Dept. of Trans.       PROGRESS   Serial No.  Contract No.                               
                                          02-325-13-07  02-364304                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                  89%          65%                             
02-SIS-5-2.7/R11.4                    Federal Project:                                  
                                     ACIM-005-9(156)                                    
                             STP-P089(74)                                               
                                                                                        
Progress payment No. 27            Payment period ending: 11-20-02                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 950775085                                                                
                                                                                        
                                                                                        
Escrow No.  01647                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.      15,938,388.51    1,061,503.83                      
2.a. Extra Work                       1,884,921.93      102,116.36                      
  b. Adjustment Comp.                   220,704.20       -1,304.07                      
3. Materials on Hand                     89,208.00            0.00                      
4. Earned Subject to Retention       18,133,222.64    1,162,316.12                      
5. Mobilization                       1,880,088.00            0.00                      
6. Total Work Completed   19,924,102.64                                                 
7. Deductions                          -135,700.00     -128,200.00                      
8. a.Contract Retentions               -906,661.13      -58,115.80                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.                                                         
9. Total pay to Contractor           18,970,949.51      976,000.32                      
10. Reduction Amt to Escrow                                                             
11. Payment to Escrow       906,660.00                                                  
12. Net Pymt. this Estimate                             976,000.32