Dept. of Trans.       PROGRESS   Serial No.  Contract No.                               
                                          04-026-17-32  04-4874R4                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                  71%          49%                             
04-SCL-87-7.1/7.8                    Federal Project:                                   
                                     ACNH-S087(23)                                      
                                                                                        
                                                                                        
Progress payment No. 16            Payment period ending: 01-20-04                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 950775085                                                                
                                                                                        
                                                                                        
Escrow No.  02010                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.      13,015,100.08      410,282.22                      
2.a. Extra Work                         791,840.59         -809.77                      
  b. Adjustment Comp.                     6,875.00            0.00                      
3. Materials on Hand                    126,545.52      -12,331.00                      
4. Earned Subject to Retention       13,940,361.19      397,141.45                      
5. Mobilization                       2,135,000.00            0.00                      
6. Total Work Completed   15,948,815.67                                                 
7. Deductions                                                                           
8. a.Contract Retentions               -697,018.06      -19,857.07                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.                                                         
9. Total pay to Contractor           15,378,343.13      377,284.38                      
10. Reduction Amt to Escrow                                                             
11. Payment to Escrow       697,010.00                                                  
12. Net Pymt. this Estimate                             377,284.38