Dept. of Trans.       AFTER ACCEPTANCE   Serial No.  Contract No.                       
                                          03-338-15-50  07-1Y3804                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                 100%         100%                             
07-VEN-126-17.2/20.6                    Federal Project:                                
                                     NONE                                               
                                                                                        
                                                                                        
Progress payment No. 03            Payment period ending: 11-13-03                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 950775085                                                                
                                                                                        
                                                                                        
Escrow No.  00000                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.         754,635.09       18,771.70                      
2.a. Extra Work                          92,308.21        1,760.21                      
  b. Adjustment Comp.                    -7,000.00            0.00                      
3. Materials on Hand                                                                    
4. Earned Subject to Retention          839,943.30       20,531.91                      
5. Mobilization                           5,000.00            0.00                      
6. Total Work Completed      844,943.30                                                 
7. Deductions                            -5,000.00       -5,000.00                      
8. a.Contract Retentions                -40,970.57            0.00                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.          40,970.57       40,970.57                      
9. Total pay to Contractor              839,943.30       56,502.48                      
10. Reduction Amt to Escrow                                                             
11. Payment to Escrow             0.00                                                  
12. Net Pymt. this Estimate                              56,502.48