Dept. of Trans.       PROGRESS   Serial No.  Contract No.                               
                                          01-057-07-39  04-228264                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                  70%          77%                             
04-CC-4-R14.6/23.0                    Federal Project:                                  
                                     NONE                                               
                                                                                        
                                                                                        
Progress payment No. 22            Payment period ending: 02-20-01                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 950775085                                                                
                                                                                        
                                                                                        
Escrow No.  01272                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.      10,238,880.65      272,977.42                      
2.a. Extra Work                         435,768.11       73,813.28                      
  b. Adjustment Comp.                   199,640.44       -5,270.88                      
3. Materials on Hand                                                                    
4. Earned Subject to Retention       10,874,289.20      341,519.82                      
5. Mobilization                       1,627,000.00            0.00                      
6. Total Work Completed   12,501,289.20                                                 
7. Deductions                            -3,434.59            0.00                      
8. a.Contract Retentions               -543,714.46      -17,075.99                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.                                                         
9. Total pay to Contractor           11,954,140.15      324,443.83                      
10. Reduction Amt to Escrow                                                             
11. Payment to Escrow       543,710.00                                                  
12. Net Pymt. this Estimate                             324,443.83