Dept. of Trans.       PROGRESS   Serial No.  Contract No.                               
                                          04-055-15-00  03-4416U4                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                 PEP        SAT                                
03-SAC-50-12.2/23.1                    Federal Project:                                 
                                     ACNH-P050(103)                                     
                             CMLN-6157(10)                                              
                                                                                        
Progress payment No. 38            Payment period ending: 02-20-04                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 950775085                                                                
                                                                                        
                                                                                        
Escrow No.  01723                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.      29,266,187.63        2,996.00                      
2.a. Extra Work                       1,466,969.61       10,842.91                      
  b. Adjustment Comp.                 1,117,879.17       -2,817.15                      
3. Materials on Hand                                                                    
4. Earned Subject to Retention       31,851,036.41       11,021.76                      
5. Mobilization                       1,800,000.00            0.00                      
6. Total Work Completed   33,651,036.41                                                 
7. Deductions                            -7,744.13            0.00                      
8. a.Contract Retentions             -1,592,551.82         -551.09                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.                                                         
9. Total pay to Contractor           32,050,740.46       10,470.67                      
10. Reduction Amt to Escrow                                                             
11. Payment to Escrow     1,592,550.00                                                  
12. Net Pymt. this Estimate                              10,470.67