Dept. of Trans.       PROGRESS   Serial No.  Contract No.                               
                                          02-295-14-16  03-1C8604                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                  53%          25%                             
03-NEV-80-18.4/19.5                    Federal Project:                                 
                                     NONE                                               
                                                                                        
                                                                                        
Progress payment No. 02            Payment period ending: 10-18-02                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 950775085                                                                
                                                                                        
                                                                                        
Escrow No.  00000                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.         340,937.35      233,078.20                      
2.a. Extra Work                                                                         
  b. Adjustment Comp.                                                                   
3. Materials on Hand                          0.00      -38,500.00                      
4. Earned Subject to Retention          340,937.35      194,578.20                      
5. Mobilization                                                                         
6. Total Work Completed      340,937.35                                                 
7. Deductions                                                                           
8. a.Contract Retentions                -17,046.87       -4,133.97                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.                                                         
9. Total pay to Contractor              323,890.48      190,444.23                      
10. Reduction Amt to Escrow                                                             
11. Payment to Escrow             0.00                                                  
12. Net Pymt. this Estimate                             190,444.23