Dept. of Trans.       AFTER ACCEPTANCE   Serial No.  Contract No.                       
                                          03-289-11-33  05-388204                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                 100%         100%                             
05-SBT-101-0.6/1.5                    Federal Project:                                  
                                     ACST-P101(931)                                     
                             PH-P101(931)                                               
                                                                                        
Progress payment No. 21            Payment period ending: 09-05-03                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 950775085                                                                
                                                                                        
                                                                                        
Escrow No.  01703                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.       2,613,545.47      -96,793.55                      
2.a. Extra Work                         316,994.74       97,129.52                      
  b. Adjustment Comp.                                                                   
3. Materials on Hand                                                                    
4. Earned Subject to Retention        2,930,540.21          335.97                      
5. Mobilization                                                                         
6. Total Work Completed    2,930,540.21                                                 
7. Deductions                          -133,890.55     -105,990.55                      
8. a.Contract Retentions               -146,510.21            0.00                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.         146,510.21      146,510.21                      
9. Total pay to Contractor            2,796,649.66       40,855.63                      
10. Reduction Amt to Escrow            -146,510.00     -146,510.00                      
11. Payment to Escrow       146,510.00                                                  
12. Net Pymt. this Estimate                            -105,654.37