Dept. of Trans.       PROGRESS   Serial No.  Contract No.                               
                                          05-361-13-52  08-0C9814                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                  93%          78%                             
08-RIV-86-R18.1/R21.5                    Federal Project:                               
                                     NONE                                               
                                                                                        
                                                                                        
Progress payment No. 03            Payment period ending: 12-20-05                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 95077                                                                    
                                                                                        
                                                                                        
Escrow No.  00000                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.       1,660,418.15      420,334.26                      
2.a. Extra Work                          10,955.91       10,955.91                      
  b. Adjustment Comp.                   -14,962.54      -14,962.54                      
3. Materials on Hand                                                                    
4. Earned Subject to Retention        1,656,411.52      416,327.63                      
5. Mobilization                         246,500.00            0.00                      
6. Total Work Completed    1,902,911.52                                                 
7. Deductions                           -36,931.20            0.00                      
8. a.Contract Retentions                -82,820.58      -20,816.39                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.                                                         
9. Total pay to Contractor            1,783,159.74      395,511.24                      
10. Reduction Amt to Escrow                                                             
11. Payment to Escrow             0.00                                                  
12. Net Pymt. this Estimate                             395,511.24