Dept. of Trans.       PROGRESS   Serial No.  Contract No.                               
                                          02-023-16-07  04-0C7024                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                  57%          67%                             
04-ALA-880-15.3/27.6                    Federal Project:                                
                                     ACIM-880-1(46)                                     
                                                                                        
                                                                                        
Progress payment No. 11            Payment period ending: 01-20-02                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 950775085                                                                
                                                                                        
                                                                                        
Escrow No.  01740                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.      10,430,865.41      383,832.27                      
2.a. Extra Work                          91,804.83       19,805.07                      
  b. Adjustment Comp.                    43,130.04       -9,819.96                      
3. Materials on Hand                                                                    
4. Earned Subject to Retention       10,565,800.28      393,817.38                      
5. Mobilization                       2,074,230.00            0.00                      
6. Total Work Completed   12,640,030.28                                                 
7. Deductions                           -62,805.75         -710.53                      
8. a.Contract Retentions               -528,290.01      -19,690.86                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.                                                         
9. Total pay to Contractor           12,048,934.52      373,415.99                      
10. Reduction Amt to Escrow                                                             
11. Payment to Escrow       528,290.00                                                  
12. Net Pymt. this Estimate                             373,415.99