Dept. of Trans.       AFTER ACCEPTANCE   Serial No.  Contract No.                       
                                          05-039-14-35  01-296204                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                 100%         100%                             
01-LAK-20-12.2/13.6                    Federal Project:                                 
                                     ACST-P020(130)                                     
                             PH-P020(130)                                               
                                                                                        
Progress payment No. 12            Payment period ending: 01-26-05                      
ARGONAUT CONSTRUCTORS                                                                   
P O BOX 639                                                                             
SANTA ROSA CA 95402                                                                     
                                                                                        
                                                                                        
Escrow No.  00000                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.       3,371,257.85        4,225.00                      
2.a. Extra Work                         207,331.98       38,876.14                      
  b. Adjustment Comp.                   -20,599.93      -20,599.93                      
3. Materials on Hand                                                                    
4. Earned Subject to Retention        3,557,989.90       22,501.21                      
5. Mobilization                         224,900.00            0.00                      
6. Total Work Completed    3,782,889.90                                                 
7. Deductions                           -30,000.00      -20,000.00                      
8. a.Contract Retentions               -176,774.43            0.00                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.         176,774.43      176,774.43                      
9. Total pay to Contractor            3,752,889.90      179,275.64                      
10. Reduction Amt to Escrow                                                             
11. Payment to Escrow             0.00                                                  
12. Net Pymt. this Estimate                             179,275.64