Dept. of Trans.       PROGRESS   Serial No.  Contract No.                               
                                          03-204-11-44  03-382904                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                 PEP        SAT                                
03-YOL-80-8.9/R10.1                    Federal Project:                                 
                                     ACNH-080-2(336)                                    
                             I-080-2(336)                                               
                                                                                        
Progress payment No. 28            Payment period ending: 07-18-03                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 950775085                                                                
                                                                                        
                                                                                        
Escrow No.  01661                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.       4,705,532.63       94,086.29                      
2.a. Extra Work                         768,862.40       71,637.13                      
  b. Adjustment Comp.                   569,233.56      -47,556.62                      
3. Materials on Hand                                                                    
4. Earned Subject to Retention        6,043,628.59      118,166.80                      
5. Mobilization                         247,400.00            0.00                      
6. Total Work Completed    6,291,028.59                                                 
7. Deductions                           -40,341.70      -29,941.70                      
8. a.Contract Retentions               -302,181.43       -5,908.34                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.                                                         
9. Total pay to Contractor            5,948,505.46       82,316.76                      
10. Reduction Amt to Escrow                                                             
11. Payment to Escrow       300,000.00                                                  
12. Net Pymt. this Estimate                              82,316.76