Dept. of Trans.       PROGRESS   Serial No.  Contract No.                               
                                          03-267-15-30  03-3A21U4                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                  87%          89%                             
03-NEV-80-17.1/28.1                    Federal Project:                                 
                                     ACIM-080-4(169)                                    
                             ACIM-080-4(169)                                            
                                                                                        
Progress payment No. 45            Payment period ending: 09-19-03                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 950775085                                                                
                                                                                        
                                                                                        
Escrow No.  01742                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.      66,919,844.26    3,366,788.75                      
2.a. Extra Work                      10,778,193.49      390,489.60                      
  b. Adjustment Comp.                 2,213,160.74       -7,883.35                      
3. Materials on Hand                    306,199.81      140,080.20                      
4. Earned Subject to Retention       80,217,398.30    3,889,475.20                      
5. Mobilization                       7,500,000.00            0.00                      
6. Total Work Completed   87,411,198.49                                                 
7. Deductions                          -125,311.07       -6,548.07                      
8. a.Contract Retentions             -4,010,869.92     -194,473.76                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.                                                         
9. Total pay to Contractor           83,581,217.31    3,688,453.37                      
10. Reduction Amt to Escrow                                                             
11. Payment to Escrow     4,010,860.00                                                  
12. Net Pymt. this Estimate                           3,688,453.37