: 10pt">I have reviewed this quarterly report on Form 10-Q of MasTec Inc. for the three months ended March
31, 2005;


<P align="left" style="font-size: 10pt">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit
to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this
quarterly report;


<P align="left" style="font-size: 10pt">Based on my knowledge, the financial statements, and other financial information included in this
quarterly report, fairly present in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods presented in this quarterly
report;


<P align="left" style="font-size: 10pt">The registrant&#146;s other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e) and 15d-15(e)) and
internal control over financial reporting (as defined in Exchange Act Rules&nbsp;13a-15(e) and
15d-15(e)) for the registrant and have:



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)&nbsp;&nbsp;</TD>
    <TD>Designed such disclosure controls and procedures, or caused such disclosure controls
and procedures to be designed under my supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this quarterly report
is being prepared;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)&nbsp;&nbsp;</TD>
    <TD>Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted
accounting principles;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)&nbsp;&nbsp;</TD>
    <TD>Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and
presented in this quarterly report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this report
based on such evaluation; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)&nbsp;&nbsp;</TD>
    <TD>Disclosed in this quarterly report any change in the registrant&#146;s internal control over
financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that
has materially affected, or is reasonably likely to materially affect, the registrant&#146;s
internal control over financial reporting.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">The registrant&#146;s other certifying officer and I have disclosed, based on our most recent evaluation
of internal control over financial reporting, to the registrant&#146;s auditors and the audit committee
of the registrant&#146;s board of directors (or persons performing the equivalent functions):



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)&nbsp;&nbsp;</TD>
    <TD>All significant deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to adversely affect
the registrant&#146;s ability to record, process, summarize and report financial information;
and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)&nbsp;&nbsp;</TD>
    <TD>Any fraud, whether or not material, that involves management or other employees who
have a significant role in the registrant&#146;s internal control over financial reporting.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">Date: May&nbsp;10, 2005



<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">                                                           <I>/s/ Austin J. Shanfelter</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Austin J. Shanfelter&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">President and Chief Executive Officer<BR>
(Principal Executive Officer)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>5
<FILENAME>g95171exv31w2.htm
<DESCRIPTION>SECTION 302 CHIEF FINANCIAL OFFICER CERTIFICATION
<TEXT>
<HTML>
<HEAD>
<TITLE>exv31w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="right" style="font-size: 10pt"><B>Exhibit&nbsp;31.2</B>



<P align="center" style="font-size: 10pt"><B>CERTIFICATIONS REQUIRED BY SECTION 302(A)<BR>
OF SARBANES-OXLEY ACT OF 2002</B>


<P align="left" style="font-size: 10pt">I, C. Robert Campbell, certify that:


<P align="left" style="font-size: 10pt">I have reviewed this quarterly report on Form 10-Q of MasTec Inc. for the three months ended March
31, 2005;


<P align="left" style="font-size: 10pt">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit
to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this
quarterly report;


<P align="left" style="font-size: 10pt">Based on my knowledge, the financial statements, and other financial information included in this
quarterly report, fairly present in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods presented in this quarterly
report;


<P align="left" style="font-size: 10pt">The registrant&#146;s other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e) and 15d-15(e)) and
internal control over financial reporting (as defined in Exchange Act Rules&nbsp;13a-15(e) and
15d-15(e)) for the registrant and have:



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)&nbsp;&nbsp;</TD>
    <TD>Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under my supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries, is made
known to us by others within those entities, particularly during the period in which
this quarterly report is being prepared;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)&nbsp;&nbsp;</TD>
    <TD>Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)&nbsp;&nbsp;</TD>
    <TD>Evaluated the effectiveness of the registrant&#146;s disclosure controls and
procedures and presented in this quarterly report our conclusions about the
effectiveness of the disclosure controls and procedures, as of the end of the period
covered by this report based on such evaluation; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)&nbsp;&nbsp;</TD>
    <TD>Disclosed in this quarterly report any change in the registrant&#146;s internal
control over financial reporting that occurred during the registrant&#146;s most recent
fiscal quarter (the registrant&#146;s fourth fiscal quarter in the case of an quarterly
report) that has materially affected, or is reasonably likely to materially affect, the
registrant&#146;s internal control over financial reporting.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">The registrant&#146;s other certifying officer and I have disclosed, based on our most recent evaluation
of internal control over financial reporting, to the registrant&#146;s auditors and the audit committee
of the registrant&#146;s board of directors (or persons performing the equivalent functions):



