Dept. of Trans.       PROGRESS   Serial No.  Contract No.                               
                                          04-054-18-03  04-1S0224                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                  14%          26%                             
04-MRN-1-8.1/11.6                    Federal Project:                                   
                                     ACST-35L0(4)                                       
                             P-35L0(4)                                                  
                                                                                        
Progress payment No. 04            Payment period ending: 02-20-04                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 950775085                                                                
                                                                                        
                                                                                        
Escrow No.  00000                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.         107,790.00      102,340.00                      
2.a. Extra Work                                                                         
  b. Adjustment Comp.                                                                   
3. Materials on Hand                     62,210.41      -20,736.80                      
4. Earned Subject to Retention          170,000.41       81,603.20                      
5. Mobilization                         114,075.00       38,025.00                      
6. Total Work Completed      221,865.00                                                 
7. Deductions                                                                           
8. a.Contract Retentions                -17,000.04       -8,160.32                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.                                                         
9. Total pay to Contractor              267,075.37      111,467.88                      
10. Reduction Amt to Escrow                                                             
11. Payment to Escrow             0.00                                                  
12. Net Pymt. this Estimate                             111,467.88