Dept. of Trans.       PROGRESS   Serial No.  Contract No.                               
                                          03-051-12-26  04-275604                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                  37%          47%                             
04-SCL-101-0.4/4.2                    Federal Project:                                  
                                     ACST-Q101(20)                                      
                             PHG-Q101(20)                                               
                                                                                        
Progress payment No. 05            Payment period ending: 02-20-03                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 95077                                                                    
                                                                                        
                                                                                        
Escrow No.  01995                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.         579,611.80      230,330.17                      
2.a. Extra Work                          16,138.13        5,250.75                      
  b. Adjustment Comp.                                                                   
3. Materials on Hand                    118,680.00      118,680.00                      
4. Earned Subject to Retention          714,429.93      354,260.92                      
5. Mobilization                         199,681.45       42,038.20                      
6. Total Work Completed      795,431.38                                                 
7. Deductions                                                                           
8. a.Contract Retentions                -39,320.92       -3,304.02                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.                                                         
9. Total pay to Contractor              874,790.46      392,995.10                      
10. Reduction Amt to Escrow                                                             
11. Payment to Escrow        39,320.00                                                  
12. Net Pymt. this Estimate                             392,995.10