Dept. of Trans.       PROGRESS   Serial No.  Contract No.                               
                                          10-355-13-24  05-402804                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                  98%         100%                             
05-SLO-101-45.2/45.7                    Federal Project:                                
05-SLO-41-15.8/16.0                                     NONE                            
                                                                                        
                                                                                        
Progress payment No. 38            Payment period ending: 12-20-10                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 95077                                                                    
                                                                                        
                                                                                        
Escrow No.  02364                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.      14,194,082.46        7,161.20                      
2.a. Extra Work                         730,764.14       23,540.14                      
  b. Adjustment Comp.                   242,745.76       -5,047.19                      
3. Materials on Hand                                                                    
4. Earned Subject to Retention       15,167,592.36       25,654.15                      
5. Mobilization                       1,500,000.00            0.00                      
6. Total Work Completed   16,667,592.36                                                 
7. Deductions                            -7,895.01            0.00                      
8. a.Contract Retentions               -758,379.62       -1,282.71                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.                                                         
9. Total pay to Contractor           15,901,317.73       24,371.44                      
10. Reduction Amt to Escrow                                                             
11. Payment to Escrow       758,370.00                                                  
12. Net Pymt. this Estimate                              24,371.44