Dept. of Trans.       PROGRESS   Serial No.  Contract No.                               
                                          02-081-12-07  03-3A21U4                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                  32%          43%                             
03-NEV-80-17.1/28.1                    Federal Project:                                 
                                     ACIM-080-4(169)                                    
                             ACIM-080-4(169)                                            
                                                                                        
Progress payment No. 16            Payment period ending: 03-20-02                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 950775085                                                                
                                                                                        
                                                                                        
Escrow No.  01742                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.      20,605,274.44      185,485.00                      
2.a. Extra Work                         347,695.36       90,939.46                      
  b. Adjustment Comp.                   -49,840.18            0.00                      
3. Materials on Hand                  1,232,866.47      492,052.85                      
4. Earned Subject to Retention       22,135,996.09      768,477.31                      
5. Mobilization                       7,125,000.00            0.00                      
6. Total Work Completed   28,028,129.62                                                 
7. Deductions                           -37,333.00        5,000.00                      
8. a.Contract Retentions             -1,591,334.05            0.00                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.                                                         
9. Total pay to Contractor           27,632,329.04      773,477.31                      
10. Reduction Amt to Escrow                                                             
11. Payment to Escrow     1,591,330.00                                                  
12. Net Pymt. this Estimate                             773,477.31