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)&nbsp;&nbsp;</TD>
    <TD>All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely
affect the registrant&#146;s ability to record, process, summarize and report financial
information; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)&nbsp;&nbsp;</TD>
    <TD>Any fraud, whether or not material, that involves management or other employees
who have a significant role in the registrant&#146;s internal control over financial
reporting.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">Date: May&nbsp;10, 2005



<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">                                                           <I>/s/ C. Robert Campbell</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">C. Robert Campbell&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Chief Financial Officer<BR>
(Principal Financial and Accounting
Officer)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>6
<FILENAME>g95171exv32w1.htm
<DESCRIPTION>SECTION 906 CHIEF EXECUTIVE OFFICER CERTIFICATION
<TEXT>
<HTML>
<HEAD>
<TITLE>exv32w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="right" style="font-size: 10pt"><B>Exhibit&nbsp;32.1</B>



<P align="center" style="font-size: 10pt"><B>CERTIFICATION PURSUANT TO<BR>
18 U.S.C. SECTION 1350,<BR>
AS ADOPTED PURSUANT TO<BR>
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B>


<P align="left" style="font-size: 10pt">In connection with the Quarterly Report of MasTec, Inc. (the &#147;Company&#148;) on Form 10-Q for the three
months ended March&nbsp;31, 2005 as filed with the Securities and Exchange Commission on the date hereof
(the &#147;Report&#148;), I, Austin J. Shanfelter, President and Chief Executive Officer of the Company,
certify, pursuant to 18 U.S.C. Section&nbsp;1350, as adopted pursuant to Section&nbsp;906 of the
Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:


<P align="left" style="font-size: 10pt">(1)&nbsp;The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and


<P align="left" style="font-size: 10pt">(2)&nbsp;The information contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the Company.


<P align="left" style="font-size: 10pt">Date: May&nbsp;10, 2005



<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">                                                           <I>/s/ Austin J. Shanfelter</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Austin J. Shanfelter&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">President and Chief Executive Officer<BR>
(Principal Executive Officer)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<P align="left" style="font-size: 10pt">The certification set forth above is being furnished as an exhibit solely pursuant to Section&nbsp;906
of the Sarbanes-Oxley Act of 2002 and is not being filed as part of the Quarterly Report on Form
10-Q for the three months ended March&nbsp;31, 2005, or as a separate disclosure documents of the
Company or the certifying officers.




<P align="center" style="font-size: 10pt">&nbsp;</DIV>

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<TYPE>EX-32.2
<SEQUENCE>7
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<DESCRIPTION>SECTION 906 CHIEF FINANCIAL OFFICER CERTIFICATION
<TEXT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="right" style="font-size: 10pt"><B>Exhibit&nbsp;32.2</B>



<P align="center" style="font-size: 10pt"><B>CERTIFICATION PURSUANT TO<BR>
18 U.S.C. SECTION 1350,<BR>
AS ADOPTED PURSUANT TO<BR>
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B>


<P align="left" style="font-size: 10pt">In connection with the Quarterly Report of MasTec, Inc. (the &#147;Company&#148;) on Form 10-Q for the three
months ended March&nbsp;31, 2005 as filed with the Securities and Exchange Commission on the date hereof
(the &#147;Report&#148;), I, C.
Robert Campbell, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section
1350, as adopted pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, that, to the best of my
knowledge:


<P align="left" style="font-size: 10pt">(1)&nbsp;The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and


<P align="left" style="font-size: 10pt">(2)&nbsp;The information contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the Company.


<P align="left" style="font-size: 10pt">Date: May&nbsp;10, 2005



<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">                                                           <I>/s/ C. Robert Campbell</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">C. Robert Campbell&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Chief Financial Officer<BR>
(Principal Financial and Accounting
Officer)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<P align="left" style="font-size: 10pt">The certification set forth above is being furnished as an exhibit solely pursuant to Section&nbsp;906
of the Sarbanes-Oxley Act of 2002 and is not being filed as part of the Quarterly Report on Form
10-Q for the three months ended March&nbsp;31, 2005, or as a separate disclosure documents of the
Company or the certifying officers.




<P align="center" style="font-size: 10pt">&nbsp;
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
