Dept. of Trans.       PROGRESS   Serial No.  Contract No.                               
                                          04-026-10-35  08-4047U4                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                  68%          64%                             
08-SBD-15-R137.0/163.3                    Federal Project:                              
                                     ACIM-015-3(39)                                     
                             ACIM-015-3(39)                                             
                                                                                        
Progress payment No. 20            Payment period ending: 01-20-04                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 950775085                                                                
                                                                                        
                                                                                        
Escrow No.  01986                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.      26,770,365.47      187,874.50                      
2.a. Extra Work                         793,700.90      125,735.59                      
  b. Adjustment Comp.                  -100,323.08     -106,903.50                      
3. Materials on Hand                    212,916.53      -30,457.34                      
4. Earned Subject to Retention       27,676,659.82      176,249.25                      
5. Mobilization                       4,482,400.00            0.00                      
6. Total Work Completed   31,946,143.29                                                 
7. Deductions                          -125,063.20       -4,000.00                      
8. a.Contract Retentions             -1,383,832.99       -8,812.46                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.                                                         
9. Total pay to Contractor           30,650,163.63      163,436.79                      
10. Reduction Amt to Escrow                                                             
11. Payment to Escrow     1,383,830.00                                                  
12. Net Pymt. this Estimate                             163,436.79