Dept. of Trans.       PROGRESS   Serial No.  Contract No.                               
                                          02-325-15-17  01-293504                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                  92%          87%                             
01-MEN-101-37.6/39.6                    Federal Project:                                
                                     ACST-P101(936)                                     
                             PH-P101(936)                                               
                                                                                        
Progress payment No. 34            Payment period ending: 11-20-02                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE, CA 950775085                                                               
                                                                                        
                                                                                        
Escrow No.  01489                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.       5,943,675.84      392,770.72                      
2.a. Extra Work                       6,333,361.79      125,817.98                      
  b. Adjustment Comp.                     9,864.47           -0.80                      
3. Materials on Hand                                                                    
4. Earned Subject to Retention       12,286,902.10      518,587.90                      
5. Mobilization                         555,000.00            0.00                      
6. Total Work Completed   12,841,902.10                                                 
7. Deductions                           -10,877.50            0.00                      
8. a.Contract Retentions               -614,345.11      -25,929.40                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.                                                         
9. Total pay to Contractor           12,216,679.49      492,658.50                      
10. Reduction Amt to Escrow                                                             
11. Payment to Escrow       560,000.00                                                  
12. Net Pymt. this Estimate                             492,658.50