Dept. of Trans.       AFTER ACCEPTANCE   Serial No.  Contract No.                       
                                          03-190-15-42  07-115164                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                 100%         100%                             
07-VEN-1-15.2/19.1                    Federal Project:                                  
                                     ACST-P001(483)                                     
                             P-P001(483)                                                
                                                                                        
Progress payment No. 11            Payment period ending: 06-20-03                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 950775085                                                                
                                                                                        
                                                                                        
Escrow No.  00000                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.       2,746,227.61      -17,444.61                      
2.a. Extra Work                          37,347.37            0.00                      
  b. Adjustment Comp.                    17,428.33            0.00                      
3. Materials on Hand                                                                    
4. Earned Subject to Retention        2,801,003.31      -17,444.61                      
5. Mobilization                          30,000.00            0.00                      
6. Total Work Completed    2,831,003.31                                                 
7. Deductions                           -26,652.82            0.00                      
8. a.Contract Retentions               -140,922.40            0.00                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.         140,922.40      140,922.40                      
9. Total pay to Contractor            2,804,350.49      123,477.79                      
10. Reduction Amt to Escrow                                                             
11. Payment to Escrow             0.00                                                  
12. Net Pymt. this Estimate                             123,477.79