Dept. of Trans.       PROGRESS   Serial No.  Contract No.                               
                                          03-295-13-32  07-1Y3804                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                  97%          78%                             
07-VEN-126-17.2/20.6                    Federal Project:                                
                                     NONE                                               
                                                                                        
                                                                                        
Progress payment No. 02            Payment period ending: 10-20-03                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 950775085                                                                
                                                                                        
                                                                                        
Escrow No.  00000                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.         735,863.39      725,977.99                      
2.a. Extra Work                          90,548.00        5,635.50                      
  b. Adjustment Comp.                    -7,000.00       -7,000.00                      
3. Materials on Hand                                                                    
4. Earned Subject to Retention          819,411.39      724,613.49                      
5. Mobilization                           5,000.00        1,250.00                      
6. Total Work Completed      824,411.39                                                 
7. Deductions                                                                           
8. a.Contract Retentions                -40,970.57      -31,490.78                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.                                                         
9. Total pay to Contractor              783,440.82      694,372.71                      
10. Reduction Amt to Escrow                                                             
11. Payment to Escrow             0.00                                                  
12. Net Pymt. this Estimate                             694,372.71