Dept. of Trans.       PROGRESS   Serial No.  Contract No.                               
                                          05-145-10-09  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. 50            Payment period ending: 05-20-05                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 950775085                                                                
                                                                                        
                                                                                        
Escrow No.  01723                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.      29,316,670.59        3,103.00                      
2.a. Extra Work                       1,487,376.28            0.00                      
  b. Adjustment Comp.                 1,104,003.43      -13,733.59                      
3. Materials on Hand                                                                    
4. Earned Subject to Retention       31,908,050.30      -10,630.59                      
5. Mobilization                       1,800,000.00            0.00                      
6. Total Work Completed   33,708,050.30                                                 
7. Deductions                           -23,461.71       13,733.59                      
8. a.Contract Retentions             -1,595,934.04            0.00                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.                                                         
9. Total pay to Contractor           32,088,654.55        3,103.00                      
10. Reduction Amt to Escrow                                                             
11. Payment to Escrow     1,595,750.00                                                  
12. Net Pymt. this Estimate                               3,103.00