Dept. of Trans.       FINAL   Serial No.  Contract No.                                  
                                          03-254-08-20  07-1150U4                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                 PEP        SAT                                
07-LA-138-43.4/51.9                    Federal Project:                                 
                                     ACNH-P138(26)                                      
                                                                                        
                                                                                        
Progress payment No. 25            Payment period ending: 03-24-03                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE  CA 950775085                                                               
                                                                                        
                                                                                        
Escrow No.  01635                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.       6,598,962.40       20,500.00                      
2.a. Extra Work                         589,514.34            0.00                      
  b. Adjustment Comp.                     8,437.38       -1,633.06                      
3. Materials on Hand                                                                    
4. Earned Subject to Retention        7,196,914.12       18,866.94                      
5. Mobilization                         702,886.00            0.00                      
6. Total Work Completed    7,899,800.12                                                 
7. Deductions                                 0.00       10,000.00                      
8. a.Contract Retentions               -356,384.43            0.00                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.         356,384.43            0.00                      
9. Total pay to Contractor            7,899,800.12       28,866.94                      
10. Reduction Amt to Escrow            -356,380.00            0.00                      
11. Payment to Escrow       356,380.00                                                  
12. Net Pymt. this Estimate                              28,866.94