Dept. of Trans.       AFTER ACCEPTANCE   Serial No.  Contract No.                       
                                          03-357-16-49  08-1A0404                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                 100%         100%                             
08-SBD-95-1.6/9.6                    Federal Project:                                   
08-SBD-95-43.1/53.1                                     NONE                            
                                                                                        
                                                                                        
Progress payment No. 03            Payment period ending: 11-25-03                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 950775085                                                                
                                                                                        
                                                                                        
Escrow No.  00000                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.       1,442,714.49     -101,962.51                      
2.a. Extra Work                         173,342.68      168,337.07                      
  b. Adjustment Comp.                                                                   
3. Materials on Hand                                                                    
4. Earned Subject to Retention        1,616,057.17       66,374.56                      
5. Mobilization                                                                         
6. Total Work Completed    1,616,057.17                                                 
7. Deductions                            -1,000.00       -1,000.00                      
8. a.Contract Retentions                -77,484.13            0.00                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.          77,484.13       77,484.13                      
9. Total pay to Contractor            1,615,057.17      142,858.69                      
10. Reduction Amt to Escrow                                                             
11. Payment to Escrow             0.00                                                  
12. Net Pymt. this Estimate                             142,858.69