Dept. of Trans.       PROGRESS   Serial No.  Contract No.                               
                                          03-295-11-07  03-1C6904                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                  79%         100%                             
03-PLA-65-14.5/14.7                    Federal Project:                                 
                                     ACST-P065(77)                                      
                             PH-P065(77)                                                
                                                                                        
Progress payment No. 03            Payment period ending: 10-20-03                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 950775085                                                                
                                                                                        
                                                                                        
Escrow No.  00000                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.         375,448.18       79,803.34                      
2.a. Extra Work                                                                         
  b. Adjustment Comp.                      -569.56         -569.56                      
3. Materials on Hand                                                                    
4. Earned Subject to Retention          374,878.62       79,233.78                      
5. Mobilization                                                                         
6. Total Work Completed      374,878.62                                                 
7. Deductions                           -22,044.00       -5,440.53                      
8. a.Contract Retentions                -18,743.93       -3,961.69                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.                                                         
9. Total pay to Contractor              334,090.69       69,831.56                      
10. Reduction Amt to Escrow                                                             
11. Payment to Escrow             0.00                                                  
12. Net Pymt. this Estimate                              69,831.56