Dept. of Trans.       PROGRESS   Serial No.  Contract No.                               
                                          04-079-13-45  04-1S0224                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                  29%          35%                             
04-MRN-1-8.1/11.6                    Federal Project:                                   
                                     ACST-35L0(4)                                       
                             P-35L0(4)                                                  
                                                                                        
Progress payment No. 05            Payment period ending: 03-20-04                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 950775085                                                                
                                                                                        
                                                                                        
Escrow No.  00000                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.         317,248.20      209,458.20                      
2.a. Extra Work                                                                         
  b. Adjustment Comp.                                                                   
3. Materials on Hand                          0.00      -62,210.41                      
4. Earned Subject to Retention          317,248.20      147,247.79                      
5. Mobilization                         144,495.00       30,420.00                      
6. Total Work Completed      461,743.20                                                 
7. Deductions                                                                           
8. a.Contract Retentions                -29,103.78      -12,103.74                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.                                                         
9. Total pay to Contractor              432,639.42      165,564.05                      
10. Reduction Amt to Escrow                                                             
11. Payment to Escrow             0.00                                                  
12. Net Pymt. this Estimate                             165,564.05