Dept. of Trans.       FINAL   Serial No.  Contract No.                                  
                                          03-288-11-03  04-0C7024                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                 100%         100%                             
04-ALA-880-15.3/27.6                    Federal Project:                                
                                     ACIM-880-1(46)                                     
                                                                                        
                                                                                        
Progress payment No. 25            Payment period ending: 11-14-02                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 950775085                                                                
                                                                                        
                                                                                        
Escrow No.  01740                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.      17,246,061.73            0.00                      
2.a. Extra Work                         445,317.05            0.00                      
  b. Adjustment Comp.                   186,770.57            0.00                      
3. Materials on Hand                                                                    
4. Earned Subject to Retention       17,878,149.35            0.00                      
5. Mobilization                       2,183,400.00            0.00                      
6. Total Work Completed   20,061,549.35                                                 
7. Deductions                           -23,923.39            0.00                      
8. a.Contract Retentions               -853,038.96            0.00                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.         853,038.96            0.00                      
9. Total pay to Contractor           20,037,625.96            0.00                      
10. Reduction Amt to Escrow            -853,030.00            0.00                      
11. Payment to Escrow       853,030.00                                                  
12. Net Pymt. this Estimate                                   0.00