Dept. of Trans.       PROGRESS   Serial No.  Contract No.                               
                                          04-083-13-23  08-0C9904                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                  81%          60%                             
08-RIV-86-R10.5/R11.5                    Federal Project:                               
                                     ACST-X065(82)                                      
                             PHG-X065(82)                                               
                                                                                        
Progress payment No. 02            Payment period ending: 03-19-04                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 950775085                                                                
                                                                                        
                                                                                        
Escrow No.  00000                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.         538,475.87      313,714.62                      
2.a. Extra Work                           4,783.55        4,783.55                      
  b. Adjustment Comp.                   -15,930.36      -15,930.36                      
3. Materials on Hand                                                                    
4. Earned Subject to Retention          527,329.06      302,567.81                      
5. Mobilization                          80,346.00        4,017.30                      
6. Total Work Completed      607,675.06                                                 
7. Deductions                            -3,789.30         -189.47                      
8. a.Contract Retentions                -26,366.45      -12,928.03                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.                                                         
9. Total pay to Contractor              577,519.31      293,467.61                      
10. Reduction Amt to Escrow                                                             
11. Payment to Escrow             0.00                                                  
12. Net Pymt. this Estimate                             293,467.61