Dept. of Trans.       PROGRESS   Serial No.  Contract No.                               
                                          07-141-11-58  03-2E1504                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                  64%          55%                             
03-SAC-50-22.7/23.1                    Federal Project:                                 
                                     NONE                                               
                                                                                        
                                                                                        
Progress payment No. 03            Payment period ending: 05-18-07                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 95077                                                                    
                                                                                        
                                                                                        
Escrow No.  00000                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.         814,409.09      443,515.27                      
2.a. Extra Work                          28,506.25       28,506.25                      
  b. Adjustment Comp.                    -9,353.35       -9,353.35                      
3. Materials on Hand                                                                    
4. Earned Subject to Retention          833,561.99      462,668.17                      
5. Mobilization                         135,800.00        6,790.00                      
6. Total Work Completed      969,361.99                                                 
7. Deductions                           -25,000.00      -25,000.00                      
8. a.Contract Retentions                -41,678.10      -14,933.58                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.                                                         
9. Total pay to Contractor              902,683.89      429,524.59                      
10. Reduction Amt to Escrow                                                             
11. Payment to Escrow             0.00                                                  
12. Net Pymt. this Estimate                             429,524.59