Dept. of Trans.       PROGRESS   Serial No.  Contract No.                               
                                          03-297-13-19  02-364304                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                  99%          88%                             
02-SIS-5-2.7/R11.4                    Federal Project:                                  
                                     ACIM-005-9(156)                                    
                             STP-P089(74)                                               
                                                                                        
Progress payment No. 40            Payment period ending: 10-20-03                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 950775085                                                                
                                                                                        
                                                                                        
Escrow No.  01647                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.      17,427,800.16       51,871.11                      
2.a. Extra Work                       3,281,457.60      978,017.23                      
  b. Adjustment Comp.                   358,453.56     -180,923.38                      
3. Materials on Hand                                                                    
4. Earned Subject to Retention       21,067,711.32      848,964.96                      
5. Mobilization                       1,880,088.00            0.00                      
6. Total Work Completed   22,947,799.32                                                 
7. Deductions                            -8,750.00            0.00                      
8. a.Contract Retentions             -1,053,385.57      -42,448.25                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.                                                         
9. Total pay to Contractor           21,885,663.75      806,516.71                      
10. Reduction Amt to Escrow                                                             
11. Payment to Escrow     1,053,380.00                                                  
12. Net Pymt. this Estimate                             806,516.71