Dept. of Trans.       PROGRESS   Serial No.  Contract No.                               
                                          11-297-10-21  05-0T3604                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                  89%          93%                             
05-SBT-25-28.2/R32.0                    Federal Project:                                
                                     NONE                                               
                                                                                        
                                                                                        
Progress payment No. 02            Payment period ending: 10-20-11                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 950775085                                                                
                                                                                        
                                                                                        
Escrow No.  00000                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.       1,081,950.27      720,350.51                      
2.a. Extra Work                           5,210.33        5,210.33                      
  b. Adjustment Comp.                    -2,881.00       -2,881.00                      
3. Materials on Hand                                                                    
4. Earned Subject to Retention        1,084,279.60      722,679.84                      
5. Mobilization                                                                         
6. Total Work Completed    1,084,279.60                                                 
7. Deductions                                                                           
8. a.Contract Retentions                                                                
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.                                                         
9. Total pay to Contractor            1,084,279.60      722,679.84                      
10. Reduction Amt to Escrow                                                             
11. Payment to Escrow             0.00                                                  
12. Net Pymt. this Estimate                             722,679.84