Dept. of Trans.       SEMI-FINAL   Serial No.  Contract No.                             
                                          05-166-16-39  01-301704                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                 100%         100%                             
01-MEN-101-5.7/9.2                    Federal Project:                                  
                                     ACNH-P101(969)                                     
                                                                                        
                                                                                        
Progress payment No. 43            Payment period ending: 07-20-04                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE, CA 950775085                                                               
                                                                                        
                                                                                        
Escrow No.  01810                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.      14,677,935.01            0.00                      
2.a. Extra Work                       5,400,169.89        3,415.15                      
  b. Adjustment Comp.                   506,555.83            0.00                      
3. Materials on Hand                                                                    
4. Earned Subject to Retention       20,584,660.73        3,415.15                      
5. Mobilization                       1,453,000.00            0.00                      
6. Total Work Completed   22,037,660.73                                                 
7. Deductions                          -203,000.00       12,499.56                      
8. a.Contract Retentions               -985,652.04            0.00                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.         985,652.04            0.00                      
9. Total pay to Contractor           21,834,660.73       15,914.71                      
10. Reduction Amt to Escrow            -985,650.00            0.00                      
11. Payment to Escrow       985,650.00                                                  
12. Net Pymt. this Estimate                              15,914.71